Exam 1 Topic 1 Review Flashcards
(36 cards)
Strategy often involves planning for the _______
future
In strategy we should respond to ____________ not ___________
trends; fads
Strategy must be ____________ with planning on how to achieve long-term objective
intentional
what are synonyms for organizational systems
processes, workflows, operational structures, business frameworks
Definition of organizational structure
refers to structured processes, routines and behaviors that help businesses operate effectively
Must have strong ______________ and _____________ in the short-term to have successful long term strategy
management; organizational systems
Businesses need to constantly evaluate their ____________ and envision a future direction
current operations
What are the ends versus the means in terms of a discussion of goals/ objectives and strategy?
Ends: These are the objectives or goals a business aims to achieve
Means: These are the strategies or actions taken to achieve those goals
_______________ is about choosing the right means to reach desired ends
strategy
What does situational analysis mean as it relates to strategy
refers to assessing the internal and external environment
ex: market conditions, competition)
What are the two things the response to situational analysis is rooted in
- strong management
- organizational systems
What is the static model of strategy
focuses on a stable environment where intended strategies are fully realized as planned
the static model of strategy is appropriate when the business environment is ____________
predictable
What is the dynamic model of strategy?
Acknowledges that strategies can evolve due to emergent factors and emergent elements
The dynamic strategy model is better suited for environments that are _____________
turbulent
Common sizing is where expenses are a _________ of __________
percentage of revenuw
What is a realized strategy?
what actually happens
What assessments are to be done in a static model strategy
environmental assessment and financial assessment
Are there any changes made in a static model strategy?
No
Formula for realized strategy in the dynamic model
realized strategy= intended strategy- unrealized elements + emergent components
what are unrealized elements in the dynamic model
elements of strategy that will have to be “cut losoe” of modified or will not/ cannot make happen
what are emergent components of strategy in the dynamic model
things outside of our strategy that we find attractive and add into our model; they add value
what are the two parts of the dynamic model strategy we have to be sure do not hurt one another
emergent components and intended/ deliberate startegy
What is intended strategy?
the planned approach the company aims to follow
