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Business > 10. Managing strategic change > Flashcards

10. Managing strategic change Flashcards

1
Q

what is information management

A

focuses on retrieving, organising and analysing data and information - creates knowledge

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2
Q

what is knowledge managment

A

focuses on knowledge, understanding and wisdom, and is the process of using these to make effective decisions and take effective actions

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3
Q

in order to have successful strategic implementation, the leader must be…3

A
  • committed to the strategy
  • able to involve and motivate others in its implementation
  • able to communicate effectively to make clear what is being done and why, and also how it is being achieved
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4
Q

what 4 things should be done for effective implementation

A
  • decide on the change needed (new targets - balanced score card?)
  • plan the resources needed (staff, equipment, finances etc)
  • decide on the best structure (organic vs mechanistic?)
  • decide on communication (kotter and schlesinger)
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5
Q

Effective communication must avoid: 4

A

lack of
too much
top down only
confusing communication

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6
Q

impact of insufficient communication 4 + eval

A
  1. employees less efficient
  2. lack of information
  3. unable to finish/ to standard
    4 demotivating - long term
    ev. more common in flat structures due to wider span of control
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7
Q

impact of excessive communication 4 + eval

A
  1. employees less efficient
  2. too much info - slows workers
  3. which info is priority? useful?
  4. demotivating - long term
    ev. more common in tall structures - narrow spans of control
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8
Q

impact of effective communication

A
  1. employees more efficient
  2. complete job well - increased quality
  3. increased morale and motivation
  4. decreased absenteeism and increased retention
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9
Q

barriers to effective communication (factors business must resolve to avoid insufficient and excessive comms) 4

A
  1. distance - multinational company
  2. video calls vs face to face
  3. language issues
  4. time zones
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10
Q

functional structure

A

distributes decision making and operational authority along functional lines - marketing, finance, ops

senior management have time to focus on strategic decisions and their implementation if daytoday mngement is delegated

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11
Q

product based structures

A

based on the product or a production line where all functions of the product are delegated

when there’s high demand or diversification strats are being implemented

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12
Q

regional structures

A

when an organisation has several factories dispersed geographically or when demand is large enough for the organisation to operate on a regional basis

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13
Q

matrix structures

A

based around a major project or task, with specialists from the various functional areas being assigned to the project

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14
Q

what does a network diagram show 4

A
  • the sequence in which activities should be undertaken
  • the length of time taken by each activity
  • the earliest start time at which each activity can commence
  • the latest finish time at which each activity must be completed to avoid delaying other activities
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15
Q

pros of using a network diagram

A
  • establishes the quickest time for completing a project using simultaneous tasks and by timing tasks
  • identifies the critical tasks
  • prompts managers to focus on the critical tasks
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16
Q

cons of using a network diagram

A
  • durations are estimates and could be wrong
  • unforeseen factors could derail the plan: natural disasters, strikes etc
  • too complicated for large projects
  • changes to critical tasks mean re-calculations
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17
Q

internal causes for failure

A
  • wrong strategic decisions
  • poor execution of the strategy
  • poor leadership leading to resistance
  • financial difficulties (poor liquidity or higher geared)
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18
Q

external causes for failure

A 
P - political decisions
E - economic conditions
S - social changes
T - technological changes
L - legal restrictions
E - environmental laws
C - competitors actions
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19
Q

what is a planned strategy

A

a planned strategy is an intial plan (intended plan) set to achieve objectives

easy to measure success (or failure)

but rigid in changing environment

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20
Q

what is an emergent strategy

A

one that develops over time as the strategic plan is implemented. But the same objectives remain

could be confusing for managers and staff

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21
Q

fours phases in strategic drift

A

1 - incremental change
2 - strategic drift
3 - flux
4 - transformational change or death

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22
Q

when does strategic drift usually occur

A

when a business responds too slowly to changes in its external environment with the result that the strategic plan is no longer appropriate

23
Q

possible causes of strategic drift 4

A
  • technological environment
  • lagged performance
  • culture
  • lack of monitoring
24
Q

what is divorce of ownership and control

A

the seperation of ownership (shareholders) and control (elected board of directors) in a public limited company

when a disagreement occurs

25
Q

what is corporate governance

A

a set of systems and processes that ensures a business is managed in the best interests of all its stakeholders = especially owners (shareholders)

26
Q

what does corporate governance include 4

A

accountability
fairness - protect shareholders’ rights
transparency - ensuring all matter related to finance, performance, ownership and corporate governance are communicated accurately
responsibilty - ensuring they comply with relevant laws and regulations of a society

