BA FOUN EXAM III

Known/Unknown Matrix

Used to determine the attractiveness of entering a new geographic territory.

PESTLE Analysis

Used to organize information to aid decision making under conditions of constant change and uncertainty.

Porter’s 5 Forces

Used to determine the attractiveness and profitability of an industry.

Competitor Analysis Matrix

Used to compare a company’s strengths and weaknesses vs other companies in their industry.

Strategic Planning

The process of setting long-term goals and determining how to achieve them.

Tactical Plan

Supports a strategic plan.

Operational Plan

Supports a tactical plan.

Competitive Rivalry

Measures competition among existing firms in industry.

Bargaining Power of Suppliers

Measures ability of suppliers to increase prices.

Bargaining Power of Buyers

Measures ability of customers to force lower prices.

Threat of New Entrants

Measures ease of new competitors entering the industry.

Threat of Substitutes

Measures availability of alternative products/services.

SWOT Analysis

A tool for evaluating strengths, weaknesses, opportunities, and threats of a company.

VRIO

Used to determine whether a resource provides a sustainable competitive advantage.

Cost Leadership

Strategy of lowest cost for a broad market.

Differentiation

Strategy of unique products for a broad market.

Diversification

Entering new industries or product categories.

Mergers & Acquisitions (M&A)

Merger: two firms combine; Acquisition: one firm buys another.

VUCA

Volatility, Uncertainty, Complexity, Ambiguity in business environments.

Four Functions of Management

Planning, Organizing, Leading & Motivating, and Controlling.

Decision Making Model

A five-step process for making effective decisions.

Directive Leadership

Task-oriented leadership that closely supervises employees.

Transactional Leadership

Leaders using rewards and punishments as motivation tools.

Empowering Leadership

Leaders encourage self-leadership and employee ownership.

Visionary Leadership

Leaders create inspiring visions and trust employees' decisions.

Intrinsic Motivation

Motivation that comes from within a person.

Extrinsic Motivation

Motivation that comes from outside rewards.

Americans with Disabilities Act

Prohibits discrimination against qualified individuals with disabilities.

Family and Medical Leave Act

Protects employees needing leave for family or medical reasons.

Civil Rights Act of 1964

Prohibits discrimination based on race, color, religion, sex, etc.

Equal Pay Act of 1963

Mandates equal pay for men and women performing substantially the same job.

Orientation

A one-time event introducing new employees to the company.

Onboarding

A long-term process that can last up to 12 months guiding new hires.

Direct Compensation

Tangible pay like salary, tips, or commission.

Indirect Compensation

Tangible benefits like health insurance, PTO, and retirement plans.

Performance Reviews

Evaluation of employee performance to improve future performance.

Communication Styles

Categories include assertive, passive, passive-aggressive, and aggressive.

Mediated Communication

Any communication that is not face-to-face.

Active Listening

An effective listening style that focuses on genuinely understanding the speaker.

Defensive Listening

Listener feels threatened and focuses on preparing a response.

Persuasive Communication

Using Monroe's Motivated Sequence to convince an audience to take action.

What supports a strategic plan?

Tactical plan

Which plan supports a tactical plan?

Operational plan

LOW FORCE=

POSITIVE

HIGH FORCE=

NEGATIVE

Focus =

concentrating on a narrow/niche market rather than the entire market.

The first and most important management function

Planning

Low skill / high willingness →

Directing

Low skill / low confidence →

Coaching

High skill / low motivation →

Supporting

High skill / high motivation →

Delegating

BLANK will get you the job. BLANK will get you promoted. 

IQ, EQ

Recruiting internally-

improves morale, shows opportunities for advancement, and is faster hiring but leaves another vacancy to fill and has a smaller candidate pool

Recruiting externally-

introduces new ideas and perspectives, can increase workforce diversity, but is more expensive and time-consuming,

Orientation:

A one-time event generally led by HR

Onboarding:

A long-term process that can last up to 12 months (usually led by hiring manager)

Purpose of training:

Teach employees skills needed for their current job. (Focuses on today’s job performance)

Purpose of development:

Prepare employees for future roles and advancement. (Focuses on future career growth)

Q: How should performance reviews be conducted?

achievement-oriented, fair and accurate, developmental.

Purpose of Performance Reviews –

improved performance!

Mediated communication is

anything that is not face-to-face.

Mediated communication may be prone to misunderstandings due to…

the lack of non-verbal cues such as tone of voice, body language or facial expressions.

ineffective listening styles

defensive, offensive, selective and pretend

effective listening style

active

The Decision Making Model is comprised of 5 steps. Which one is the most important?

What do we mean by “decision criteria”?

Defining the problem is the most important step. 

Decision criteria are the standards used to evaluate possible solutions like cost, productivity, quality, and time

Diversification

Entering new industries or product categories.

Product Development

Creating new products for current markets. Example: Apple releasing a new iPhone.

New Markets (Geographic Expansion)

Entering new countries, states, or regions. Example: Starbucks opening stores internationally.

Mergers & Acquisitions (M&A)

Merger = Two firms combine; Acquisition = One firm buys another

Strategic Partnerships & Alliances

Businesses cooperate without merging. Example: Spotify and Uber partnership

Purpose of training:

Teach employees skills needed for their current job. (Focuses on today’s job performance)

Purpose of development:

Prepare employees for future roles and advancement. (Focuses on future career growth)