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Le Go > 1 - The Nature of Strategy and Planning > Flashcards

1 - The Nature of Strategy and Planning Flashcards

1
Q

A definition of ‘Strategy’

A

The combining of knowledge and capability in the perception of a future outcome.

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2
Q

A definition of ‘Vision’

A

The ability of the human brain to imagine something different from a current situation.

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3
Q

A definition of ‘Mission’

A

The ethos, beliefs and values that enable the forming of a vision.

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4
Q

A definition of ‘Objectives’

A

A range of criteria that identify and clarify different aspects of the vision and mission.

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5
Q

A definition of ‘Goals’

A

Specific and definable outcomes that enable identification of progress towards achieving the objectives and, if defined in such a manner, the achievement of the strategic intent: it is often useful to consider a goal as something tangible that is either achieved (scored) or not.

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6
Q

A definition of ‘Actions’

A

The steps that are required to be undertaken to enable the achievement of goals and objectives.

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7
Q

A definition of ‘Planning’

A

The bringing together of objectives, goals and actions in a cohesive and comprehensive manner to enable the realisation of the vision while maintaining the ethos of the mission

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8
Q

A definition of ‘Review’

A

A process by which any aspect of the strategic journey is considered to enable an evaluation of progress and/or fulfilment: a plan will often include a pre-emptive review process to ensure that progress is considered at key points.

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9
Q

A definition of ‘Iteration’

A

A repetition of a process or action, usually to either clarify a previous outcome or to apply a slightly different set of criteria to be able to assess the impact of such change.

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10
Q

A definition of ‘Success’

A

Notionally, the achievement of goals and objectives, the fulfilment of the plan, the realisation of the strategic vision.

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11
Q

A definition of ‘Risk’

A

Any situation or decision where there is more than one possible outcome, and such outcomes can be visualised and ranked against likely probability

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12
Q

A definition of ‘Uncertainty’

A

Any situation or decision where there is more than one possible outcome, but where it is not possible to visualise all possible outcomes.

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13
Q

A definition of ‘Control’

A

A step or measure taken or implemented to attempt to reduce or mitigate perceived risks or uncertainties.

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14
Q

A definition of ‘Values’

A

Beliefs and principles that drive our decision-making, our opinions and our attitudes.

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15
Q

A definition of ‘Paradigm’

A

The perspective, view or vision held by one or more human brains at any particular point in time.

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16
Q

3 types of decisions (characteristics)

A
  • Irreversible
  • Reversible
  • Experimental
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17
Q

6 Qs which can be used to examine intent when considering cause and effect of decision-making

A
  • Why must I make a decision?
  • Who will my decision affect?
  • Where do I look for help to inform my judgement?
  • What is my personal objective in this situation?
  • When is my deadline?
  • How can I judge the outcome of my decision?
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18
Q

4 perspectives of strategy

A

Mintzberg - 5Ps theory (2008)
Spender - four paradigms (2015)
Maccoby - Strategic Intelligence (2017)
Argyris - Influence and control (1990)

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19
Q

What are Mintzberg’s 5 Ps?

A

Plan
Pattern
Position
Perspective
Ploy

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20
Q

Explain ‘Plan’ (Mintzberg) (2)

A
  • Planning in some ways sits at the heart of strategy, giving a direction, course of action or defined route
  • What are we going to do next?
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21
Q

Explain ‘Pattern’ (Mintzberg) (2)

A
  • Strategy is perhaps better considered as a pattern, or manner of behaving over a period of time
  • Recognises that human beings (and organisations) generally like to work in comfortable and familiar way
22
Q

Explain ‘Position’ (Mintzberg)

A

Strategy requires an understanding of position (there is a right time and right place)

23
Q

Explain ‘Perspective’ (Mintzberg) (2)

A
  • Strategy does not just happen by chance, so a perspective is always required
  • Implies the need for person or people charged with dev of strat to be able to step back and look at org and strategy from one or more perspective
24
Q

Explain ‘Ploy’ (Mintzberg)

A

Strategy must also be a ploy - deliberate and intended move to thwart the competition and maintain a competitive edge

25
Q

From what lens does Spender consider strategy?

A

Starting point - ‘what are we going to do now?’

26
Q

What are Spender’s four paradigms?

A

Goals
Judgement
People
Flexibility

27
Q

4 dimensions from which Maccoby believes that strategy should be considered from

A
  • Foresight
  • Visioning
  • Partnering
  • Motivating
28
Q

Maccoby says that the concept of strategy needs to be aligned….

A

with the concept of intelligence - we should develop our intelligence to consider strategy from 4 dimensions.

29
Q

Brief explanation of Maccoby’s foresight perspective

A

Anticipation of what can be perceived as likely to happen

30
Q

Brief explanation of Maccoby’s visioning perspective

A

Need to continually improve processes, products and services

31
Q

Brief explanation of Maccoby’s partnering perspective

A

Need to work with others: customers and suppliers

32
Q

Brief explanation of Maccoby’s motivating perspective

A

Need to inspire others to share vision and implement strategy

33
Q

What is the core driver to the level of planning required (planning horizon)?

A

Immediacy that is required for the anticipated task or change

34
Q

What is an operational plan? (re. planning horizons)

A

Short-term plan - ie. for that day

35
Q

What is an intermediate plan? (re. planning horizons)

A

Medium-term plan - such as achieving team cohesion

36
Q

What is a strategic plan? (re. planning horizons)

A

Longer-term plan - such as achieving wider business goals

37
Q

Which planning horizon leads to greatest level of uncertainty?

A

Strategic (long-term) plans

38
Q

Who will oversee and accomplish operational plans?

A

Each individual employee, at whatever level

39
Q

Who will oversee intermediate plans?

A

Managers

40
Q

How are intermediate plans achieved?

A

Through shorter-term operational plans

41
Q

How are strategic plans achieved?

A

Through intermediate and operational plans

42
Q

Who develops strategic plans?

A

Directors and senior manager

43
Q

4 levels of strategy (in order, inside to outside diagram)

A

Corporate
Business unit
Functional
Individual/team

44
Q

What is individual/team level of strategy dev?

A

Day-to-day work where most key decisions are made

45
Q

What is functional level of strategy dev?

A

Putting the strategic intent of the business unit decisions into action

46
Q

Which level of strategy dev is linked to CG?

A

Corporate

47
Q

7 dimensions (of business) driven by corporate level of strategy

A
  • Purpose
  • Focus
  • Financial structure
  • Stakeholder requirements
  • Supply chain
  • Environmental
  • Legal
48
Q

What does business unit of strategy dev do?

A

Aim to achieve medium term goals

49
Q

Which level of strategy dev is fed by corporate lvel?

A

Business unit

50
Q

4 chapter 1 learning outcomes

A
  • Understand and define ‘strategy’ and many of its associated terms
  • Differentiate between realities of ‘today’ and the unknown nature of the future
  • Discuss Mintzberg’s 5 Ps
  • Consider business levels where strategy is developed

Le Go (16 decks)

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