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Strategic Management > L5- Corporate Entrepreneurship & Strategic Renewal > Flashcards

L5- Corporate Entrepreneurship & Strategic Renewal Flashcards

(66 cards)

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1
Q

entrepreneurial opportunities

A

the conditions in which new goods/ services can satisfy a need in the market

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2
Q

strategic entrepreneurship

A

actively searching for opportunities (entrepreneurship) and then internally deciding on the best way to adapt and innovate (strategy) for long-term success.

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3
Q

three types of strategic entrepreneurship

A
  1. startups
  2. corporate entrepreneurship
  3. venture capital
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4
Q

Bottom Up/ Autonomous Strategic Behavior

A

Employees at various levels take initiative to drive innovation and pursue entrepreneurial opportunities independently within the company.

Usually involves radical changes

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5
Q

Top Down/ Induced Strategic Behavior (often Incremental)

A

Leadership directs strategic initiatives, guiding the company towards innovation.

Typically involves incremental, step-by-step changes aligned with existing goals and strategies.

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6
Q

two types of innovation:

A
  1. incremental: building on existing knowledge bases, and making small improvements
  2. radical: significant technological breakthroughs and the creation of knowledge
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7
Q

challenges of corporate entrepreneurship (4)

A
  1. focus on existing activities
  2. resource constraints
  3. success uncertainty
  4. sunk costs and long term contracts
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8
Q

strategies to overcome corporate ent. challenges (4)

A
  1. cross functional product dev. teams
  2. resource allocation for exploration
  3. support and legitimacy
  4. internal entrepreneurial culture
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9
Q

path dependence

A

the constraining influence of past stages of development on future decisions.

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10
Q

inertia

A

persistent resistance to changing organizational features

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11
Q

fitness

A

the organizational capacity to learn and change behavior/ capabilities to fit to changes in the org. environment.

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12
Q

Hypercompetition is an environmental condition characterized by:

A
  1. rapidly escalating competition
  2. high uncertainty
  3. heterogeneity of players
  4. constant change
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13
Q

mainly selection argues that

A

firms are limited to adapt to changing environments

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14
Q

mainly adaptation argues that

A

firms can intentionally adapt to changing environments

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15
Q

what’s under mainly selection? (4)

A
  1. population ecology
  2. evolutionary
  3. resource based
  4. institutional
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16
Q

what’s under mainly adaptation (4)

A
  1. dynamic capabilities
  2. behavioral
  3. learning
  4. strategic choice
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17
Q

structural inertia is under

A

population ecology

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18
Q

according to population ecology, what does structural inertia rise from?

A

investments in specialized assets
bounded rationality
political constraints
barriers to exit

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19
Q

evolutionary theory’s approach to strategic renewal

A

Views strategic renewal as a gradual process over time
Similar to nature, successful strategies endure.

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20
Q

competence trap relates to the ?? theory

A

resource based view under mainly selection

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21
Q

institutioal theory focuses on

A

ISOMORPHISM
why do all firms do the same things?

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22
Q

types of isomorphism (3)

A
  1. coercive
  2. normative
  3. mimetic
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23
Q

coercive isomorphism

A

same practices due to regulatory policies and political influence, compelling conformity

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24
Q

normative isomorphism

A

shared industry values and unwritten rules

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25
mimetic isomorphism
firms imitate the strategic behavior of successful counterparts, fostering replication.
26
dynamic capabilites theory focuses on ...
strategic renewal allowing companies to keep core strengths fresh and adapt to evolving business environments.
27
what does dynamic capabilities theory assume?
Companies can develop new skills beyond their current abilities Organizational learning is crucial for companies to become smarter and better over time.
28
behavioural theory view of organizatons
Behavioral theory views organizations as groups of individuals, each pursuing goals and managing resources. This happens within the confines of bounded rationality.
29
organizational slack
excess capacity within the organization. This surplus allows for strategic renewal by enabling the intentional allocation to develop new capabilities.
30
according to learning theory, the primary driver of renewal is...
he capacity to observe, interpret, and use information for reconsidering alignment with the environment.
31
Absorptive capacity
Absorptive capacity is the firm's ability to appreciate, assimilate, and apply new external knowledge
32
learning theory focuses on (key terms)
absorptive capacity explorative vs. exploitative learning
33
Strategic choice theory sees strategic renewal as a
dynamic dance between managerial actions and external forces
34
according to the strategic choice theory, decision makers...
Decision-makers are not merely responding; they are actively leading, adjusting their moves to the changing external factors. Management can choose from an array of strategic options to implement: ‘degrees of freedom’
35
renewal trap is under (..) theory
strategic choice theory
36
flexibility trap
inherent tension between exploration and exploitation because they require different org. structures and processes
37
strategic flexibility
giving the organization a set of tools to quickly and effectively change its goals when faced with unexpected shifts in the business environment.
38
types of flexibility are based on:
variety & speed
39
Structural Flexibility has X speed X variety
structural flexibility has low speed, high variety
40
Operational flexibility has x speed x variety
operational flexibility has high speed, low variety
41
the four types of flexibility
1. strcuctural 2. strategic 3. operational 4. steady-state
42
steady state flexibility
Keeps things stable with minimal changes, and when adjustments occur, they're gradual. (low speed, low variety)
43
operational flexibility
Maintains stability with minimal changes, and adjustments, when needed, happen gradually. Leverages routine capabilities for swift responses to familiar environmental changes, like variations in product volume and use of temporary labor.
44
structural flexibility
making intentional, slower adjustments to how the organization is set up. Changes address things like the organization's structure, managerial roles, alliances, and how products are designed together.
45
strategic flexibility
Rapidly adjusting strategic goals to address a wide range of external changes. Strategic change, fundamentally reviewing products, impacting institutional rules.
46
4 organizational forms to cope with competitive environments
1. rigid 2. planned 3. flexible 4. chaotic
47
going from the direction of rigid to chaotic is called a
reverse trajectory of revitalization
48
going from the direction of chaotic to rigid is called a
natural trajectory of routinization
49
what type of flexibility is this? Quick adjustments to routine capabilities for known changes.
operational flexibility
50
what type of flexibility is this? Slower but more comprehensive changes to organizational structure for complex or less predictable environmental changes.
structural flexibility
51
what type of flexibility is this? Rapid adjustments in strategic goals to address a wide range of external changes.
strategic flexibility
52
reverse trajectory of revitalization is when
established routines undergo intentional changes to create innovation and adaptability
53
natural trajectory of routinization is when
repetitive tasks become standardized within an organization over time
54
list all types of natural routinization (3)
1. strategic focus 2. maturation 3. stagnation
55
list all types of reverse revitalization (3)
1. professional rev. 2. entrepreneurial rev. 3. strategic neglect
56
what's chaotic -> flexible?
strategic focus evolving from disorderly to adaptable
57
what's flexible -> planned?
maturation transitioning from adaptable to structured
58
what's planned -> rigid?
stagnation moving from well-structured to inflexible
59
what's rigid -> planned?
proffesional rev. restructuring initially rigid processes to revitalize
60
what's planned -> flexible ?
intentional changes to create flexibility, and innovation
61
what's flexible -> chaotic?
strategic neglect devolving from flexibility to chaos due to neglect
62
when top is passive and middle is passive
emergent renewal
63
when top is passive and middle is active
facilitated
64
when top is active and middle is active
transformational
65
when top is active and middle is passive
directed
66
Emergent renewal
happens naturally, without intentional planning. Changes occur spontaneously within the organization, adapting to circumstances rather than deliberate design.

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