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Management > Chapter 1 - what is strategy? > Flashcards

Chapter 1 - what is strategy? Flashcards

1
Q

Management

A

planning, organizing, leading and controlling of human/ other resources to achieve an organizational goal

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2
Q

planning

A

course of action to achieve appropriate goals

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3
Q

organizing

A

task + authority realtion

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4
Q

leading

A

motivate, coordinate, energize individuals + groups

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5
Q

controlling

A

measuring + monitoring systems => how well achieved

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6
Q

strategic management

A
  • improvement financial performance
  • strengthening long-term competitive position
  • achievement of competitive edge over rivals
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7
Q

strategic management goal

A

sustainable competitive advantage

=> attractive number of buyers prefer the product + durable basis

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8
Q

the pattern of actions that define a company’s strategy

A
  • actions to diversify (earnings/ Revenues) by new markets
  • actions to enter new geographic/ product markets
  • actions to capture emerging market opportunities + defend against external threats
  • mergers + acquisitions => strengthen market standing
  • strategic alliances + collaboration
  • respond to changing market conditions
  • key activities (production, sales, marketing etc.)
  • strengthen competitive capabilities
  • gain market share ( eg. lower prices, design…)
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9
Q

strategy is dynamic –> types

A

proactive vs reactive elements

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10
Q

proactive elements (dynamic strategy)

A

deliberate strategy => new planned + ongoing

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11
Q

reactive elements (dynamic strategy)

A

emergent strategy => react to changing circumstands

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12
Q

business model

A

how the strategy will be a money maker

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13
Q

V-P (business model)

A

costumer value proposition

how to: satisfy costumers value with a reasonable price

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14
Q

P-C (business model)

A

profit formula

how to: more revenue than costs

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15
Q

strategy process

A
  1. Stage of vision, mission and objective building
  2. strategic analysis
  3. strategy formulation
  4. strategy implementation
  5. evaluation
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16
Q

vision

A

(stage 1)
route company intends to take + future strategic course
1. helps to make sense
2. needs to be motivating
3. guides actions + activities
=> becomes only real when imprinted in minds of organization members

17
Q

mission

A

company’s present state + purpose
> defining the business
> establishing major goals

18
Q

values

A

guiding principals, beliefs, traits and behavioral norms => guidelines
integrated part => supported by top management
motivational effect

19
Q

objectives

A

result + outcome management wants to achieve

  • specific measurable + ambitious goals
  • concrete steps towards vision
20
Q

stage 2

A

strategic analysis

external vs internal analysis

21
Q

external analysis (Stage 2)

A

competitive environment
market conditions
costumer demand
=> opportunities + threats

22
Q

internal analysis (Stage 2)

A

resources
competencies
internal systems and processes
=> strength and weakness

23
Q

crafting a strategy (Stage 3)

A

corporate strategy
business strategy
functional area strategy
operating strategy

24
Q

corporate strategy

A

overall companywide game plan: CEO + senior management

25
Q

business strategy

A

strengthen market position + gain competitive advantage: general manager of each unit

26
Q

functional area strategy

A

relevant details for overall business strategy

game plan for particular activities => support overall business: heads of major functional activities

27
Q

operating strategies

A

add details + completeness to overall + functional strategies
managing specific operating activities: eg. brand, operating manager

28
Q

executing and implementing strategy (Stage 4)

A

What to change/improve? And how?

like:
- policies + procedures
- adopting best practices + continues improvement
- rewards + incentives for achievement of strategic/ financial achievements
- instilling a corporate culture => promotion of good strategy executions
- exercising strong leadership
- installing information + operating systems

29
Q

evaluate performance (Stage 5)

A

evaluate performance + initiate corrective adjustments

fit test, competitive advantage test, performance test

30
Q

fit test (Stage 5)

A

strategy matches external + Internal conditions

31
Q

competitive advantage test (stage 5)

A

sustainable competitive advantage trough strategy?

32
Q

performance test (stage 5)

A

profitability + financial strength

competitive strength + market share

33
Q

balanced scorecard elements

A
  • financial activities
  • costumer relationship
  • key internal process
  • learning and growth
34
Q

strategy

A

competitive moves and business approaches to:
grow the business, attract + please costumers, compete successfully, conduct operations, achieve targeted levels of organizational performance

Management (11 decks)

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