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An advantage that ether companies have tried unsuccessfully to duplicate and have, for the moment, stopped trying to duplicate
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what 4 resources must be met to achieve a sustainable competitive advantage
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Managenment Ch6-10
Chuck williams book
| Question | Answer |
|---|---|
| An advantage that ether companies have tried unsuccessfully to duplicate and have, for the moment, stopped trying to duplicate | Sustainable competitive advantage |
| what 4 resources must be met to achieve a sustainable competitive advantage | Valuable, Rare, Imperfectly imitable, and Nonsubstitutable |
| Step to strategic making process | 1. Determine the need for strategic change 2. Use a Swot analysis 3. Choose strategic alternatives |
| A reluctance to change strategies or competitive practices that have been successful in the past | Competitive inertia |
| A discrepancy between a companys's intended strategy and the strategic actions managers take when actually implementing that strategy | strategic dissonance |
| An assessment of the strengths and weaknesses in an organization's internal environment and opportunities and threats in its external environment | Swot analysis or situational analysis |
| Risk-avoiding strategies and or risk seeking strategies | Choosing Strategic alternatives |
| overall organizational strategy | Corporate level strategy |
| Corporate level strategy ask what questions | What business or businesses are we in or should we be in? |
| Corporate level strategy that minimizes risk by diversifying investment among various businesses or product lines | Portfolio strategy |
| Reduce risk in the overall stock portfolio | diversification strategy |
| portfolio strategy that managers use to categorize their coporation's businesses by growth rate and relative market share, helping them decide how to invest corporate funds | BCG matrix |
| companies that have a large share of a fast-growing market | Stars |
| companies that have a large share of a slow growing market | cash cow |
| companies that have a small share of a slow growing market | dog |
| creating or acquiring companies that share similar products, manufacturing, marketing,technology, or cultures | related diversification |
| broad strategic plan used to help an organization achieve its strategic goals and guide the strategic alternatives that managers of individual businesses or subunits may use. | grand strategy |
| to increase profits ,revenues, market shares, or the number of places in which the company does business | growth strategy |
| to continue doing what the company has been doing, just doing it better | stability strategy |
| to turn around very poor company performance by shrinking the size or scope of the business or if a copmany is in multiple businesses, by closing or shutting down different lines of business | retrenchment strategy |
| Consists of the strategic actions that a company takes a return to a growth strategy | recovery |
| Addresses the question How should we compete in this industry? | Industrial level strategy |
| 5 industry forces according to Michael Porter | 1)Character of the rivalry 2)Threat of new entrants 3)Threat of substitute products or services 4)Bargaining power of suppliers 5)Bargaining power of buyers |
| A measure of the intensity of competitive behavior between companies of an industry | Character of the rivalry (1st force) |
| A measure of the degree to which barriers to entry make it easy or difficult for new companies to get started in an industry | Threat of new entrants |
| A measure of the ease with which customers can find substitutes for an industry's products or services | threats of substitute products or services |
| A measure of the influence that suppliers of parts, materials, and services to firms in an industry have on the prices of these inputs | Bargaining power of suppliers |
| A measure of the influence that customers have on a firms prices | Bargaining power of buyers |
| The positioning strategy of producing a product or service of acceptable quality at consistently lower production costs than competitors can, so that the firm can offer the product or service at the lowest price in the industry | Cost leadership |
| The positioning strategy of providing a product or service that is suffficiently different from competitor's offerings that customers are willing to pay a premium price for it | differentiation |
| company uses either cost leadership or differentiation to produce a specialized product or service for a limited, specially targeted group of customers in a particular geographical region or market segment | focus strategy |
| Those who adopt an adaptive strategy aimed at defending strategic positions by seeking moderate steady growth and by offering a limited range of high quality products and services to a well defined set of customers | defenders |
| those who adopt an adaptive strategy that seeks fast growth by searching for new market opportunities,encouraging risk taking, and being the first to bring innovative new products to the market | prospectors |
| those who adopt an adaptive strategy that seeks to minimize risk and maximize profits by following or imitating the proven success of prospectors | analyzers |
