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BA283
Business Management chpt6-2
| Question | Answer |
|---|---|
| The use of mpetitive intelligence, environmental scanning or swot and forecasting can be used to: | Establish a grand strategy |
| Competitive intelligence | gaining information about one's competitors' activities so that you can anticipate their moves and react appropriately. |
| Environmental scanning or swot | careful monitoring of an organization's internal and exter nal environments to detect early signs of opportunities and threats that may influence the firm's plans. also know as swot |
| SWOT | also known as a situational analysis-which is a search for the Strengths, Weaknesses, Opportunities, and Threats affecting the organization. |
| Forecasting | is a vision or projection of the future |
| Trend analysis | a hypothetical extension of a past series of events into the future. predicting the future based on historical data to detrmine outcome |
| Contingency planning | scenario planning and scenario analysis-is the creation of alternative hypothetical but equally likely future conditions. |
| Porters five competitive forces: | new entrant, bargain power of suppliers and buyers,new product or services, competition |
| Porters four competitive strategies: | cost leadership, diferintiation, cost focus, focused diferintiation |
| Cost leadership strategy | to keep the prices of a product or service below that of competitors that targets a wide market. |
| Differintiation strategy | to offer products or services that are unique and superior in value than the competitors while targeting a wide market |
| Cost focused strategy | to keep the costs and prices of a product or service below that of competitors and to target a narrow market |
| Focused differintiation strategy | is to offer products or services that are of unique and superior value compared to those of competitors and to target a narrow market. |
| Single product strategy | a company makes and sells only one product within its market. |
| Benefit focused strategy | Making just one product allows you to focus your manufacturing and marketing efforts just on that product. |
| Risk vulnerability | States that if you do not focus on all aspects of the business, if a rival gets the jump on you, or if an act of God intervenes (for a florist, roses suffer a blight right before Mother's Day), your entire business may go under. |
| There are two kinds of diversification | related and unrelated |
| Unrelated diversification | -operating several businesses under one ownership that are not related to one another |
| Related diversification | in which an organization under one ownership operates separate businesses that are related to one another offering different product and services under one roof ( meijers) |
| Synergy | -the economic value of separate, related businesses under one ownership and management that is greater together than separate |
| BGC matrix | _a means of evalu ating strategic business units on the basis of their business growth rates and their share of the market |
| BGC matrix suggests | suggests that an organization will do better in fast-growing markets in which it has a high market share rather than in slow growing markets in which it has a low market share. |
Created by:
brsoul1
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