MGMT 449 - MIDTERM - KEY CONCEPTS

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acelaker
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MGMT 449 - MIDTERM - KEY CONCEPTS
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2015-03-08 21:31:55
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MGMT 449 MIDTERM KEY CONCEPTS
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MGMT 449 - MIDTERM - KEY CONCEPTS
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  1. The 5 Tasks of Strategic Management
    • Task 1 - Develop Vision and Mission
    • Task 2 - Set goals and objectives
    • Task 3 - Formulate strategy to achieve goals and objectives
    • Task 4 - Implement and execute strategy
    • Task 5 - Monitor evaluate, and take corrective action
  2. Goals
    = Broad Targests
  3. Objectives
    a) quantified

    b) time-based
  4. What  is  Strategy?
    GAME PLAN

    • Blend  of Proactive  Initiatives  and 
    • Reactive  Adjustments 

    • A company’s strategy consists of the set of
    • competitive moves and business approaches that management is employing to run
    • the company
  5. Levels of Strategy-Making in a Diversified  Company
    • Corporate/eXECUTVE-Level Managers
    • Division Managers
    • Functional Mgrs
    • Operating Mgrs
  6. Levels of Strategy-Making in a Single-Business  Company
    • Executive-Level Managers
    • Functional Managers
    • Operating Managers
  7. What Is a Business Model?
    A business model addresses “How do we make money in this business?”
  8. Relationship Between Strategy and Business 
    Model
    • Strategy . . .
    • Deals with a company’s competitive
    • initiatives and business approaches

    • Business Model . . .
    • Concerns whether revenues and costs flowing
    • from the strategy demonstrate a business can be profitable and
    • viable
  9. SWOT
    • INTERNAL:
    • Strengths
    • Weaknesses

    • EXTERNAL:
    • Opportunities
    • Threats
  10. The Five Forces Model of Competition
    • Substitutes
    • Buyers
    • Potential New Entrants
    • Supplies
    • Rivalry
  11. A strategic group is
    a cluster of firms in an industry with similar competitiveapproaches and market positions
  12. Example: KSFs for  Apparel  Manufacturing 
    Industry
    • Appealing designs and color combinations --
    • to create buyer appeal

    • Low-cost manufacturing efficiency -- to keep
    • selling prices competitive
  13. Competitive advantage exists when
    a firm’s strategy gives it an edge in

    nAttracting customers and

    • Defending against competitive
    • forces
  14. 5 Generic Competitive Strategies
  15. Examples of Core Competencies
    • Expertise in integrating multiple
    • technologies to create families of new products

    • Know-how in creating operating systems for
    • cost efficient supply chain management

    • Speeding new/next-generation products to
    • market

    Better after-sale service capability

    • Skills in manufacturing a high quality
    • product

    • System to fill customer orders accurately and
    • swiftly
  16. Examples:  Distinctive Competencies
    • Toyota
    • nLow-cost, high-quality manufacturing
    • capability and short design-to-market cycles

     

    • Intel
    • nAbility to design and manufacture
    • ever more powerful microprocessors for PCs

    • Starbucks
    • nStore ambience and innovative coffee
    • drinks
  17. Company  Value Chain
    • A company’s business consists of all
    • activities undertaken in designing, producing, marketing, delivering, and
    • supporting its product or service



    • The value chain contains two types of
    • activities

    • nPrimary activities -- where most of the value
    • for customers is created

    • nSupport activities -- facilitate performance of the primary
    • activities
  18. Example: Value Chain Activities for a Department Store  Retailer
    • Primary Activities
    • nMerchandise selection and purchasing
    • nStore layout and product display
    • nAdvertising
    • nCustomer service

    • Support Activities
    • nSite selection
    • nHiring and training
    • nStore maintenance
    • Administrative activities
  19. Example:  Key  Value Chain  Activities
    Soft-Drink Industry
    Processing of basic ingredients

    Syrup manufacture

    Bottling and can filling

    Wholesale distribution

    Advertising

    Retailing
  20. Crafting vs. Executing Strategy
    • Crafting the Strategy
    • Primarily a market-driven activity
    • Successful strategy making
    • depends on
    • nBusiness vision
    • nPerceptive analysis of the situation
    • nAttracting and pleasing customers
    • nOutcompeting rivals
    • nForging a competitive advantage


    • Executing the Strategy
    • Primarily an operations-driven activity
    • Successful strategy execution depends on
    • nGood organization-building and people
    • management
    • nCreating a strategy-supportive culture
    • nContinuous improvement
    • nGetting things done and delivering good
    • results

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