Strategic Management

83 cards

Final Exam


 
  
Created May 9, 2012
by
bonkitten3

 

 
Table View
 
Download
 
Print

Flashcard Set Preview

  Side A   Side B
1
Unique to competing across boarders
 
- Whether to customize the company's offerings in each country
-Whether to employ the same...
2
Why do companies enter foreign markets?
 
- Gain access to new customers
- Achieve lower costs and thereby becoming more cost competitive...
3
 Why competing across national boarders makes strategy more complex
 
- Cross country differences in buyer taste, market size, growth potential
- Sizeable cross-...
4
Core Concept : International Strategy
 
- Tension between the market pressures to localize a company's product offering country by...
5
Currency
 
Companies that export goods to foreign countries always gain in competitiveness when the currency...
6
Multi-country competition
 
Exists when competition in one national market is not closely connected to competition in another...
7
Local strategy drawbacks
 
 - Increased production and distribution costs
- Not conducive to building a single...
8
Global Competition
 
Competitive conditions across national markets are linked strongly enough to form a true international...
9
7 Primary Strategic Options: International Competition
 
- Maintain a national production base and export to foreign markets
- License foreign firms...
10
Think Global, Act Global Strategy
 
Company employs the same basic competitive approach in all countries where it operates, sells...
11
Think global, act local
 
Middle ground approach allowing managers to
- Incorporate minor country specific variations...
12
Acquisitions
 
Allows acquirer to move directly to the task of transferring resources and personnel, integrating...
13
Internal Start ups
 
Makes sense when a company already operates in a number of countries
- When creating a new...
14
Cross-Boarder Alliances
 
Enable a growth minded company to widen its geo coverage and strengthen its competitive foreign...
15
Risk of a collaborative strategy
 
- Knowledge and expertise of local partners could be less valuable
- Language and culture...
16
Using Location to Build Competitive Advantage
 
- The costs of manufacturing/other activities are sig. lower in some locations
- Scale...
17
Profit Sanctuaries
 
Country markets in which a company derives substantial profits because of its strong or protected...
18
Offensive Attacks on Global Rivals
 
- Attack a profit sanctuary
- Dump goods at cut rate prices in the markets of rivals, when...
19
Task of Diversifying : Top-Level Executives
 
- Pick new industries to enter
- decide to start a new business, acquire, or form a joint...
20
When a company becomes a prime case for diversifying
 
- When it spots an opportunity for expanding into industries whose technologies and products...
21
Industry Attractiveness Test
 
- Depends on the presence of industry and competitive conditions that are conducive to earnings...
22
Cost of Entry Test
 
Cost to enter target industry must not be so high as to erode the potential for good profitability
23
Better Off Test
 
Offer potential for the company's existing business and new business to perform better together...
24
Case for Diversifying into Related Businesses
 
- Strategic fit
Exists when the value chains of different businesses
present opportunities...
25
Economies of Scale : Case for Diversifying into Related Businesses
 
Cost savings that accrue directly from a larger sized operation
26
Economies of Scope: Case for Diversifying into Related Businesses
 
Cost reductions that flow from operating in multiple businesses. Such economies stem directly...
27
Unrelated Businesses
 
- Company investments spread over businesses whose technologies and value chains bear no close...
28
Case for Unrelated Businesses
 
- Financial resources can be employed to maximum advantage
- Invest in whatever industries...
29
Drawbacks to unrelated diversification
 
- Demanding Managerial Requirements
- No potential for competitive advantage beyond any...
30
Actions to improve company performance
 
- Assessing the attractiveness of the industries the company has diversified into, both individually...
31
Competitive Strength Scores for each Business Unit
 
-  Relative market share
- Costs relative to competitors costs
- Ability to match...
32
Cash Hog
 
Business that generates cash flows that are too small to fully fund its operations and growth
-...
33
Cash Cow
 
Business generates cash flows over and above its internal requirements thus providing corporate...
34
Crafting Strategies to Improve Overall Performance
 
- Sticking closely with the existing business line up and pursuing the opportunities these...
35
Business has the duty to....
 
- Deliver value to customers and shareholders
- Act in an ethical manner
- Be committed...
36
Business Ethics
 
Deals with the application of general ethical principles and standards to the actions and decisions...
37
School of Ethical Universalism
 
- Most important standards of whats ethical and what is not resonate with peoples of many societies...
38
School of Ethical Relativism
 
Differing religious beliefs, historic traditions and customers, core values and beliefs, and...
39
Integrated Social Contracts Theory
 
Universal ethical principles or norms based on the collective views of multiple cultures and...
40
Moral Manager
 
Dedicated to high standards of ethical behavior both in their actions and in their expectations...
41
Immoral Manager
 
No regard for so-called ethical standards in business and pay no attention to ethical principles...
42
Amoral Manager
 
Business ought to be able to do whatever prevailing laws and regulations allow them to do
43
Drivers of unethical strategies and business behavior
 
- Overzealous pursuit of wealth and other selfish interests
- Heavy pressures on company...
44
Why should a company be ethical?
 