27
Q

4 ways of evaluating strategic performance

A
  • a review of underlying factors in an organisation’s strategy
  • comparing expected results with actual results
  • analysis of any variances in performance
  • identifying corrective actions to ensure performance conforms with the strategy
28
Q

4 value of strategic planning

A
  • give purposeful direction to the organisation and outline measurable goals
  • identify and help build a competitive advantage
  • assist in making choices where resources are limited
  • save time as clear priorities are set
29
Q

what is contigency planning

A

planning for the unexpected

30
Q

types of events planned for

A
  • natural disasters: fires, floods, earthquakes
  • loss of data: could occur through a natural disaster or through sabotage or hacking
  • loss of key personnel: could occure due to retirement, accident or untimely death
  • product issue: could have large unexpected order or a product fault requiring a product recall
31
Q

pros of contingency planning

A
  • speeds up recovery
  • saves money (loss of revenue, recovery costs, compensations, fines etc)
  • shows ethical concerns (CSR)
32
Q

cons of contingency planning

A
  • costly and time consuming (use of consultants, managers’ time, drills etc)
  • could be a waste of money and time (opportunity cost)
  • may never happen
33
Q

what is workplace culture

A

“the way we do things and behave”

34
Q

5 features of culture

A
  • the way stakeholders are treated
  • type of HR stratgey used: soft v hard
  • the diversity of the workforce
  • structure and ways decisions are made: centraliased, delegation etc
  • whether ethics and CSR matter
35
Q

what are Handy’s four classes of culture

A

power
role
task
person

36
Q

characteristics of power culture

A
  • power remains with few dominant ppl
  • often associated with centralised decision making and autocratic leadership style
  • common in family businesses or where founder is leader`
37
Q

characteristics of role culture

A
  • clear rules, procedures and hierarchy
  • often associated with hierarchical structure and bureaucratic style of leadership
  • commonly found in larger organisations
38
Q

characteristics of task culture

A
  • to achieve desired outcome from specific task. teams brought together from different functional areas and levels of hierarchy to work together to complete tasks
  • often associated with matrix organisational structure & delegation
  • commonly found in business that compete on innovation and encoruage intrapreneurship
39
Q

characteristics of person culture

A
  • high degree of autonomy given to ppl. employees likely to be highly skilled in specialist areas
  • often associated with decentralised decision-making and more democratic or laissez-faire approach to leadership
  • commonly found in professional organisations e.g. doctors or accountants
40
Q

why is organisational culture important?

A

it affects stakeholders and the business’ ability to reach its goals

41
Q

how does culture affect staff

A

affects motivation of employees.

power culture and role culture can demotivate creative employees

42
Q

how does culture affect customers

A

affects their loyalty to a business

more loyal to a business with customer-focused culture

43
Q

how does culture affect shareholders

A

level of risk a business takes depends on their culture

shareholders more likely to get high returns from business with high-risk culture

44
Q

two main reasons for changing culture

A

when a new leader joins a business

when a business is underperforming or falling

45
Q

6 other reasons for changing culture

A
  • high labour turnover & absenteeism
  • loss of key talented staff
  • demotivation & poor industrial relations (strikes)
  • lack of innovation
  • poor customer service
  • loss of management control
46
Q

problems with changing a culture

A
  • difficult to change habit and behaviours
  • employees usually resist change
  • can be very expensive (chanign office layout, training, new processes)
  • HR approach can be expensive (expenisve redundancies, changing recruitment process, payment and reward systems)
47
Q

9 influences on organisational culture

A
  • influence of the founder
  • size & development of the business
  • management & leadership style
  • organisational structure
  • employee and managment reward structures
  • market/industries it operates in
  • woking environment and nature of tasks
  • external environment
  • attitude of organisation to risk-taking and innovation
48
Q

what are hofstede’s six cultural dimensions

A
  • power distance
  • uncertainty avoidance
  • collectivism vs individualism
  • femininity vs masculinity
  • short-term vs long term
49
Q

power distance

A

type of relationship with boss and collegues

degree of acceptance of authority and hierarchy

50
Q

uncertainty avoidance

A

how much risk do u take? how much does boss allow u to take?
prefer routines/rules?
or open to change and make own decisions?`

51
Q

individualism vs collectivism

A

team player or prefer to work on your own?

52
Q

masculinity vs femininity

A

attitude and behaviour in workplace

focus more on achieving tasks rather than being concerned about welfare of collegues

53
Q

long/short term

A

focus on short-term goals or long-term plans

Business (14 decks)

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