The Strategy Process Flashcards
What are the three stages of the strategy process?
Analysis, Choice, Implementation (ACI)
What happens during the ‘analysis’ stage of strategy? (ACI)
Assess internal/ external environment and stakeholders
What happens during the ‘choice’ stage of strategy? (ACI)
Generate, evaluate and select strategic options (using SFA)
What does SFA stand for in strategic choice evaluation?
Suitability, Feasibility, Acceptability
What does the ‘implementation’ stage involve?
Turning plans into action: structure, KPIs, budgeting
What are the 3 levels of strategy?
Corporate, Business-level, Operational
What is corporate level strategy concerned with?
Markets and industries the company should be in
What is business level strategy concerned with?
How to compete in a given market (cost vs differentiation)
What is operational level strategy?
Day-to-day actions to deliver business strategy
What roles do top managers play in strategy?
Envisioning, aligning and embodying change
What roles do middle managers play in strategy?
Sense-making, adjustment, championing new ideas
What’s the simple phrase to remember strategic leadership roles?
Top think, middle move
Why are middle managers essential in strategy?
They translate vision into action and influence the front line
What is the role of finance in strategic planning?
Insight, advice, prediction and analysis
What is predictive analytics in strategy?
Forecasting future performance and scenarios
What is descriptive analytics in strategy?
Analysing past data to explain results and trends
Why is finance crucial to strategy implementation?
It supports decision-making through accurate financial insight
What is emergent strategy?
Strategy that develops over time in response to real world changes
App* common in established businesses facing changing environments (tech, retail)
What are the types in the strategy model ‘I DREAM’
Intended, Deliberate, Realised, Emergent, Abandoned (Unrealised), Mixture
What is logical incrementalism?
Small, cautious strategic steps based on bounded rationality
App* used by risk-averse firms or in uncertain, politically sensitive industries
What are the strengths of logical incrementalism?
Adaptability, reduced risk, realism
What is freewheeling opportunism?
Making unplanned strategic moves by seizing opportunities as they arise
App* common for start-ups, entrepreneurs, fast-growth or tech disruptors.
When is freewheeling opportunism useful?
In entrepreneurial or fast-changing environments
What are the 4 strategy lenses?
Design, Experience, Variety, Discourse
