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NKE > CH 1 - Strategy > Flashcards

CH 1 - Strategy Flashcards

1
Q

What question does strategy answer?

A

What do we do better than anyone else, where are we going as a company and what do we need to do to get there? (pg 28)

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2
Q

Intended Strategy

A

Formulated at the beginning of the year (pg 29)

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3
Q

Emergent Strategy

A

Formulated in response to an unexpected event (pg 29)

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4
Q

Realized Strategy

A

Implemented, which could be the intended strategy or an emergent strategy (pg 29)

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5
Q

Corporate Strategy

A

Focused on overall strategy for the company including mission, values, and plan to achieve. Focus on the long term.

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6
Q

Corporate Strategy typically focus on three options..

A

Growth, Restructuring and Stability (maintenance) (pg 29)

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7
Q

Growth Strategy

A

Focus is to be come more competitive. Impacts HR as creates job opportunities for exiting and future employees.

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8
Q

Types of Growth Strategy

A

1) Organic or incremental growth: expanding the product or service offerings and/or changing the distribution channels 2) Global or international growth: seeking new markets through international expansion 3) Mergers and acquisitions

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9
Q

Restructuring Strategies

A

1) Turnaround: refocusing efforts on existing products/services or by . launching a new product or service. Could choose to downsize, stop selling unsuccessful products aka “retrenchment” strategy
2) Divestiture: selling a division or part of the organization that creates a certain product or service to another org. Brings much-needed capital to focus on profitable parts of the business
3) Liquidation: selling assets at bargain prices, closing businesses and laying off employees aka stop further losses quickly. Some capital gained, but unlike divestiture, liquidation does not add significant value
4) Bankruptcy: closing business and selling assets to pay off creditors. Bankruptcy and Insolvency Act and the Company’s Creditors Arrangement Act both provide a proposal regime to allow the debtor to reorganize and reach compromises with its creditors.

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10
Q

Maintenance or Stability Strategies

A

Some orgs may choose stability, particularly during difficult economic conditions. Small organizations and gov’t departments may choose to maintain current service levels. Less impact on HR than growth or restructuring strategies.

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11
Q

Competitive Positing Strategies

A

Competitive position describes how an org may differentiate itself from it’s competitors. “How should we compete?”

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12
Q

Michael Porter’s generic Strategies combines with Gamble, Peteraf and Thompson

A

Low-cost provider strategy: pricing product or service lower than competitors while appealing to a broad range of customers

Broad Differentiation strategy: differentiating in ways tha will appeal to a borad range of customers

Best-cost provider strategy: giving customers more value by emphasizing low-cost product with upscale differentiation

Focused or market niche based on lower cost: offering low-cost service or product to a select group of customers

Focused or market niche based on differentiation: Offering product or service customized to the tastes and requirements of a very narrow market segment, such as luxury goods or services

Porters model, competitive position is defined by product (cost, quality, variety etc) and market scope (size, geo, demo, income )

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13
Q

Vision statement answers the question

A

Where are we going? Clear and compelling picture of a desired future and serves to unite an organization’s effort. Long-term direction of the organization.

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14
Q

Mission Statement answers the question

A

Why do we exist. Describes the purpose of the org and the value it creates for customers.

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15
Q

Steps in the strategic planning process

A

1) Establish the mission, values and vision
2) Develop objectives
3) Analyze the external environment
4) Identify the competitive advantage
5) Determine the competitive position
6) Implement the strategy
7) Evaluate the performance

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16
Q

Values

A

Describe behaviors that enable the org to accomplish its mission. The values describe the basic beliefs that govern individual and group behaviour

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17
Q

Analyzing the external environment

A

Assessment of political, economic, societal, technological and demographic trends. The political, economic, social, technological and demoraphic (PESTD) analysis framework

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18
Q

Why is PESTD analysis useful

A

1) Enables the org to identify opportunities and be warned of significant threats
2) Reveals significant changes within the organization’s environment and allows the org to develop strategies to deal with those opportunities/threats rather then react
3) Helps avoid putting resources into projects that may . no longer achieve their benefits
4) Helps break the unconscious assumptions in the org as it moves into new markets, develops new products/services.

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19
Q

PESTD - What does the “P” stand for?

A

Political factors - changes to government laws and regulations that impact the economy. Tax law, regulations and policy; labour legislation etc.

Is there an election soon? How could a change in government result in a change in policy?

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20
Q

PESTD - What does the “E” stand for?

A

Economic factors - that can affect the availability and cost of capital through interest rates, exchange rates, and inflation rates.

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21
Q

PESTD - What does the “S” stand for?

A

Social Factors.. include changes in the issues that society pays attention to. Ex, w/ regard to work/life balance for flexible work arrangements. No social tolerance for goods produced in with child labour is used.

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22
Q

PESTD - What does the “T” stand for?

A

Technology Factors - the rate and type of advances in technology. Increase a competitors advantage, decrease the need for labour, decrease the need for levels of mgmt, require the org to outsource actives or restructure.

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23
Q

PESTD - What does the “D” stand for?

