KT1 Flashcards
What are the four parts of the Strategic Context ?
Current State
Strategy Execution
Target State
Performance Measurement
What does SWOT stand for and which are internal and which are external ?
Strengths
Weaknesses
Opportunities
Threats
SW are internal
OT are external
Name 4 internal analysis techniques and provide a brief summary
VMOST -provides an approach for the developement and assesment of strategy
Resource Audit- review physical , financial ,human etc capabilities
Balanced Scorecard - ensures we consider more than just the financial components of strategy
Performance Measurement - can include CSF, KPI’s and targets
Name 2 external analysis techniques and provide a quick summary?
Porters 5 forces - determines the attractiveness of a market and business pressures that may exist
PESTLE analysis - asseses external factors in the macro strategic environment that are beyond immediate control
What does VMOST stand for ?
Vision
Mission
Objectives
Strategy
Tactics
Provide a brief description of each part of VMOST
Vision - defines the target state without regard to how this will be achieved
Mission - Describes what the organisation does or will do
Objectives - The specific objectives the organisation wants to achieve
Strategy - The long term approach used to achieve the Vision , Mission and Objectives
Tactical - The specific and detailed means by which the strategy should be executed
What are critical success factors ?
Areas where the organisation must succeed in order to achieve positive performance
What are key performance indicators ?
Tangible measures that assess the performance of the organisation
Assess how well the organisation achieves its CSF’s
What are Performance Targets
Defined targets that the organisation is aiming for
Lower level objectives for specific areas
What are the 5 parts of a resource audit
Physical
Financial
Human
Know-how
Reputation
Summarise Porters 5 forces
1 Bargaining power of suppliers
2 Bargaining power of buyers
3 Threat of new entrants
4 Threat of substitute products or services
5 Industry competitors
What are the 6 sections of PESTLE analysis ?
Political
Economic
Socio-Cultural
Technological
Legal
Enviromental/Ecological
What are the 5 parts of the Balanced Scorecard ?
Customer
Finance
Vision and Strategy
Learning and Growth
Internal Business Processes
What would we use a Balanced Business Scorecard ?
To ensure we consider more than just financial components of a strategy
