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10. Managing strategic change Flashcards

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1
Q

what is information management

A

focuses on retrieving, organising and analysing data and information - creates knowledge

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2
Q

what is knowledge managment

A

focuses on knowledge, understanding and wisdom, and is the process of using these to make effective decisions and take effective actions

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3
Q

in order to have successful strategic implementation, the leader must be…3

A
  • committed to the strategy
  • able to involve and motivate others in its implementation
  • able to communicate effectively to make clear what is being done and why, and also how it is being achieved
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4
Q

what 4 things should be done for effective implementation

A
  • decide on the change needed (new targets - balanced score card?)
  • plan the resources needed (staff, equipment, finances etc)
  • decide on the best structure (organic vs mechanistic?)
  • decide on communication (kotter and schlesinger)
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5
Q

Effective communication must avoid: 4

A

lack of
too much
top down only
confusing communication

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6
Q

impact of insufficient communication 4 + eval

A
  1. employees less efficient
  2. lack of information
  3. unable to finish/ to standard
    4 demotivating - long term
    ev. more common in flat structures due to wider span of control
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7
Q

impact of excessive communication 4 + eval

A
  1. employees less efficient
  2. too much info - slows workers
  3. which info is priority? useful?
  4. demotivating - long term
    ev. more common in tall structures - narrow spans of control
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8
Q

impact of effective communication

A
  1. employees more efficient
  2. complete job well - increased quality
  3. increased morale and motivation
  4. decreased absenteeism and increased retention
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9
Q

barriers to effective communication (factors business must resolve to avoid insufficient and excessive comms) 4

A
  1. distance - multinational company
  2. video calls vs face to face
  3. language issues
  4. time zones
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10
Q

functional structure

A

distributes decision making and operational authority along functional lines - marketing, finance, ops

senior management have time to focus on strategic decisions and their implementation if daytoday mngement is delegated

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11
Q

product based structures

A

based on the product or a production line where all functions of the product are delegated

when there’s high demand or diversification strats are being implemented

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12
Q

regional structures

A

when an organisation has several factories dispersed geographically or when demand is large enough for the organisation to operate on a regional basis

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13
Q

matrix structures

A

based around a major project or task, with specialists from the various functional areas being assigned to the project

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14
Q

what does a network diagram show 4

A
  • the sequence in which activities should be undertaken
  • the length of time taken by each activity
  • the earliest start time at which each activity can commence
  • the latest finish time at which each activity must be completed to avoid delaying other activities
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15
Q

pros of using a network diagram

A
  • establishes the quickest time for completing a project using simultaneous tasks and by timing tasks
  • identifies the critical tasks
  • prompts managers to focus on the critical tasks
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16
Q

cons of using a network diagram

A
  • durations are estimates and could be wrong
  • unforeseen factors could derail the plan: natural disasters, strikes etc
  • too complicated for large projects
  • changes to critical tasks mean re-calculations
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17
Q

internal causes for failure

A
  • wrong strategic decisions
  • poor execution of the strategy
  • poor leadership leading to resistance
  • financial difficulties (poor liquidity or higher geared)
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18
Q

external causes for failure

A 
P - political decisions
E - economic conditions
S - social changes
T - technological changes
L - legal restrictions
E - environmental laws
C - competitors actions
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19
Q

what is a planned strategy

A

a planned strategy is an intial plan (intended plan) set to achieve objectives

easy to measure success (or failure)

but rigid in changing environment

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20
Q

what is an emergent strategy

A

one that develops over time as the strategic plan is implemented. But the same objectives remain

could be confusing for managers and staff

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21
Q

fours phases in strategic drift

A

1 - incremental change
2 - strategic drift
3 - flux
4 - transformational change or death

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22
Q

when does strategic drift usually occur

Study These Flashcards
A

when a business responds too slowly to changes in its external environment with the result that the strategic plan is no longer appropriate