| Addresses the question "How should we compete against a particular firm"? | firm level strategy |
| The rivalry between two companies offering similar products and services that acknowledge each other as rivals and take offensive and defensive positions as they act and react to each others strategic actions | Direct competition |
| the degree to which two companies have overlapping products,services, or customers in multiple markets | market commonality |
| the extent to which a competitor has similar amounts and kinds of resources that is similar assets, capabilities, processes, information, and knowledge used to create and sustain an advantage over competitors | resource similarity |
| a scientific advance or unique combination of existing technologies creates a significant breakthrough in performance or functions | technological discontinuity |
| the phrase of a technology cycle characterized by technological substitutions and design competition. | discontinuous change |
| the purchase of new technologies to replace older ones. | technological substitution |
| competition between old and new technologies to establish a new technological standard or dominant design.. ex. Sony blu ray and Hd Dvd | Design competition |
| a new technological design or precess that becomes the accepted market standard... ex. HD dvd losing to Blu Ray.. Hd dvd customers had to switch to the winning blu ray | dominant design |
| sucessful implementation of creative ideas in an organization. | organizational innovation |
| begins with the birth of a new technology and ends when that technology reaches its limits and dies as it is replaced by a newer, substantially better technology | technology cycle |
| a pattern of technological innovation characterized by slow initial progress, then rapid progress, and then slow progress again as a technology matures and reaches its limits | s curve pattern of innovation |
| 6 components that encourage creativity | challenging work, organizational encouragement, supervisory encouragement, work group encouragement, freedom, and a lack of organizational impediments |
| psychological state of effortlessness in which you become completely absorbed in what you are doing and time seems to fly | flow |
| approach to innovation that assumes a highly uncertain environment and uses intuition, flexible options, and hands on experience to reduce uncertainty and accelerate learning and understanding | experiential approach to innovation |
| assumes that innovation is a predictable process, that incremental innovation can be planned using a series of steps, and that compressing the time it takes to complete those steps can speed up innovation | compression approach to innovation |
| forces that produce differences in the form, quality or condition of an organization overtime | change forces |
| forces taht support the existing state of conditions in organizations | resistance forces |
| opposition to change results from self interest, misunderstanding and distrust and a general intolerance for change | resistance to change |
| occurs when a company builds a new business or buys an existing business in a foreign country | direct foreign investment |
| a direct tax on imported good | tariff |
| nontax methods of increasing the cost or reducing the volume of imported goods | non tariff barriers |
| specific limits on the number or volume of imported products | quotas |
| limit the amount of a product that can be imported annually | voluntary export restraints |
| government loans, grants, and tax deferments given to domestic companies to protect them from foreign competition | subsidies |
| A worldwide trade agreement that reduced and eliminated tariffs, limited government subsidies, and established protections for intellectual property | Gatt (General agreement on tariffs and trade |
| Between North america, mexico and canada.. a regional trade agreement between these 3 countries | Nafta (North american free trade agreement) |
| selling domestically produced products to customers in foreign countries | exporting |
| an agreement in which a foreign business owner pays a company fee for the right to conduct that business in his or her country | cooperative contract |
| an agreement in which a domestic company , the licensor, receives royalty payments for allowing another company, the licensee, to produce the licensor's product, sell its service, or use its brand name in a specified foreign market | licensing |
| collection of networked firms in which the manufacturer or marketer of a product or service, the franchisor, licenses the entire business to another person or organiztion, the franchisee | franchise |
| an agreement in which companies combine key resources, cost,risk,technology, and people | strategic alliance |
| a strategic alliance in which two existing companies collaborate to form a third, inderpendant company | joint venture |
| foreign offices, facilities, and manufacturing plants that are 100 percent owned by the parent company | wholly owned affilliates |
| are companies that are founded with an active global strategy | global new ventures |
| the risk of major changes in political regimes that can result from war, revolution, death of political leaders, social unrest, or other influential events | political uncertainty |
| the risk associated with changes in laws and government policies that directly affect the way foreign companies conduct business | policy uncertainty |