- Unethical --> morally wrong and reflects badly on the character of the company personnel...
45
Social Responsibility
 
-Company's duty to operate in an honorable manner
- Provide good working conditions for...
46
Triple Bottom Line
 
Profit
People
Planet
47
Benefits of Ethical Behavior
 
- increased buyer patronage
- Strong commitment to socially responsibility reduces the risk...
48
Team Effort
 
- All managers have a responsibility to execute strategy in their area of authority
- All...
49
Principle Managerial components of strategy execution process
 
- Developing the competencies, capabilities, and organizational structure to execute strategy...
50
Two Best Signs of Good Execution
 
- Meeting or beating performance targets
- Performing value chain activities in a manner...
51
Key Action: Staffing the Organization
 
Strong management team : Smart, clear thinkers. Good at figuring out what needs to be done....
52
Key Action: Developing and strengthening core competencies and competitive capabilities
 
- Developing a set of competencies and capabilities suited to the current strategy
- Updating...
53
Key Action: Structure the organization and work effort
 
- Instituting organization arrangements the facilitate good execution
-- Deciding how much...
54
Core Concept: Execution
 
Company competencies and capabilities must be continually refreshed and recalibrated to remain...
55
Decided which value chain activities to perform internally or outsource
 
- Outsourcing enables a company to heighten its strategic focus and concentrate is full energies...
56
Execution Critical
 
- In companies where proficient performance of certain value chain activities is execution...
57
Internal Cross-Unit Coordination
 
- Filing customer orders accurately and promptly
- Fast ongoing introduction of new products
-Improving...
58
Resources
 
Must be properly allocated for good strategy execution
59
Prescribing policies and procedures
 
- Provides top down guidance about how certain things need to be done
- Align actions and...
60
Best Practice
 
Means of performing an activity or process that yields results consistently superior to those...
61
From Benching Marking and Best practice to Operating Excellence
 
- Participate in benchmarking to identify the best practice for performing an activity
-...
62
Business Process Reengineering
 
Radically redesigning and streamlining how an activity is performed with the intent of achieving...
63
TQM
 
Creating a total quality culture bent on continuously improving the performance of every task...
64
Six Sigma
 
- Ongoing incremental improvements
- No more than 3.4 defects per million itterations (99.99....)
-...
65
TQM vs. Six Sigma
 
The focus of TQM is general improvement using collaborative and cultural approach to a problem,...
66
State of the art operating system and real time data
 
- integral to competent strategy execution and operating excellence. They can also be a basis...
67
Information systems need to cover....
 
- Customer Data
- Operations Data
- Employee Data
- Supplier/Partner/Collaborative...
68
Rewards and Incentives
 
Use of incentives and rewards in the single most powerful tool management has to win strong...
69
Balance Between Rewards and Punishments
 
- Unwise to take off the pressure for good individual and group performance or play down stress,...
70
Effective Compensation System
 
- Making the performance payoff a major not minor piece of the total compensation package
-...
71
Corporate Culture
 
Refers to the character of a company's internal work climate and personality
- Shaped by...
72
A company's stated core values and ethical principles
 
- Help create a work climate where company personnel share common and strongly held convictions...
73
Company Subculture
 
- Vary significant by department, location, division or unit
Can exist as a result of
Acquiring...
74
Strong Company Culture
 
- Culturally approved behaviors and ways of doing things flourish which disapproved behaviors...
75
Weak Culture Companies
 
- Lack values and principles that are consistently preached or widely shared
- Usually...
76
Why Corporate Cultures Matter
 
- Culture functions as a valuable ally in execution
- highly important assistant to management...
77
High performance Cultures
 
Standout traits
- can do spirit
- pride in doing things right
- no excuses accountability
-...
78
Adaptive cultures
 
Willingness on the part of organization members to accept change and take on the challenge...
79
Unhealthy cultures
 
- Change resistant cultures
- politicized cultures
- insular, inwardly focused
- unethical/greed...
80
Culture Changing Actions
 
- Replace high profile executives and managers strongly associated with old culture
- Promote...
81
Managerial Actions : Culture
 
- Stay on top of what is happening
- Monitor progress, iron out issues, learn about obstacles,...
82
Constructive Pressure
 
- Treating employees as partners in the drive for excellence
- use empowerment
- stretch...
83
Good job of leading execution
 
" Doing a good job of leading the strategy execution process is not about searching for the...

No comments yet! Be the first to add a comment below!

Please login to post comments.
After login, we will forward you back to this flashcard.


Upgrade and get a lot more done!
Upgrade    Cancel