23
Q

possible causes of strategic drift 4

Study These Flashcards
A
  • technological environment
  • lagged performance
  • culture
  • lack of monitoring
24
Q

what is divorce of ownership and control

Study These Flashcards
A

the seperation of ownership (shareholders) and control (elected board of directors) in a public limited company

when a disagreement occurs

25
what is corporate governance
a set of systems and processes that ensures a business is managed in the best interests of all its stakeholders = especially owners (shareholders)
26
what does corporate governance include 4
accountability fairness - protect shareholders' rights transparency - ensuring all matter related to finance, performance, ownership and corporate governance are communicated accurately responsibilty - ensuring they comply with relevant laws and regulations of a society
27
4 ways of evaluating strategic performance
- a review of underlying factors in an organisation's strategy - comparing expected results with actual results - analysis of any variances in performance - identifying corrective actions to ensure performance conforms with the strategy
28
4 value of strategic planning
- give purposeful direction to the organisation and outline measurable goals - identify and help build a competitive advantage - assist in making choices where resources are limited - save time as clear priorities are set
29
what is contigency planning
planning for the unexpected
30
types of events planned for
- natural disasters: fires, floods, earthquakes - loss of data: could occur through a natural disaster or through sabotage or hacking - loss of key personnel: could occure due to retirement, accident or untimely death - product issue: could have large unexpected order or a product fault requiring a product recall
31
pros of contingency planning
- speeds up recovery - saves money (loss of revenue, recovery costs, compensations, fines etc) - shows ethical concerns (CSR)
32
cons of contingency planning
- costly and time consuming (use of consultants, managers' time, drills etc) - could be a waste of money and time (opportunity cost) - may never happen
33
what is workplace culture
"the way we do things and behave"
34
5 features of culture
- the way stakeholders are treated - type of HR stratgey used: soft v hard - the diversity of the workforce - structure and ways decisions are made: centraliased, delegation etc - whether ethics and CSR matter
35
what are Handy's four classes of culture
power role task person
36
characteristics of power culture
- power remains with few dominant ppl - often associated with centralised decision making and autocratic leadership style - common in family businesses or where founder is leader`
37
characteristics of role culture
- clear rules, procedures and hierarchy - often associated with hierarchical structure and bureaucratic style of leadership - commonly found in larger organisations
38
characteristics of task culture
- to achieve desired outcome from specific task. teams brought together from different functional areas and levels of hierarchy to work together to complete tasks - often associated with matrix organisational structure & delegation - commonly found in business that compete on innovation and encoruage intrapreneurship
39
characteristics of person culture
- high degree of autonomy given to ppl. employees likely to be highly skilled in specialist areas - often associated with decentralised decision-making and more democratic or laissez-faire approach to leadership - commonly found in professional organisations e.g. doctors or accountants
40
why is organisational culture important?
it affects stakeholders and the business' ability to reach its goals
41
how does culture affect staff
affects motivation of employees. power culture and role culture can demotivate creative employees
42
how does culture affect customers
affects their loyalty to a business more loyal to a business with customer-focused culture
43
how does culture affect shareholders
level of risk a business takes depends on their culture shareholders more likely to get high returns from business with high-risk culture
44
two main reasons for changing culture
when a new leader joins a business when a business is underperforming or falling
45
6 other reasons for changing culture
- high labour turnover & absenteeism - loss of key talented staff - demotivation & poor industrial relations (strikes) - lack of innovation - poor customer service - loss of management control
46
problems with changing a culture
- difficult to change habit and behaviours - employees usually resist change - can be very expensive (chanign office layout, training, new processes) - HR approach can be expensive (expenisve redundancies, changing recruitment process, payment and reward systems)
47
9 influences on organisational culture
- influence of the founder - size & development of the business - management & leadership style - organisational structure - employee and managment reward structures - market/industries it operates in - woking environment and nature of tasks - external environment - attitude of organisation to risk-taking and innovation
48
what are hofstede's six cultural dimensions
- power distance - uncertainty avoidance - collectivism vs individualism - femininity vs masculinity - short-term vs long term
49
power distance
type of relationship with boss and collegues | degree of acceptance of authority and hierarchy
50
uncertainty avoidance
how much risk do u take? how much does boss allow u to take? prefer routines/rules? or open to change and make own decisions?`
51
individualism vs collectivism
team player or prefer to work on your own?
52
masculinity vs femininity
attitude and behaviour in workplace | focus more on achieving tasks rather than being concerned about welfare of collegues
53
long/short term
focus on short-term goals or long-term plans

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