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Le Go > 5 - Strategic capability and competencies > Flashcards

5 - Strategic capability and competencies Flashcards

1
Q

Learning outcomes - chapter 5

A
  • demonstrate how resources fuel the capabilities that are needed within any organisation
  • comment on how the capabilities can be aligned with competence to drive competitive advantage
  • understand different types of competitive advantage and their different organisational impacts
  • demonstrate the need for the company secretary or governance professional to have a holistic understanding of how and where strategy is derived
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2
Q

Define organisational capability

A

Potential to achieve an outcome

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3
Q

Define organisational competence

A

The ability to apply and utilise a capability to perform required activities

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4
Q

Explain how strategic capabilities are both common and unique

A

Common - many capabilities required by all organisations which can be assessed to understand orgs’ relative success

Unique - combined capabilities of an org’s unique individuals provides the org different capabilities to any other org

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5
Q

3 classifications (sources) of resources available to an organisation

A

Tangible (financial, physical)
Intangible (tech, culture)
Human (communication, motivation, etc.)

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6
Q

Capabilities of organisation need to be understood from three aligned perspectives:

A

Organisational - infrastructure, leadership

Potential - utilisation of resources

Challenge - accumulation of resources

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7
Q

2 basic types of competitive advantage

A

Cost advantage
Differentiation advantage

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8
Q

Arie de Geus - what ‘may be the only sustainable competitive advantage’

A

The ability to learn faster than our competitors

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9
Q

Two types of integration between organisations (brief explanation)

A

Horizontal integration (org’s on same level of supply chain working together)

Vertical integration (organisation works with customer / supplier)

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10
Q

5 aspects leading to competitive advantage in a high-tech business (Lynch 2015)

A

Technical excellence
Reputation for quality
Customer service
Financial resources
Low-cost manufacturing

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11
Q

5 aspects leading to competitive advantage in a service business (Lynch 2015)

A

Reputation for quality of service
High quality and training of staff
Customer service
Well-known name
Customer-oriented

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12
Q

5 aspects leading to competitive advantage in a small business (Lynch 2015)

A

Quality
Prompt service
Personalised service
Keen prices
Local availability

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13
Q

5 aspects leading to competitive advantage in a market leading manufacturer (Lynch 2015)

A

Low costs
Strong branding
Good distribution
Quality product
Good value for money

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14
Q

(acronyms) Frameworks used to identify and consider significance of competitive attributes re. resources and capabilities

A

V value
R rarity
I inimitability
N non-substitutability

V value
R rarity
I inimitability
O organisational support

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15
Q

VRIN/VRIO - value

A

Ability to use resources and capabilities to address opportunities and threats

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16
Q

VRIN/VRIO - rarity

A

The rarer, the more competition will be deterred / prevented

17
Q

VRIN/VRIO - inimitability

A

How accessible is the inimitable resource to competitors?

18
Q

VRIN/VRIO - non-substitutability

A

How easily can alternative product or service be sourced by customer?

19
Q

VRIN/VRIO - organisational support

A

Ongoing support of organisations to their customers

20
Q

Porter’s value chain analysis separates the org structure into which 2 aspects?

A

Primary activities
Support activities

21
Q

Porter’s value chain analysis - 5 support activities

A

Inbound logistics
Operations (transformation of materials into final product / service)
Outbound logistics
Marketing and sales
Service

22
Q

Porter’s value chain analysis - 4 primary activities

A

Procurement (of resources)
Technology development
Human resource management
Firm infrastructure (formal systems of planning, quality control, etc.)

23
Q

What is GAP analysis?

A

Analysis of the difference between anticipated performance and actual performance

24
Q

3 benefits/advantages of benchmarking

A
  • Alignment of performance against strategic goals and objectives
  • Acceleration of management of change
  • Improvement of operational processes
25
Q

What are the 7S of the McKinsey 7S framework (which are hard and soft elements) *core internal aspects of an organisation

A

HARD
Strategy
Structure
Systems

SOFT
Style
Staff
Skills
Shared values

26
Q

Mckinsey 7 S - Strategy

A

Vision of achieving sustainable competitive advantage

27
Q

Mckinsey 7 S - Structure

A

HIerarchy and lines of accountability

28
Q

Mckinsey 7 S - Systems

A

Policies and procedures which ensure day to day tasks are being completed

29
Q

Mckinsey 7 S - Style (3)

A

Nature of leadership, levels of empowerment, channels of communication for leader

30
Q

Mckinsey 7 S - Staff

A

Mixture of employees and combination of capabilities

31
Q

Mckinsey 7 S - Skills

A

Specific competencies of individual employees

32
Q

Mckinsey 7 S - Shared values

A

Culture, general ethos, goal congruence

33
Q

Benefit of Mckinsey 7 S model

A

Helps provide significant depth in the identification of alignment of resources and capabilities, which can then be translated into competencies required to deliver competitive advantage

34
Q

Mckinsey 7S hard and soft explained

A

Hard - easy to define and identify, largely determined by strategic activities of people

Soft - less tangible, parts of culture

35
Q

What is the principle that sits behind the Mckinsey 7S model?

A

Each of the elements are constantly interacting with each other in daily operation of organisation

36
Q

Most practical way to use 7S model

A

Matrix requiring each cell to be completed in recognition of how resources and capabilities can be utilised to achieve competitive advantage

37
Q

Which two resources are considered key in driving competitive advantage

A

People
Money

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