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Le Go > 2 - Strategic Management > Flashcards

2 - Strategic Management Flashcards

1
Q

What is ‘rational strategy’? (briefly)

A

Change that evolves as a result of the working through of a strategic plan

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2
Q

Learning outcomes - Chapter 2

A
  • Comment in depth on the difference between rational and emergent strategy
  • Understand that strategy is influences by a wide range of human behaviours
  • Consider why a learning organisation approach can enhance strategic thinking
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3
Q

What is ‘emergent strategy’? (briefly)

A

Change that evolves without a rational plan, or as a result of the changes in the parameters that have helped in the construction of a rational plan

Change ‘crafted’ like clay on potter’s wheel

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4
Q

Presumption of rational view of strategy (‘rational strategy’)

A

The people undertaking the strategic management will always act in a logical, structured and proactive manner

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5
Q

Ansoff (1990) - what did they say?

A

Organisations are ‘purposive’, and their objectives are means by which success or failure can be identified

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6
Q

Ansoff’s 4 categories of objectives

A
  • Economic
  • Non-economic
  • Self-renewal
  • Flexibility
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7
Q

Explain economic category of objective (Ansoff)

A

The efficient use of available resources to convert inputs into outputs, giving the opportunity to measure this quantitatively – as a result of ‘x’ input we achieved ‘y’ output

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8
Q

Explain non-economic category of objective (Ansoff)

A

The ability to satisfy the expectations of stakeholders; this can be both quantitative and qualitative.

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9
Q

Explain self-renewal category of objective (Ansoff)

A

The building of an organisation through reinvestment.

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10
Q

Explain flexibility category of objective (Ansoff)

A

Sufficient latitude in the prescribed plan to enable an organisation to survive and manage different forces.

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11
Q

3 core attributes of rational plan

A
  • Created at the top of an org
  • Starts with the entirety of org, before being broken down into smaller parts
  • Contains conscious choices made concerning length, levels of risk, etc.
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12
Q

Johnson (2017) - 4 aspects of strategic management (with brief explanation)

A

Analysis - collection and interpretation of appropriate data to aid understanding
Choice - evaluation of potential options in order to make choice based on strengths & weaknesses
Implementation - ability to put chosen option into action
Control - monitoring outcomes of each stage

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13
Q

What are writers on strategy generally trying to explain when offering a different perspective?

A

Explain why human beings do not behave in a rational or logical matter

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14
Q

4 perspectives of the rational approach (causes of limitations)

A
  • Crafting and intuition (bias from intuitions)
  • Competition (seeking competitive advantage)
  • Learning organisation (new knowledge)
  • Chaos theory (effect of VUCA forces)
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15
Q

What is VUCA?

A

Volatility
Uncertainty
Complexity
Ambiguity

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16
Q

4 limitations on rational model (Mintzberg), brief explanations

A

Data - difficulty to gather, control and structure
Routine - waiting for set time/date to address any issues is inefficient/ineffective
Inertia - obsession with performance against plan rather than readiness to cope with uncertainty
Politics - rational plan ignores political environment and org’s power struggles

17
Q

2 different directions of intended strategy (Mintzberg)

A

Non-realised strategy - that which has not succeeded
Realised strategy - that which has succeeded

18
Q

What will have significant influence on deliberate/intended strategy?

A

Emergent strategies (events which impact the deliberate strategy)

19
Q

3 causes of different strategic ideas or alteration of strategic requirement (these causes could be regarded as emergent strategies)

A
  • People (new staff, changes in opinion of staff)
  • Direct organisational events (poor sales, difficulty in obtaining supply, striking)
  • Indirect wider economic and other external events (tax, interest rate or government change)
20
Q

3 concepts of emergent strategy

A
  • Mintzberg
  • Context, content and process (Pettigrew and Whipp)
  • Integrative thinking (Martin)
21
Q

What does ‘context, content and process’ (Pettigrew and Whipp) approach to emergent strategy say?

A

All strategic change takes place within threefold context as result of inextricable linkage between strategic change and competition

22
Q

‘Content’ of ‘context, content and process’

A

Strategic vision, strategic plan and implementation plan

23
Q

‘Context’ of ‘context, content and process’

A

Considers the people, org culture, resources available, politics, etc.

24
Q

‘Process’ of ‘context, content and process’

A

Considers available and required leadership, communication routes, perceived route of delivery

25
Q

What does ‘integrative thinking’ (Roger Martin) approach to emergent strategy focus on?

A

The way the brain as a system deals with the other systems around us

26
Q

Upon who/what will strategic objectives and strategic planning be based? Sole Trader

A

The expectations of the individual

27
Q

Upon who/what will strategic objectives and strategic planning be based? Partnerships

A

Expectations of the partners

28
Q

Upon who/what will strategic objectives and strategic planning be based? Ltd companies

A

Expectations of the shareholders

29
Q

Why are strategic dynamics significantly more diverse for public co’s rather than private co’s?

A

Much wider and more diverse group of shareholders

30
Q

Three-dimensional context that all organisations operate within

A
  • Org itself
  • Sector
  • Wider economy
31
Q

4 levels of ‘competition’ (most to least)

A

Perfect competition
Monopolistic competition
Oligopoly
Monopoly

32
Q

Chaos Theory - 4 questions raised by Mintzberg re. rational view (fallacies)

A

Intuitive judgement - how can strategy be reduced to rigid sequence of steps

Those who plan do not do, and therefore are not best placed to know how to achieve in optimal way

Differing strengths and weaknesses of individuals are only discovered when tackling actual problems

Very difficult to forecast anything other than immediate future due to rapidly changing environment

33
Q

In modern world, how far in future is it safe to plan?

A

No more than 24 months

34
Q

Explain Mintzberg’s diagram - rational and emergent

A
  • Intended strategy on left
  • Realised strategy on right
  • Deliberate strategy is arrow from intended to realised
  • Non-realised strategy is arrow falling away
  • Emergent strategies comes from above and below to affect deliberate strategy

Le Go (16 decks)

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