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OBC1
CHAPTER 7 (SM)
| Question | Answer |
|---|---|
| The balanced scoreboard | A set of measures directly linked to the company long term strategy w/ tangible goals & actions |
| The balanced scoreboard 4 perspectives | 1.financial 2. Customer knowledge 3.internal business processes 4. Learning growth (people) |
| 7 areas to achieving long term prosperity | 1.profitability 2. Competitive position development (employee) 3.employment relations (productivity) 4. Tech leadership |
| 5 criteria that should be used in preparing long term objectives | 1. Flexibility 2. Measurable 3. Motivating 4.suitable 5.understandable |
| Value discipline (1) | Operational excellence- attempts to lead the industry in price & convenience by pursuing a focus on lean an efficient operations |
| Value disciplines (2) | product leadership - companies that pursue the discipline of product leadership strive to produce a continuous state of state of the art products and services |
| Values disciplines (3) | Customer intimacy - means continually tailoring and shaping products and services to fit an increasingly refined definition of the customer |
| Grand strategy | Provide basic direction for strategic actions, indicate the time period over which long range objectives are achieved, any1 of these strategies could serve as the basis for achieving the major long term objectives major, firms involved w/ multiple |
| Concentrated growth | The strategy of the firm that directs its resources to the profitable growth of a dominant product in a dominant market w/ a dominant technology |
| Market development | Marketing products w/ only cosmetic modified to customers in related market areas by adding channels of distribution or by changing the content of advertising or promotion |
| Product development | Involves the substantial modification of existing products or the creation of new but related products that can be marketed to current customers through established channels |
| innovation | Companies seek reap the initially high profits associated w/ customers acceptance of a new or greatly improved product |
| Horizontal integration | When a firm buys similar firms (like McDonald's buys Burger King and Wendys) |
| Vertical integration | When a firm buys companies to supply its firm (like Bright side bought the bus company and the lunch company for its students) |
| Concentric diversification | Involves the acquisition of businesses that are related to the acquiring firm in terms of tech, markets, or products |
| Conglomerate diversification | Occasionally a firm will acquire a business because it represents the most promising investment opportunity |
| turnaround | A firm is doing poorly and try to recover by a few years of fortifying its distinctive competencies |
| liquidation | The firm is typically sold in parts only occasionally sold as a whole for its tangible asset value |
| bankruptcy liquidation bankruptcy | Agreeing to a complete distribution of firm assets to creditors most of whom receive small a fraction of the amount they are owed |
| Consortia / keiretsu / chaebols | Defined as large interlocking relationships between businesses of an industry |
| Generic strategy | A long term or grand strategy must be based on a core idea about how the firm can best compete in the market place |
| 3 generic strategies | 1.striving for overall low cost leadership 2. create & market unique products for varied customer groups through differentiation 3.special appeal to one or more groups of customers or industrial buyers focusing on their cost or diff concerns |
| Low cost leadership | 1.Usually excel at cost reductions & efficiencies 2.maximize economies of scale implement cost cutting technologies stress reduction in overhead and in administrative expenses 3. Use cost advantage to charge lower prices |
| differentiation | Strategies dependent on differentiation are designed to appeal to customers with a special sensitivity for a particular product attribute |
| Focusing firms | Attempts to attend to the needs of a particular market segment |
Created by:
nashanta
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