Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
60 Cards in this Set
- Front
- Back
|
what is the purpose of a company's present strategies,objectives, and Mission? |
To provide a basis for generating and evaluating feasible alternative strategies. |
|
|
Is an important matching tool that helps managers develop four types of strategies: SO (strength-opportunity) strategies, WO (weakness-opportunities) strategies, ST (strength-threats) strategies, and WT (weakness-threats) strategies. |
SWOT Matrix |
|
|
Represent the organization's best long-term opportunities for going and profitability, located in Quadrant II. |
Stars |
|
|
Have a low relative market share position, yet they compete in a high-growth industry.
The organization must decide whether to strengthen them by pursuing an intensive strategy or to sell them.
These firms cash needs are high and their cash generation is slow. |
Question marks |
|
|
Generate cash in excess of their needs, they are often milk. Have a high relative market share position but compete in the low growth industry, located in quadrant III. |
Cash cows |
|
|
Weak internal and external position, these businesses are often liquidated, divested, or trim down through retrenchmeant.
Have a low relative market share position and compete in a slow or no market growth industry, located in Quadrant VI. |
Dogs |
|
|
Are desired Milestones an organization needs to achieve to ensure successful strategy implementation. Are essential for strategy implementation. |
Annual objectives |
|
|
What are the four types of resources (or assets) that can be used to achieve desired objectives |
Financial Resources
Physical resources
Human resources
Technological resources |
|
|
Can be defined as Distributing an organizations assets across products, regions, and segments according to priorities established by annual objectives. |
Resource allocation |
|
|
Refers to specific guidelines, method, procedures, rules, forms, and administrative practices established to support and encourage work to word stated goals. |
Policies |
|
|
Can be defined as a disagreement between two or more parties on one or more issues. |
Conflict |
|
|
What's the purpose of conflict? Is it all good or bad? |
Conflict is not always bad. An absence of conflict can signal indifference and apathy. Conflict can serve to energize opposing groups into action and may help managers identify problems. |
|
|
What are the three methods of resolving conflicts? |
Avoidance
Defusion
Confrontation |
|
|
A way of resolving conflict that includes such actions as ignoring the problem in hopes that the conflict will resolve itself or physically separate the conflicting individuals. |
Avoidance |
|
|
A way of resolving conflict that can include playing down differences between conflicting parties while accentuating similarities and common interests, compromising so that there is neither a clear winner or loser. |
Defusion |
|
|
A way of resolving conflict that is exemplified by exchanging members of conflicting parties so that each can gain an appreciation of the other's point of view or holding a meeting at which conflict in parties present their views and work through their differences. |
Confrontation |
|
|
What's the relationship between strategy and organization structure? |
Changes in strategy often require changes in the way an organization is structured. |
|
|
What are the two major reasons of why changes in strategy often requires changes in the way an organization is structured? |
First, structure largely dictates how objectives and policies will be established.
Second, structure dictates how resources will be allocated. |
|
|
What are the three marketing activities especially important in strategy implementation? |
1. Engage customers and social media.
2. Segment markets effectively.
3. Develop and use product-positioning/perpetual maps. |
|
|
Can be defined as the subdividing of a market into distinct subsets of customers according to needs and buying habits. |
Market segmentation |
|
|
Is a key to matching supply and demand, often reviews large, random fluctuations that actually consists of several small, predictable, and manageable patterns. |
Segmentation |
|
|
What are the 4 P's in marketing? |
Product
Place
Promotion
Price |
|
|
Make up include: quality, features and options, style, brand name, packaging, product line, warranty, service-level, and other services. |
Product |
|
|
Make up include: distribution channels, distribution coverage, Outlets location, sales territories, inventory levels and locations, and transportation carriers. |
Place |
|
|
Make up include: advertising, personal selling, sales promotion, and publicity. |
Promotion |
|
|
Make up include: level, discounts and allowances, and payment terms. |
Price |
|
|
What is the next step after market segmentation? |
To find out what customers want and expect. |
|
|
Entails developing schematic representations that represent how products or Services compared to those of the competitors on Dimensions most important to success in the industry.
Is widely used for deciding how to meet the needs and wants of particular consumer groups. |
Product positioning or Perpetual mapping |
|
|
What's the purpose of evaluation in strategy? |
Strategy evaluation is vital to an organization's well-being; timely evaluation can alert managers to problems or potential problems before a situation becomes critical. |
|
|
It is important to strive for ____________ when setting goals and policies. Organizational conflict and interdepartmental bickering are often symptoms of managerial disorder, but these problems may also be a sign of strategic inconsistency. |
Consistency |
|
|
A strategy must neither overtax available resources nor create unsolvable problems. The final broad test of strategy is its ___________; in evaluating a strategy, it is important to examine whether an organization has demonstrated in the past that it possesses the ability, competencies, skills, and talents needed to carry out a given strategy. |
Feasibility |
|
|
Are mostly based on a firm's external assessment |
Rumelt's consonance and advantage |
|
|
Are largely based on an internal assessment |
Rumelt's Consistency and feasibility |
|
|
_________ refers to the need for strategists to examine sets of trends, as well as individual trends, in evaluating strategies. A strategy must represent an Adaptive response to the external environment and to the critical changes occurring within it. |
Consonance |
|
|
A strategy must provide for the creation or maintenance of a competitive ____________ in a selected area of activity. Normally they are the results of superiority in one of the three areas: (1) resources, (2) skills, or (3) position. |
Advantage |
|
|
Initiate managerial questioning of expectations and assumptions, should trigger a review of objectives and values, and should stimulate creativity in generating Alternatives and formulating criteria of evaluation.
