Final Flashcards
(38 cards)
Strategy FORMULATION does what and what does it focus on?
Positions forces before the action
Focus: Effectiveness
Strategy IMPLEMENTATION does what and what does it focus on?
Manages forces during the action.
Focus:Efficiency
Strategy formulation is primarily an???
Intellectual process
Strategy implementation is primarily????
An operational process.
Strategy formulation requires???
Good intuitive and analytical skills.
Strategy implementation requires???
Special motivation and leadership skills.
An effective product positioning strategy meets what two criteria?
Distinguishing from competition
Leads customers to expect slightly less service than a company can deliver.
What are the three main approaches of business worth?
What a firm owns
What a firm earns
What a firm will bring to market
What are the 7 R&D principles?
1) Emphasize products
2) Stress basic or applied research
3) Be leaders or followers of R&D
4) Develop robotic processes
5) Spend high, average, low money on R&D
6) Perform R&D internally or contract out
7) Use university researchers.
3 approaches to R&D are?
1) Be first to market new tech products
2) Be an innovative imitator of excuses products, minimizing the risks and costs of start up
3) Be a low cost producer
What is the most important factor in differentiating successful from unsuccessful firms?
Having a MIS (management information system)
What is business analytics and what is another name for it?
A management information system technique that involved using software to Mike huge volumes of data and it is also called machine learning.
What is a key distinguishing feature of business analytics?
It is predictive rather than retrospective
Strategy evaluation includes what 3 basic activities?
1) Examining the underlying bases of a firms strategy
2) Comparing expected and actual results
3) Taking corrective action to ensure performance conforms to plans.
Consonance and advantage are mostly based on what?
A firms external assessment
Consistency and feasibility are largely based on what?
An internal assessment
The process of evaluation should include what 3 things?
Strategy evaluation
stimulate creativity
Formulating criteria
Successful evaluating strategies combine what two things?
Patience and willingness to take correct action
In measuring organizational performance, strategists use common quantitative criteria to make what three critical comparisons?
Comparing the firms performance:
Over Time periods
Competitors
Industry averages
Most quantitative criteria are geared to annual objectives rather than?
long-term objectives
Intuitive judgements are almost always involved in?
Deriving quantitative criteria
What does a balanced scorecard tell us?
How well the firm is continually improving and creating values .
What are the balanced scorecard categories?
Innovation, technological leadership, product quality, operational process efficiencies
What is the aim of the balanced scorecard approach of strategy evaluation?
to balance short/long term concerns, financial:non-financial concerns, and internal/external concerns
