BUS4476 Strategic Management

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morrin
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BUS4476 Strategic Management
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2015-10-17 23:23:19
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BUS4476 Strategic Management
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BUS4476 Strategic Management
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  1. _____ is achieved when a firm successfully formulates and implements a value- creating strategy.
    Strategic competitiveness
  2. A _____ is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage.
    strategy
  3. A firm has a _____ when it implements a strategy that creates superior value for customers and competitors are unable to duplicate or find too costly to try to imitate.
    competitive advantage
  4. _____ are returns in excess of what an investor expects to earn from other investments with a similar amount of risk.
    Above-average returns
  5. _____ is an investor 's uncertainty about the economic gains or losses that will result from a particular investment.
    Risk
  6. _____ are returns equal to those an investor expects to earn from other investments with a similar amount of risk.
    Average returns
  7. The _____ is the full set of commitment, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns.
    strategic management process
  8. Explain the A-S-P Model of Strategic Management Process:
    • Analysis
    • External environment  ---> Vision / Mission 
    • Internal organization ---> Vision / Mission

    • Strategy
    • Formulation
    • Implementation

    • Performance
    • Strategic competitiveness
    • Above average returns
  9. _____ is a term often used to capture the realities of the competitive landscape.
    Hypercompetition
  10. _____ results from the dynamics of strategic maneuvering among global and innovative combatants.
    Hypercompetition
  11. A _____ is one in which goods, services, people, skills, and ideas move freely across geographic borders.
    global economy
  12. _____ is the increasing economic interdependence among countries and their organizations as reflected in the flow of goods and services, financial capital, and knowledge across country borders.
    Globalization
  13. BRIC countries include:
    Brazil, Russia, India, China
  14. VISTA countries include:
    Vietnam, Indonesia, South Africa, Turkey, and Argentina
  15. Increasingly important markets also include:
    Mexico and Thailand
  16. The speed at which new technologies become available and are used is called:
    Technology diffusion
  17. _____ is a term used to describe how rapidly and consistently new, information-intensive technologies replace older ones.
    Perpetual innovation
  18. _____ is the basis of technology and its application.
    Knowledge
  19. Knowledge consists of _____ , _____ , and _____.
    information, intelligence, and expertise
  20. _____ is a set of capabilities used to respond to various demands and opportunities existing in a dynamic and uncertain competitive environment.
    Strategic flexibility
  21. Outline the Industrial Organization (I/O) Model of above-average returns:
    • 1. The External Environment
    • 2. An Attractive Industry
    • 3. Strategy Formulation
    • 4. Assets and Skills
    • 5. Strategy Implementation
  22. Explain the Industrial Organization (I/O) Model of above-average returns:
    • 1. Study the external environment, especially the industry environment.
    • 2. Locate an industry with high potential for above-average returns.
    • 3. Identify the strategy called for by the attractive industry to earn above-average returns.
    • 4. Develop or acquire assets and skills needed to implement the strategy.
    • 5. Use the firm's strengths (its developed or acquired assets and skills) to implement the strategy.
  23. Outline the Resource-Based Model of above-average returns:
    • 1. Resources
    • 2. Capability
    • 3. Competitive Advantage
    • 4. An Attractive Industry
    • 5. Strategy Formulation and Implementation
  24. Explain the Resource-Based Model of above-average returns:
    • 1. Identify the firm's resources. Study its strengths and weaknesses compared with those of competitors.
    • 2. Determine the firm's capabilities. What do the capabilities allow the firm to do better than its competitors?
    • 3. Determine the potential of the firm's resources and capabilities in terms of a competitive advantage.
    • 4. Locate an attractive industry.
    • 5. Select a strategy that best allows the firm to utilize its resources and capabilities relative to opportunities in the external environment.
  25. The _____ of its resources and capabilities is the basis of a firm's strategy and its ability to earn above-average returns.
    uniqueness
  26. _____ are inputs into a firm's production process, such as capital equipment, the skills of individual employees, patents, finances, and talented managers.
    Resources
  27. A _____ is the capacity for a set of resources to per form a task or an activity in an integrative manner.
    capability
  28. _____ are capabilities that serve as a source of competitive advantage for a firm over its rivals.
    Core competencies
  29. Resources are _____ when they allow a firm to take advantage of opportunities or neutralize threats in its external environment.
    valuable
  30. Resources are _____ when possessed by few, if any, current and potential competitors.
    rare
  31. Resources are _____ when other firms either cannot obtain them or are at a cost disadvantage in obtaining them compared with the firm that already possesses them.
    costly to imitate
  32. Resources are _____ when they have no structural equivalents.
    nonsubstitutable
  33. _____ is a picture of what the firm wants to be and, in broad terms, what it wants to ultimately achieve.
    Vision
  34. _____  specifies the businesses in which the firm intends to compete and the customers it intends to serve.
    Mission
  35. A firm's vision and mission are critical aspects of the _____ and the base required to engage in _____ that help to achieve strategic competitiveness and earn above-average returns.
    analysis and strategic actions
  36. _____ are the individuals, groups, and organizations that can affect the firm's vision and mission, are affected by the strategic outcomes achieved, and have enforceable claims on the firm's performance.
    Stakeholders
  37. The three stakeholder groups include:
    Capital Market Stakeholders, Product Market Stakeholders, and Organizational Stakeholders.
  38. Shareholders and Major suppliers of capital (e.g., banks) are examples of what type of stakeholders?
    Capital market stakeholders
  39. Primary customers , Suppliers, Host communities , and Unions are examples of what type of stakeholders?
    Product market stakeholders
  40. Employees, Managers, and Nonmanagers are examples of what type of stakeholders?
    Organizational stakeholders
  41. _____ are people located in different areas and levels of the firm using the strategic management process to select strategic actions that help the firm achieve its vision and fulfill its mission.
    Strategic leaders
  42. _____ refers to the complex set of ideologies, symbols, and core values that are shared throughout the firm and that influence how the firm conducts business.
    Organizational culture
  43. A _____ entails the total profits earned in an industry at all points along the value chain.
    profit pool

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