Business Policy Midterm

Front 1

What is stratedy?

Back 1

Managemant's action plan for running the business and conduction operations.

Front 2

Sustainable Competitive Advantage?

Back 2

is when an attractive number of buyers prefer its products or services over the offerings of competitors

Front 3

What is a business model?

Back 3

It explains the rationale for why its business approach and strategy weill be a money maker.

Front 4

What make a strategy a winner?

Back 4

1. How well does the strategy fit the company
2. Is it helping to acheive a competitive advantage
3. Is it resulting in better perfromance

Front 5

Good Management =

Back 5

Good Strategy + Good Execution

Front 6

What does the strategy-making, strategy-executing process entail?

Back 6

1. Develping a strategic Vision
2. Setting Objectives
3. Crafting a strategy to achhieve objectives
4. Implementing the strategy
5.Evaluating performance

Front 7

The strategy-making, strategy executing process? 5 Phses

Back 7

1. Develop a vision
2. Set objectives
3. Craft strategy to acheive vision
4. Implementation of strategy
5. Evaluatin performance

Front 8

Phase 1 of The strategy-making, strategy executing process

Back 8

Develop a strategic vision

Front 9

Phase 2 of The strategy-making, strategy executing process

Back 9

Setting Objectives

Front 10

Phase 3 of The strategy-making, strategy executing process

Back 10

Crafting a strategy to achieve the objectives and vision

Front 11

Phase 4 of The strategy-making, strategy executing process

Back 11

Implementing and executing the strategy

Front 12

Phase 5 of The strategy-making, strategy executing process

Back 12

Monitoring developments, evaluating performance, and making corrective adjustments

Front 13

A company's values are?

Back 13

the beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company's business and strategic vision

Front 14

Financial objectives?

Back 14

Relate to the financial performance of a company. i.e. Profits, Dividend, margins, credit ratings

Front 15

strategic objectives?

Back 15

Relate to target outcomes that indicate a company's strenght. i.e. Market share, costs, quality, product selection

Front 16

Strategic intent?

Back 16

is when a company relentlessly pursues an ambitious strategic objective.

Front 17

A company's Strategy-Making Hierarcy? 4 stages.

Back 17

1. Corporate Strategy
2. Business Strategy
3. Functional-Area strategies
4. Operating strategies

Front 18

Strategic Plan?

Back 18

Lays out the compnay's future direction, performance targets, and strategy

Front 19

The role of the Board of Directors. 4 rolls.

Back 19

1. Be critics
2. Evaluate Executives
3. Institute Compensation plans for execs
4. Oversee financial reporting practics

Front 20

The five forces model of competition?

Back 20

1. Rival Sellers
2. New entrants
3. Substitute products
4. Supplier pressure
5. Buyer pressure

Front 21

The 1st force of the Five-Forces model of Competition.

Back 21

Competitive pressures associated with the market maneuvering and jockeying for buyer patronage that goes on among RIVAL SELLERS in the industry

Front 22

The 2nd force of the Five-Forces model of Competition.

Back 22

Competitve pressures associated with the threat of NEW ENTRANTS into the market

Front 23

The 3rd force of the Five-Forces model of Competition.

Back 23

Competitve pressure coming from the attempts of companies in other industries to win buyer to their own SUBSTITUE PRODUCTS.

Front 24

The 4th force of the Five-Forces model of Competition.

Back 24

Competitve pressures stemming from SUPPLIER bargaining power and supplier-seller collaboration

Front 25

The 5th force of the Five-Forces model of Competition.

Back 25

Competitve pressure stemming from BUYER bargaining power and seller-buyer collaboration

Front 26

Driving forces?

Back 26

are the major underlying causes of changing industry and competitive conditions.

Front 27

Strategic group mapping?

Back 27

is a technique for displaying the differnet market or competitive positions that rival firms occupy in the industry.

Front 28

Strategic group?

Back 28

is a cluster of industry rivals that have similar competitive approaches and market positions.

Front 29

Key success factors?

Back 29

Are the procust attributes, competencies, competitive capabilities, and market achievements with the greatest impact on future competitive success in the amrketplace.

Front 30

Competence?

Back 30

is and activity that c aompany has learned to perform well

Front 31

Core competence?

Back 31

is an compaetitively important activity that a company performs better thatn other internal activities.

Front 32

Distinctive competence?

Back 32

is a competitively improtant activity that a company performs better than its rivals

Front 33

Value Chain?

Back 33

indentifies the promary activities that create customer value and the related support activities

Front 34

Benchmarking?

Back 34

Is a poetne tool for learning which companies are best at performing particular activities and then using their techniques to improve the effectiveness of a company's internal activies

Front 35

Competitive Strategy?

Back 35

Concerns the specifics of manamement's game plan for competing successfully and securing a competitive advantage over rivals.

Front 36

The five generic competitive trategies.

Back 36

1. Low cost provider
2. Differentiation strategy
3. Best cost provider
4. Niche low cost
5. Niche differentiation

Front 37

Strategic alliances?

Back 37

are collaborative arrangements where two or more companies join forces to achieve mutually beneficial strategic outcomes.