A

Demographic factors - balance of gender, age ethnicity, spoken languages, disabilities, mobility, religious belief, culture and tradition, living standards, and income level.

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24
Q

Generation X

A

Aprox 1965-1978… Want to building a portable career

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25
Q

Generation Y

A

Aprox 1979-2000 aka Millennials.. Want to build parallel (multiple) careers

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26
Q

Baby Boomers

A

1946-1694.. Want to build a stellar career

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27
Q

Traditionalists

A

1925-1945.. Want to build legacy

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28
Q

Competitive advantage

A

Orgs characteristics that enable it to earn higher rates of profits than its competitors.

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29
Q

Tangible Assets

A

Things that the org owns that can be converted into economic value. Appear on Balance Sheet.

Ex: Land, machinery, raw materials, buildings, inventory, stock price and cash.

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30
Q

Intangible Assets

A

Not consumed and may even grow in value. Do not depreciate like tangible assets but can gain valule over time.

Ex: Reputation/goodwill, customer lists, brands, trademarks/patents.

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31
Q

Capabilities

A

Complex combination of skills/abilities and process that represent the orgs capacity to exploit resources. For capabilities to be “competitive” advantage, they must be valuable, rare inimitable and organized.

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32
Q

Core Compentencies

A

Resources and capabilities that enable an organization to produce products and services in a consistent and ongoing manner.

Ex. Pixar has consistently produced films that delight both the consumer and the investor

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33
Q

Strategic Implementation

A

Process by which a strategy is put into action. Mgmt always seeks to balance the application of the orgs capabilities to achieve the demands of the short term w/ the orgs long-term goals.

Ex. Pixar as an org has consistently grown in size, with diversity of products increasing its market value

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34
Q

Program

A

projects or activities implemented to achieve the orgs strategic goals.

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35
Q

Procedures

A

standard operating procedures, codify the way in which the org deals with problems or opportunities. Free up organizational capacity to focus on unique problems and opportunties w/o having to invest in new capacity.

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36
Q

Corporate governance

A

Way in which an Org is governed, directed and administered

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37
Q

Corporate structure

A

3 important components: Shareholders, Directors, Officers

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38
Q

Shareholders/stockholders

A

Owners or a corporation, who hold shares of stock, which bestows certain rights.

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39
Q

Board of Directors

A

Groups elected by shareholders to handle the overall management of a corporation..

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40
Q

Officers

A

Hired by the board, are the top management and include the president and CEO, VP, Treasurer, Secretary, CFO, CIO, COO. They are responsible for achieving corporate goals and policies

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41
Q

Ensuring the basis for an effective corporate governance framework

A

Corporate governance framework should promote transparent and efficient markets, be consistent with the rule of law, clearly articulate the division of responsibilities among different supervisory, regulatory and enforcement authorities.

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42
Q

Rights and equitable treatment of shareholders and key ownership functions

A

Corporate governance framework should protect and facilitate shareholders rights and ensure the equitable treatment of all shareholders

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43
Q

Institutional investors, stock markets, and other intermediaries

A

Corporate governance framework should provide..

Sound incentives throughout the investment chain and provide for stock markets to function in a way that contributes to good corporate governance.

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44
Q

Role of stakeholders in corporate governance

A

Corporate governance framework should ..

Recognize rights of stakeholders established by law or through mutual agreements and encourage active co-operation b/w corps and stakeholders

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45
Q

Strategic HR Managment

A

The management of HR philosophies, policies, and practices to enable to the achievement of the organizational strategy.

The overall direction the company wishes to take to achieve it’s goals through people. Human and intellectual capital is a major source of competitive advantage and it is ppl who are in the end implementing the strategic plan.

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46
Q

3 Fundamental aims of Strategic HRM

A

1) To generate strategic capability by ensuring the orga has the skilled, committed and engaged employees it needs to achieve sustained competitive advantage
2) Develop plans of intent that means to achieve ends; and
3) To focus on the long-term allocation of organizational resources that match those resources and capabilities to the external environment.

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47
Q

Objective of strategic HRM

A

Provide a sense of direction so that business needs and individual and collective needs can be met.

Ex: The development and implementation of coherent and practical HR policies, programs and structures.

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48
Q

Strategic HR Planning - 3 Important Purposes

A

3 Important purposes:

1) Ensure adequate HR to meet the goals and operational plans or an org - “the right ppl w/ the right skills at the right time”
2) Keep current with the working environment and social, economic, legislative and technological trends that impact the orgs HR
3) Maintain flexibility so that the org can manage change

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49
Q

Strategic HR Planning seeks to..

A

Predict the future HR management needs of the org through analysis of the orgs current HR, external labour market, and the future HR environment

50
Q

3 approaches to linking HR strategy with corporate strategy

A

1) Corporate strategy leading to HR strategy: results int he org’s strategy being developed first, HR strat second
2) HR competencies leading to business strat: starts with the identification of HR competencies, then lead to corporate strategies.
3) Reciprocal interdependency between HR strategy and business strategy: resulting HR strat influencing bus strat and bus strat influencing HR strat

51
Q

Responding strategically to changes in the local and global market

A

When orgs expand, relocate, merge or acquire other orgs, HR professionals face having to provide recommendations.

