week 1 Flashcards
(12 cards)
What is the origin of the word “strategy”?
It comes from the Greek word strategos, meaning “the art of the general”, originally related to military leadership.
What are the key questions strategic thinking starts with?
- Where do we want to go?
* With whom? * How do we get there? * Can we get there?
What are the defining features of strategy?
- Defines overall goals
* Determines required actions * Formulated by leadership * Involves thoughts, concepts, and planning
What is Porter’s (1980) primary concern in strategy?
Positioning — creating a competitive position in the industry to outperform rivals.
What is the VRIO framework (Barney, 1991)?
Strategy depends on resources that are:
* Valuable * Rare * Inimitable * Organised
What are core competencies? (Prahalad & Hamel, 1990)
Unique organisational capabilities that are difficult to replicate and provide long-term competitive advantage.
What is a deliberate strategy?
A planned strategy based on data and analysis. It includes market research, competitor analysis, and goal setting.
What is an emergent strategy?
A strategy that evolves through unplanned, innovative actions within an organisation, responding to environmental and internal cues.
According to Hughes et al. (2021), what shapes strategy beyond planning?
Cultural, political, and social dynamics inside and outside the organisation.
What are postmodern drivers of strategy (Steptoe-Warren et al., 2011)?
Strategy is shaped by managerial cognition and corporate/individual values.
What does Porter (1996) say about strategic value?
Strategy is about delivering greater value to customers or achieving comparable value at a lower cost — or both.
What are Mintzberg’s 5 Ps of Strategy?
- Plan – Intended course of action
2. Ploy – A manoeuvre to outsmart competitors 3. Pattern – A consistent behaviour over time 4. Position – Locating the firm in its environment 5. Perspective – A deep-rooted organisational mindset
