Business Strategies

Question 1

What are the dual strategies for managing strategic change?

Answer 1

a) having a strategy for today that uses existing resources and capabilities and current market positions.
b) a strategy for tomorrow that prepares firms for the future

Question 2

What is organisational ambidexterity?

Answer 2

The right hand of the business takes care of the core current business, whilst the left hand takes care of innovation.

Both ‘hands’ have their own people, processes and culture, yet there is still alignment at the senior leadership level.

Question 3

What are the three dynamic capabilities?

Answer 3

1. sensing and shaping opportunities or threats
2. Seizing Opportunities
3. Maintaining competitiveness through enhancing, combining and protecting intangible and tangible assets

Question 4

What is tacit knowledge?

Answer 4

Knowing how to do something

Question 5

What is explicit knowledge?

Answer 5

Knowing about something

Question 6

What are the four ways of protecting intellectual property?

Answer 6

• patents, copyrights, trademarks, and trade secrets.

Question 7

What is an operating organisation?

Answer 7

A bureacratic organisation, that emphasizes eliminating variation, promotion is based on hierarchy, and recruitment is based off of specific skills.

Question 8

What is a innovating organisation?

Answer 8

flat structure and task orientated teams, with loose controls to foster idea generation, they seek idea generators that combine technical skills with creative personality traits.