Term
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Definition
Examines how actions and events influence a firm
"Why do some firms outperform others?" |
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Term
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Definition
| Plan, Ploy, Pattern, Position, Perspective |
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Term
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Definition
| a carefully crafted set of steps that a firm intends to follow to be successful |
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Term
What is a business model?
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Definition
describes the process through which a firm hopes to earn profits:
Sell a product for more than it costs to make
Sell it cheaper than competitors
Economies of Scale |
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Term
What is economies of scale?
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Definition
| a cost advantage created when a firm can produce a good or service at a lower per unit price due to producting the good or service in large quantities |
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Term
What is ploy? give an example.
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Definition
A specific move designed to outwit or trick competitors
Example: George washingtons army ambushed instead of doing a bloodbath because they were smaller |
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Term
| What is pattern? Give an example. |
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Definition
The extent to which a firm's actions over time are consistent.
Example: Kmart changed their pattern drastically and it failed miserably. |
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Term
| What is position? Give an example. |
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Definition
A firm's place in the industry relative to its competitors.
Example: Southwest Airlines is a low cost leader (Cheap, not luxury) |
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Term
What is perspective? Give an example
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Definition
How executives interpret the competitive landscape around them.
Example: internet was a form of communication, and now it is viewed as a shopping method, communication, promotion, etc. |
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Term
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Definition
| the plan that the organization hopes to execute |
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Term
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Definition
| an unplanned direction that arises in response to unexpected opportunities or threats |
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Term
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Definition
| the plan of action that an organization actually follows |
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Term
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Definition
| parts of the intended plan that an organization continues to pursue over time |
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Term
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Definition
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Term
| strategic management process |
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Definition
| building a careful understanding of how the world is changing and the knowledge of how those changes might affect a particular firm |
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Term
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Definition
| the reasons for an organizations existence (what the firm has become today) |
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Definition
| What the organization hopes to become in the future |
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Term
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Definition
| anyone who has interest in the firm |
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Term
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Definition
| a partial owner of the firm |
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Term
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Definition
| making sure that the mission and vision are working together and making sense with one another and what the company is doing |
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Term
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Definition
Specific
Measurable
Aggressive
Realistic
Time-bound |
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Term
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Definition
| be explicit (no gray areas) |
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Term
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Definition
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Definition
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Term
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Definition
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Term
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Definition
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Term
| what is analyzing performance |
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Definition
| seeing if the company is meeting its goals, reaching its vision, maintaining its mission |
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Term
| What are performance measures |
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Definition
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Term
| What are examples of metrics? |
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Definition
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| What are performance referents |
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Definition
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Term
| What are examples of benchmarks |
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Definition
Industry average
Industry leader |
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Term
| What is the balanced scorecard |
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Definition
| Makes sure that a firm is analyzing performance of the whole business, and not just the financial portions, so including financial, customer satisfaction, internal business process, and learning and growth |
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Term
| What do you look for when analyzing financial performance |
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Definition
| How we look to shareholders |
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Term
| What do you look for when analyzing customer satisfaction |
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Definition
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Term
| What do you look for when analyzing internal business processes |
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Definition
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Term
| What do you look for when analyzing learning and growth |
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Definition
| can we continue to improve and create value |
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Term
| What is the Triple Bottom Line |
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Definition
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Term
| What are the benefits of a celebrity CEO |
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Definition
intangible asset
increased stock price
enhanced image
increased employee morale |
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Term
| What are the cons of a celebrity CEO |
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Definition
increased attention
magnified gaps between actual and expected performance
famous vs. infamous |
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Term
| What is entrepreneurial orientation |
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Definition
| processes, practices, and decision-making styles of organizations that act entrepreneurially |
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Term
| What are the five tools to measure entrepreneurial orientation |
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Definition
Autonomy
competitive aggressiveness
innovativeness
proactiveness
risk taking |
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Term
| What is the PESTEL analysis and what are the components |
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Definition
Tracks trends and events in the environment and try to anticipate the implications of these trends and events
Political
Economical
Social
Technological
Environmental
Legal |
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Term
| What is an example of a political environmental event |
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Definition
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Term
| what is an example of a economic environmental event |
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Definition
| interest rate, inflation rate, unemployment rate |
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Term
| what is an example of a social environment event |
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Definition
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Term
| what is an example of a technological environmental event |
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Definition
| increases in automation, changes in the rate of new product development |
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Term
| what is an example of a environmental event |
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Definition
| natural disaster, weather patters, green movement |
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Term
| what is an example of a legal event |
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Definition
| laws changes, discrimination, sarbanes oxley |
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Term
| what are porters 5 forces |
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Definition
Rivalry among competitors
New entrants
Substitutes
Suppliers
Buyers |
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Term
| what is forward vertical integration |
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Definition
| when a supplier goes into the industry that it supplies inputs to |
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Term
| what is backward vertical integration |
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Definition
| when a buyer goes into the industry that it buys outputs from |
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Term
| what are strategic groups? |
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Definition
| consist of a set of industry competitors that have similar characteristics to each other but differ in important ways from the members of other groups |
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