Ch. 3 strategic mgmt
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| show | Strengths, weaknesses, opportunities, and threats.
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| show | Strengths may not lead to an advantage, SWOT's focus on the external environment is too narrow, SWOT gives a one-shot view of a moving target, and SWOT overemphasizes a single dimension of strategy.
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| show | value-chain analysis
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| show | value
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| what is the key concept used in analyzing a firm's competitive position? | show 🗑
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| The value-chain analysis has two different categories of activities...what are they? | show 🗑
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| What contributes to the physical creation of the product or service, its sale and transfer to the buyer, and its service after the sale? | show 🗑
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| show | Inbound logistics, operations, outbound logistics, marketing and sales, and service
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| show | secondary activities
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| What do the secondary activities consist of? | show 🗑
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| show | Outbound Logistics
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| show | Operations
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| show | False. Inbound Logistics is associated with receiving, storing, and distributing inputs to the product.
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| Service is associated with... | show 🗑
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| show | Marketing and Sales
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| show | Location of distribution facilities; material and inventory control systems; systems to reduce time to send "returns" to suppliers; warehouse layout and designs;and just-in-time (JIT) inventory systems
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| What are some examples associated with Operations? | show 🗑
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| What are some examples associated with Outbound Logistics? | show 🗑
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| show | Motivated and competent sales force; innovative approaches to promotion and advertising; selection of appropriate distribution channels; proper identification of customer segments and needs; effective pricing strategy
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| show | Procedures to solicit feedback ; quick response to customer needs; ability to furnish replacement parts; effective mgmt of parts and equipment inventory; quality of service personnel and ongoing training; and warranty and guarantee polocies.
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| show | It is the function of purchasing inputs used in the firm's value chain, not to the purchased inputs themselves.
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| Development of collaborative "win-win" relationships with suppliers is an example of what type of support activity? | show 🗑
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| Which support activity is related to a wide range of activities and those embodied in processes and equipment and the product itself? | show 🗑
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| What are 3 examples associated with technology development? | show 🗑
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| What support activity consists of activities involved in the recruiting, hiring, training, and compensation of all types of personnel? | show 🗑
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| Human resource management deals with ______ and ___________ programs to motivate all employees; Quality relations with ______ unions; Quality work environment to __________ performance and _____________ absenteeism. | show 🗑
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| show | General administration typically supports the entire value chain and not individual activities.
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| show | Effective planning systems; ability to anticipate and act on key trends; ability to obtain low cost funds for capital expenditures; and excellent relationships with diverse stakeholder groups, etc
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| Although __________ ___________ is sometimes viewed only as overhead, it can be a powerful source of competitive advantage. | show 🗑
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| show | (1) Interrelationships among activities within the firm and (2) relationships among activities within the firm and with other organizations (e.g., customers and suppliers) that are part of the firm's expanded value chain.
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| What three activities do not only apply to manufacturing, but also services? | show 🗑
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| show | Perspective that firm's competitive advantages are due to their endowment of strategic resources that are valuable, rare, costly to imitate, and costly to substitute.
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| show | (1) The internal analysis of phenomena within a company. (2) An external analysis of the industry and its competitive environment.
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| show | Resource-based view (RBV)
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| The three key types of resources that firms possess consist of? | show 🗑
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| ____ _____ are all assets, capabilities, organizational processes, information, knowledge, and so forth, controlled by a firm that enable it to develop and implement value-creating strategies. | show 🗑
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| show | Financial, Physical, Technological, and Organizational
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| show | False. Intangible resources is the correct answer
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| show | organizational assets that are relatively easy to identify, including physical assets, financial resources, organizational resources, and technological resources.
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| show | The firm's cash, accounts receivables, and its ability to borrow funds.
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| Physical resources are... | show 🗑
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| show | Organizational resources
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| Technological resources consists of what? | show 🗑
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| show | Intangible resources
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| show | typically embedded in unique routines and practices that have evolved and accumulated over time.
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| What are the three types of intangible resources? | show 🗑
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| What are some examples of human resources? | show 🗑
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| Technical and scientific expertise, ideas are all examples of what intangible resource? | show 🗑
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| What are some examples of reputation resources? | show 🗑
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| show | Culture
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| The term that refers to the competencies or skills that a firm employs to transform inputs into outputs. | show 🗑
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| Organizational capabilities combines _______ and __________ resources, using __________ processes to attain desired end. | show 🗑
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| What are some examples of organizational capabilities? | show 🗑
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| What are the four attributes that a resource must provide a firm with in order to have a sustainable competitive advantage? | show 🗑
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| When are resources considered valuable? | show 🗑
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| show | When the resource is uncommon-rare relative to other competitors.
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| Inimitability | show 🗑
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| show | Inimitability key to value creation because it constrains competition.
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| What are the 4 sources of inimitability? | show 🗑
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| Physical Uniqueness | show 🗑
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| Path dependency | show 🗑
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| Causal Ambiguity | show 🗑
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| show | A characteristic of a firm's resources that is costly to imitate because the social engineering required is beyond the capability of competitors, including interpersonal relations among managers, organizational culture, and reputation with suppliers and c
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| show | (1) Substitute a similar resource that allows same strategy. (ex. top management; (2) very different resource can become strategic substitute. (ex. Amazon uses internet as substitute for brick and mortar locations.)
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| show | Employee bargaining power, Employee replacement cost, Employee exit costs, and manager bargaining power.
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| show | If employees are vital to forming a firm's unique capability, they will earn disproprtionately high wages
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| Employee Replacement Costs | show 🗑
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| Employee Exit Costs | show 🗑
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| Manager Bargaining Power | show 🗑
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| show | (1) Financial ratio analysis; (2) Stakeholder perspective
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| show | How a firm is performing according to its balance sheet, income statement, historical comparison, comparison with industry norms and key competitors.
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| What are the five different types of financial ratios? | show 🗑
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| What's the importance of evaluating a firm's financial performance over time? | show 🗑
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| show | comparing your firm with other firms in the industry asseses relative performance
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| Comparison with key competitors | show 🗑
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| show | A method of evaluating a firm's performance using performance measures from the customer's, internal, innovation, and learning and financial perspectives.
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| show | (1) How do customers see us? (cust perspective); (2) What must we excel at? (internal biz perspective); (3)Can we continue to improve and create value?; (4) How do we look to shareholders? (financial perspective)
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| What is the customer perspective in relation to the balance scorecard? | show 🗑
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| What is the internal business perspective in relation to the balance scorecard? | show 🗑
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| show | Introduction of new products and services, greater value for customers, and increased operating efficiencies.
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| show | value
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| show | Measures of financial performance indicate whether the company's strategy, implementation, and execution are indeed contributing to bottom-line improvement.
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| What are the potential limitations of the balanced scorecard? | show 🗑
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kmpech
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