MBA 502 Quiz 4

Card Set Information

Author:
kat918sla
ID:
200203
Filename:
MBA 502 Quiz 4
Updated:
2013-02-12 23:49:04
Tags:
management
Folders:

Description:
MBA 502 Quiz 4 Management
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user kat918sla on FreezingBlue Flashcards. What would you like to do?


  1. What is strategy?
    pattern of decisions managers make to realize defined goals
  2. What is a mission statement?
    a broad declaration of purpose of an organization
  3. What makes a good mission statement?
    • -it will identify market/ industry that company competes in¬†
    • -state what makes the company different from competition
    • -it's brief and inspiring
  4. What is a SWOT analysis?
    • Strengths
    • Weaknesses
    • Opportunities
    • Threats
  5. What makes up the Five Forces Model to identify threats?
    • 1.Level of Rivalry-creates competition with price
    • 2.Potential for Entry-ease of entering the market
    • 3.Power of Suppliers-having multiple sources for suppliers is better for business
    • 4.Power of Buyers- fewer buyers the more the company has to compete to provide for buyer
    • 5.Substitutes- the extent to which your product is similar to others
  6. Strategy Implementation: What are the time horizon for plans?
    • Long-term- 5 or more years
    • Intermediate term- 1 to 5 years
    • Short term- up to 1 year
    • Rolling Plans- constantly being updated
  7. What are the 3 types of plans?
    • Standing plans- placed indefinitely
    • Single use plans- non program use, one time use developed to address unique
    • Scenerio plan- generate hypothetical situations; imagine what could happen
  8. What are corporate level strategies?
    what industry or market will business compete in
  9. What is vertical integration?
    business buys/ acquires all levels of supply chain
  10. What is diversification?
    company expands in multiple industries
  11. What is related diversification?
    company expands in a market that is similar to the existing company ex: Yum Foods- Pizza Hut, Taco Bell, KFC
  12. What is unrelated diversification?
    risk is spread out by investing/ acquiring businesses in totally different industries ex: GE
  13. What are the 3 different levels of corporate level strategies?
    • business concentration
    • diversification
    • international strategy
  14. What are business related strategies?
    How will I beat my competition
  15. What are the two different business level strategies?
    • low cost- emphasis low cost market
    • differentiation- target specific customer base/ market
  16. What are functional level strategies?
    improving the ability of an organization's departments to create value for the firm
  17. What are the 4 criteria to add value to an organization in functional level strategies?
    • Efficiency-speed or delivery of product or service
    • Quality- performance or reliability
    • Innovation
    • Responsiveness to customer needs- modify based upon feedback
  18. What factors affect organizational structure?
    • the environment
    • Strategy
    • Technology

What would you like to do?

Home > Flashcards > Print Preview