A certain amount at all levels is essential to effective strategy evaluation. |
Management by wandering around or strategy evaluation |
|
|
When is the only time when you don't take corrective actions? |
When nothing changes internally & externally and still are reaching objectives. |
|
|
What are the three particular challenges or decisions that face all strategies today? |
(1) Deciding whether the process should be more an art or a science (2) Deciding whether strategies should be visible or hidden from stakeholders (3) Deciding whether the process should be more top-down or bottom-up in their firm. |
|
|
Refers to actions an organization takes beyond that is legally required to protect or enhance the well-being of living things. |
Social responsibility |
|
|
Can be defined as principles of conduct within organizations that guide decision-making and behavior. |
Business ethics |
|
|
In addition to plagiarism, what are some of the other business actions that are unethical |
1. Misleading advertising or labeling 2. Causing environmental harm 3. Poor product or service Safety 4. Padding expensive accounts 5. Insider trading 6. Bumping banned or flawed products in foreign markets 7. Not providing equal opportunities for women and minorities 8. Overpricing pricing 9. Sexual harassment 10. Using company funds or resources for personal gain |
|
|
Refers to employees reporting any on ethical violations day discover or see in The Firm. |
Whistle blowing |
|
|
Defined by Black's Law Dictionary as the offering, giving, receiving, or soliciting of any item of value to influence the actions of an official or other person in this charge of a public or legal Duty. |
Bribery |
|
|
________ embraces managerial philosophy and thinking at the highest level of the firm. |
Social policy |
|
|
What kind of social activities should firms engage in? |
Firms should strive to engage in social activities that have economic benefits |
|
|
What's the responsibility of managers and employees as it relates to pollution problems? |
Managers and employees must be careful not to ignore, conceal, or disregard a pollution problem, or they may find themselves personally liable.
Harming the natural environment can be on ethical, illegal, and costly. |
|
|
What's a green product? When candy company call a product green? |
Firms could get away with placing "green" on their products and labels, using such terms as organic, green, safe, Earth friendly, non-toxic, or natural because there were no legal or generally accepted definition. One of the main reasons to truly become a green form is for your employees. They're the first group that needs Assurance of any claims you make |
|
|
A process of doing business worldwide, so strategic decisions are made based on global profitability of the firm rather than just domestic considerations. |
Globalization |
|
|
Includes designing, producing, and marketing products with global needs in mind, instead of considering individual countries alone. |
Global strategy |
|
|
What's the difference between strategic management process for international firms and domestic firms? |
The strategic management process is conceptually the same; however, the process is more complex for international firms as a result of more variables and relationships. |
|
|
Strategists use financial ratios to make three critical comparisons: |
1. Compare the firm's performance over different time periods.
2. Compare the firm's performance to competitors.
3. Compare the Firms performance to Industry averages. |
|
|
What are the financial ratios important to a businesses? |
Debt to equity ratio- indicate the proportion of equity and depth used by the company to Finance its assets.
Current ratio- a liquidity ratio which estimates the ability of a company to pay back short-term obligations.
Quick ratio
Return of equity
Net profit margin |
|
|
Relationship between success today and tomorrow? |
Success today does not garantee Success tomorow .. Sucess always creates new and different problems. The choices and actions you make today, will not always reflect tomorrow.
The business world today has become. Increasingly complex and more intensely competitive. |
|
|
How often should strength, weaknesses, opportunities, and threats be accessed? |
They should continually be monitored for changed. It is not a question of whether these factors will change, but rather when they will change, and in what ways. |
|
|
What are disadvantages of equity financing? |
Loss of control Share profit Loss Potential conflict |
|
|
What's the relationship between different market segments and marketing strategies? |
Potential market segments requires strategies to determine the correct uristix in need of consumers, to analyze consumer similarities and differences, and to develop consumer group profiles. |
|
|
When cost of capital is high, which is a better form of financing? |
.. |
|
|
In marketing, are they creating needs or is the aim to satisfy means? |
.. |
|
|
What's the advantage of Market segmentation? |
It allows the business to the same future products and services to address the exact needs of the target market. |
|
|
What happens in the different stages of strategy? |
Strategy formulation includes developing a vision and a mission, identifying you're going to stations external opportunities and threats, and determining internal strengths and weaknesses.
Strategy implementation requires a firm to establish annual objectives, device policies, motivate employees, and allocate resources.Strategy evaluation is the duty of a managers to have sufficient know how about the problems and improper working of strategies.
Strategy evaluation is the duty of a managers to have sufficient know how about the problems and improper working of strategies. Strategy evaluation is the duty of a managers to have sufficient know how about the problems and improper working of strategies. Strategy evaluation is the duty of a managers to have sufficient know how about the problems and improper working of strategies. Strategy evaluation is the duty of a managers to have sufficient know how about the problems and improper working of strategies. |
