Processes

Question 1

Strategy formulation:

Answer 1

Differentiation, cost-leadership, focus (on a single market)

Question 2

Common Organisational strategies for SBU’s:

Answer 2

Growth, Stability (maintain), Retrenchment (strengthen/protect), Divesture (eliminate)

Question 3

4 skills of strategy implementation:

Answer 3

Interacting (bargaining), Allocating (resources), Monitoring (problems and feedback, Organising

Question 4

5 steps of the strategic management process:

Answer 4

1- environmental analysis, 2- organisational direction, 3- strategy formulation, 4- strategy implementation, 5- strategic control

Question 5

4 managerial functions:

Answer 5

Planning, organising, influencing and controlling

Question 6

Arguments for CSR:

Answer 6

Part/ influences society (subset- freeman), responsibility for societal welfare, improves performance/innovation/productivity, managers should serve

Question 7

Arguments against CSR:

Answer 7

(Friedman= unethical) serve shareholders only (shareholder resources), conflict of interest,

Question 8

Social responsiveness:

Answer 8

Degree of effectiveness and efficiency

Question 9

Approaches to CSR: (requirement, obligation(both), proactive)

Answer 9

Incorporate social groups in planning,g industry norms, experiment, cost/benefit analysis - comply?

Question 10

Ethical steps:

Answer 10

the code of ethics, training/conform to these standards

Question 11

Planning definition:

Answer 11

The systematic development of action programs to meet org objectives, they determine how and org can get where it wants to be and what needs to be done.

Question 12

Adv of planning:

Answer 12

future orientated, coordinate effort/ decision making, emphases org objectives, specification of problems before they occur, reduce risk

Question 13

Dis of planning:

Answer 13

Consumes managerial time, creates rigidities, lack of flexibility

Question 14

Steps of the planning process:

Answer 14

1. clear statement of org objectives, 2.list as many alternatives, 3. define the assumptions behind these, 4. exclude unreasonable, 5. develop a strategic plan, 6. implement and evaluate

Question 15

Standing vs. single use

Answer 15

repeated situations vs. unique

Question 16

Programmed vs. nonprogrammed decisions

Answer 16

routine an repetitive vs. one-shot, less structured (more time and effort)

Question 17

Decision definition:

Answer 17

the choice made between two or more available alternatives

Question 18

2 factors of decision making:

Answer 18

Levels of management and Scope (proportion of the management system this will affect) MORE SCOPE = HIGHER MNGMENT

Question 19

Sustainability:

Answer 19

the degree to which present needs can be met without compromising the ability/for other people to meet future needs.

Question 20

Consensus:

Answer 20

everyone agrees! groups can help make decisions, supports implementation/ experience but time consuming and more expensive (groupthink?)

Question 21

Receptive decisions:

Answer 21

want others to make it for them

Question 22

Hoarding:

Answer 22

obsessed w maintaining the status quo

Question 23

The RATIONAL decision making process:

Answer 23

1- identify an existing problem, 2-listing alternative solutions, 3-select the most beneficial alternative through evaluation, 4- implement chosen, 5- gathering problem-related feedback

Question 24

Bounded rationality:

Answer 24

managers do not always have the resources to make rational decisions, e.g. by time, knowledge, power

Question 25

Satisficing:

Answer 25

GOOD ENOUGH

Question 26

Heuristics:

Answer 26

experiment/ trial and error to aid learning

Question 27

Expected value:

Answer 27

income that and alternative will produce x probability it occurs

Question 28

Brainstorming:

Answer 28

all negative feedback is banned until all members have presented, encourages but can waste time

Question 29

Nominal group technique:

Answer 29

write ideas/ present/ talk/ private vote, can say what you think but members do not know the reason for your vote

Question 30

Delphi Technique:

Answer 30

problem/ anonymous questionnaire/ complied/ select/ repeat- works for dispersed groups BUT unable to interact

Question 31

Strategic planning/ management:

Answer 31

long range (3-5 years), focus on org as a whole. MANAGEMENT: the process to make sure the org posses and has benefits from the organisational strategy.

Question 32

enviro analysis- 5 forces:

Answer 32

buyer/supplier power, threat of new entrants and substitutes

Question 33

organisational direction - critical question analysis:

Answer 33

where is the org presently going?, purposes and objectives?, what kind of enviro are they in?, what can eb done better?

Question 34

Business portfolio analysis:

Answer 34

identify SBU's and use BCG matrix or GE-MCK multi factor portfolio analysis (based primarily on market attractiveness and business strengths)

Question 35

Tactical planning:

Answer 35

short-range, mainly lower-level management.