| extent to whch people in a country tolerate unequal distribution of power in society or organizations | power distance |
| degree to which societies believe that individuals should be self- sufficient | individualism |
| capture the difference between highly assertive and highly nurturing cultures | masculinity and femininity |
| degree to which people in a country are uncomfortable with unstructured ambiguous, unpredictable situations | uncertainty avoidance |
| addresses whether cultures are oriented to the present and seek immediate gratification or to the future or defer gratification | short term/longer term orientation |
| someone who lives and works outside his or her native country | expatriate |
| method of subdividing work and workers into separate organizational units that take responsibility for completing particular tasks | departmentalization |
| organizes work and workers into separate units responsible for particular business functions or areas of of expertise | functional departmentalization |
| organizes work and workers into separate units responsible for producing particular products or services | product departmentalization |
| organizes work and workers into separate units responsible for particular kinds of customers | customer departmentalization |
| organizes work and workers into separate units responsible for doing business in particular geographic areas. | geographical departmentalization |
| a hybrid structure in which two or more forms of departmentalization are used together | matrix departmentalization |
| the right to give commands take actions and make decisions to achieve organizational objectives | authority |
| the vertical line of authority that clarifies who reports to whom throughout the organization | chain of command |
| workers should report to just one boss | unity of command |
| right to command immediate subordinates in the chain of command | line authority |
| right to advise but not command others who are not subordinates in the chain of command | staff authority |
| activity that contributes directly to creating or selling the company's product. | line function |
| the assignment of direct authority to a subordinate to complete task for which the manage is normall responsible | delegation of authority |
| an activity that does not contribute directly to creating or selling the companys product but instead supports line activities | staff function |
| occurs when a job is composed of a small part of a larger task or process | job specialization |
| attempts to overcome the disadvantages of job specialization by periodically moving workers from one specialized job to another to give them more variety and opportunity to use different skills... | job rotation |
| increases the number of different tasks that a worker performs within one particular job | job enlargment |
| attempts to overcome the dificiencies in specialized work by increasing number of tasks and by giving workers the authority and control to make meaningful decisions about their work | job enrichment |
| an approach to job redesign that seeks to formulate jobs in ways that motivate workers and lead to positive work outcomes | job characteristics model |
| the number of different activities performed in the job | skill variety |
| the degree to which a job, from beginning to end, requires completion of a whole and identifiable piece of work. | task identity |
| a job is perceived to have substantial impact on others inside and outside the organization | task significance |
| a job gives workers the discretion freedom and independance to decide how and when to accomplish the work | autonomy |
| ammount of information the job provides to workers about their work performance | feedback |
| consists of small number of people with complementary skills who hold themselves mutually accountable for pursuing a common purpose, achieving performance goals and impproving independant work processes | work team |
| when workers withhold their efforts and fail to perform their share of work | social loafing |
| where two or more people work together to acheive a shared goal | traditional work groups |
| team that provides advice or make suggestions to management concerning specific issues | emmployee involvement team |
| a group that has the authority to make decisions and solve problems related to the major tasks of producing a product or service | semi autonomous work group |
| a team that manages and controls all of the major task of producing a product or service | self managing team |
| a team that has the characteristics of self managing teams but also controls team designs work tasks and team leaderships | self designing teams |
| team composed of employees from different functional areas of the organization | cross functional teams |
| created to complete specific one time projects or tasks within a limited time | project team |
| informally agreedon standards that regulate team behavior | norms |
| the extent to which team members are attracted to a team and motivated to remain in it. | cohesivness |
| focuses on problem related difference in opinion | c type conflict |
| refers to the emotional reactions that can occur when disgreements become personal rather than professional. do not want to get to this conflict | a type conflict |
Created by:
jaredbourgeois
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