Strategy & Planning Flashcards
(69 cards)
VUCA full form
volatile, uncertain, complex , and ambiguous
What is synthesis
To create a coherent picture of the threats and opportunities in an organisation’s external environment you need to collate data from numerous sources.
production orientation
based on the assumption that an organisation would be profitable so long as it produced durable products and worked well. Focus on low variety, high volume
Product orientation
Focusing on developing high-quality products, sold at the right price, but without sufficient attention to what the customer needed and wanted. Focus on innovation and design, being first to market
Espoused values
These are often stated alongside the mission or vision of the organisation and are part of its official identity. (strategies, goals, philosophies)
What is Artefacts & behaviour
the way people dress and behave at work, office furniture, layout etc.
What is cooperative marketing
Cooperative marketing essentially involves understanding or an agreement between two companies aiming to promote or sell the other companies’ products.
When a manufacturer pays a portion of a retailer’s advertising cost to advertise its product, what is it called
Co-operative advertising
3 levels of organisational culture
artefacts, espoused values and underlying assumptions
Autocratic management style
Top down, manager is decision maker
Laissez faire management style
Manager acts like a mentor. Employees are given decision making. perfect when employees need space to showcase their creativity and can work independently of their managers.
Transactional leadership
relies on rewards and punishments
Servant leadership
Puts the needs of your employees first
Transformational leadership
focuses on change and future. inspires employees to learn new skills, adapt and reach their full potential
three tests (Prahalad and Hamel (1990) for a competency to be considered core
can support the development of new products/services, adds specific attributes that are valued by the customer, Difficult to imitate by competitors
What is resource based view of an organisation
way of viewing the company as a ‘bundle’ of resources (assets, competencies, capabilities, systems, processes and information)
What are capabilities
Capabilities are the skills and abilities that allow the organisation to exploit the resources or assets it has built up
Tangible resources
Physical (factories, equipment), Financial (capital), Technological (patents, prod’n technology)
Intangible resources
Human assets (skills, knowledge); Brands, image & reputational assets like trademarks, unique products, customer loyalty; Relationships (dealer networks, supply chain partnerships)
SOSTAC full form
Situation analysis, Objectives, Strategy, Tactics, Action & Control
SMART full form
Specific, Measurable, Achievable, Relevant, Timebound
APIC framework full form
Audit & analysis, Planning, Implementation and evaluation and control
RACE full form
Reach, Ace, Convert, Engage
What is horizontal integration
Horizontal integration occurs when a company acquires or merges with another company in the same industry that is operating at the same level in the value chain.
