International management
the environment of business
the environment of business
Set of flashcards Details
| Flashcards | 140 |
|---|---|
| Language | English |
| Category | Macro-Economics |
| Level | University |
| Created / Updated | 12.10.2017 / 14.06.2020 |
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What are the objectives of a supply chain?
maximizing overall value generated, reducing inventory, having the right quantity of the right products at the right time at minimal cost
what is SCM
Supply chain management
what are the 2 process views of a supply chain?
1. cycle view
2. push/pull view
what are the 5 benefits of global sourcing?
lower costs, reduce delivery time, focus on core competencies, access factors of production, advantages relative to competitors
what are the 4 steps in the control process?
1. setting targets and standards
2. measuring performance
3. comparing with standard
4. acting to correct deviation or change objectives
What do performance targets provide?
direct and a standard of performance to aim for
what 4 sources of information can be used to measure performance?
personal observation, oral reports, written reports, online information systems
How can you react on significant variatoins outside of the range of variation?
Either revising the standard or correcting future performance
what are the 2 different types of control and give 2 characteristics for each type.
Mechanistic control: Rules & procedures, formal
Organic control: flexible authority, less formal
what are the 7 tactics of control?
1. direct supervision
2. organizational structuring
3. rules and procedures
4. managment by objectives
5. machinery and automation
6. human resources managment
7. values and beliefs
what are the 5 generic performance objectives?§
1. quality
2. dependability
3. speed
4. flexibility
6. cost
what is a balanced scorecard?
A performance measurement tool that looks at four areas (financial, customer, internal, innovation and learning) whicht contribute to organizational performance
what is Maslows pyramid?
A pyramid that describes the needs of people. 1. Physiological needs 2. safety needs 3. belonginess and love needs 4. esteem needs 5. self-actualization
Why does a company seek profits?
1. to reward investiors
2. pay owners, directors, employees
4. Society (continued service or product)
How can a company raise capital?
1. debt (bank, bonds)
2 Ownership-shares (equity)
How are a stakehodlers liabilities limited?
- after shares fully paid up no further financial liability
-no guarantee of any profit or capital repayment
-subjet to regulations
What is function budgeting?
each management function can be allocated a budget.
what is project budgeting?
each project can be allocated a budget (WBS and CBS)
What are measurements if a functional budget or a project budget isn't met?
Functional budget: resources and processes need to be analyzed
2. project budgets: scope of the project may need to be reduced
on what 6 distinct resources does creativity depend on?
1.Intellectual abillities
2. Knowledge
3. Style of thinking
4. Personality
5. Motivation
6. Environment
what is the difference between incrementaol innovation and radical innovation?
Incremental Innovation --> small changes in a current product or process which brings a minor improvement
radical--> are large game changin development that alter the competitive landscape
What are the 4P's types of innovation?
Product Innovation
Process Innovations
Position Innovations
Paradigm Innovations (changes in how companies frame what they do)
what are organizational factors that can affect innovation?
what are the 4s' of innovation?
Strategy
Structure
Style
Support
what are the stages of the innovation adoption curve?
Innovators, early adopter, early majority, late majority, laggards
what is reverse innovation?
Innovation likely to be adopted first in the developing world. Reason for that is the income gap, poor countries demand solutions on an entirely different price-performance curve
what are reasons for change?
Technological Innovation, Globalisation, Regulations
what are the 4 models of change?
1. lifecycle model, 2. emergent model, 3. participative model, 4. political model
What are the major drivers of the supply chain?
Production, Inventory, Location, Transportation, Informpation (PITIL)
What are the 5 P's of strategy (Minzberg)?
Plan, Ploy, Pattern, Position, Perspective
What are the 3 outcomes the Ansoff Matrix can aim for?
Growth, Stability, Renewal
Describe strategy at corporate level
Directions (SWOT/TOWS/ANSOFF MATRIX) + Methods(Internal Growth, M&A or strategic alliance)
What are the 3 generic strategies that porter describes to develop and maintain competitive advantage? (business level)
Cost Leadership, Cost focus, Differentiation, Differentiation Focus
What are some advantages/disadvanteges of internal Development (organic growth)?
Advantages: Distributing cost over a long period, Development of inimitalbe competencies mainly in high technology, being unique in the market, retaining of traditional corporate culture, using synergies consequently, avoidance of political, intercultural problems and incompatible expectations
Disadvantages: Risk of undesirable strategic development, long time to develop new product, no external inputs
What are the 4 motives for strategic Alliances?
1. Cost reduction, 2. Improving customer offerings, 3. Co-specialization, 4. Learning
What are types of strategic alliances?
1. Joint Ventures, 2. Networks (star alliance), 3. Franchising, 4. Licensing, 5. Subcontracting, 6. Co-production, 7. Sponsoring
What are some advantages/disadvantages of strategic alliances?
Advantages: Investment risk share with partner, compining of complementary resources and know-how, may be governmental condition for market entry
Disadvantages: Difficulty of identifying appropiate partner and agreeing on appropiate contractual terms, loss of competitive advantage through imitation, Limite benefits from the locational advantages of host nation
What are the advantages & disadvantages of Mergers&Acquisitions?
Advantages: rapid entry into new product or market areas, fast develoment of market shares, keeping up with a changing environment, avoidance of high development costs, getting know-how from specialized companies
Disadvantage: Failure of mergers due to cultural gaps between the involved companies, difficulties in integrating two different corporate cultures and problem solving, too high price (goodwill) for the company taken over, can be used for self-enrichment of top managers
What are the 3 success criteria to assess strategic options?
-Suitability
-Acceptability
-Feasability
What are the criteria for understanding the accepttability of strategic options?
Return (Profitibility, Cost-Benefit, Real options, Shareholder value analysis)
Risk (financial ratio projections, sensitivity analysis)
Stakeholder reactions