Applies knowledge of Six Sigma, re-engineering, downsizing, outsourcing and change management are the core competencies required to respond to these challenges.

52
Q

Monitoring global economic changes that impact HR practices

A

Global economy has impact on the suppy/demand for labour and types of work available in any domestic economy. Competing for people and recruting globally raises issues how orgs employ in different countries.

53
Q

Establishing and contributing to the achievement of social responsibility and sustained goals

A

Global economy = enhancement of working conditions for workers in developing countries.

Developing countries are sensitive to purchasing products that do not respect the rights of workers. CSR and environmental stability have become competitive advantages for orgs.

54
Q

Achieving success with automation and technology

A

Technology continues to affect the types and level of skills required of workers as well as the systems required to manage and measure an effective workforce.

Collaborative software = employees anywhere to interface w/ others also shapes where and how work is preformed.

55
Q

Containing costs

A

Strategies that enhance productivity either though greater efficiencies or decreased costs have a significant impact on an orgs workforce.

Downsizing, furloughing, outsourcing, offshoring and employee leasing are all effective HR strategies focused on containing costs.

56
Q

Responding to changing demographics

A

Multicultural, gender, and age perspective orgs cultures must be robust enough to engage all types of workers. This challenge is one likely has the greatest direct impact on he immediate management of HR.

57
Q

Adapting to educational and cultural shifts affecting the workforce

A

Diverse workforce = need to accomodate various customs and employee priorities.

Cultural attitudes, employee rights, concern for privacy, the changing nature of work, changing attitudes towards work, increased desire for work/life balance

58
Q

Employee enagagement

A

Connection people feel to their work that results in higher levels of performance, commitment and loyalty

59
Q

Leadership Theories

A

3 Main Categories

1) Classical - People only have economic and physical needs and therefore pay much less attention to any social or emotional needs
2) High involvement approach - work quality and efficiency improve when employees are empowered to take ownership of their processes and make decisions relating to their work
3) HR approach - People have social needs and respond well when they re part of a supportive team with opportunities to learn and grow.

60
Q

Great Man Theory

A

Leaders are born and not made.
Great leaders will arise when there is a great need.

Mythic domain, aristocracy were leaders, gender issues not on table when this was proposed by Thomas Carlyle

61
Q

Trait Theory

A

People are born with inherited traits. Some traits are suited to leadership. Ppl who make good leaders have the right combo of traits.

62
Q

Behavioral theory - managerial grid* important

A

Assumes: Leaders can be made, rather than are born.
Successful leadership is based in definable, learnable behavior.

Managerial grid - tool used for identifying leadership style as a combination of “concern for people” and “concern for task” (also referred to as “relationship” and “productivity”).

63
Q

Participative Leadership - Lewin’s leadership styles

A

3 Different Styles of Leadership (1939)

Autocratic, Democratic, Laissez-Faire

64
Q

Likert’s leadership styles

A

4 Main styles of leadership

Exploitive authoritative - leader has low concern for ppl and uses methods as threats / fear based to achieve conformance.

Benevolent authoritative - Leader adds concern for ppl to an authoritative position. Uses rewards to encourage appropriate performance and listens more to concerns lower down the organization.. although almost all major decision s are still made centrally.

Consultative - Upward flow of info here is still cautious, although the leader is making genuine efforts to listen carefully to ideas. Major decisons are still largely centrall made

Participative - leader makes maximum use of participative methods, engaging ppl lower down in the org in decision making. Ppl across org are psychologically closer together and work well.

65
Q

Situational Leadership - Heresy and Blanchard

A

Notion that the most appropriate stye to be adoped by a leader depends on the situation.

66
Q

4 Classic Styles - Situational Leadership Heresy and Blanchard

A

1) Directing - leader defines the roles and tasks of the “follower” and supervises them closely. Appropriate when leading employees who have little ability - skill and confidence.
2) Coaching - leader still defines roles and tasks but seeks input from the follower. Communication is much more two way (selling). Appropriate when leading employees who have some ability but little confidence.
3) Supporting - leaders passes day-to-day decisions, to the follower. Facilitates and takes part in decisions but responsibility for taking actin is with the follower (participating.) Appropriate when leading employees who have the ability and experience to performance the job.
4) Delegating: Leader is still involved but control is wit the follower. Follower decides when/how the leader will be involved (delegating). Appropriate when leading employees who have the ability, experience, confidence, and motivation to perform the job well.

67
Q

Path-goal leadership

A

Similar to situational, suggests that the leader will take a particular path of action that will lead to the desired result through

a) determining the employee and environmental characteristics
b) choosing a leadership style
c) focusing on the motivational factors that will help the employee succeed.

68
Q

Contingency Leadership

A

Takes into consideration situational dynamics:

1) Leader-employee relationship: Trust, the relationship is positive (good); lack of trust, the relationship is negative (poor)
2) Task structure: a measure of clarity regarding the task, how it can be performed, and the outcome that is expected.
3) Positional power: degree and type of influence the leader has over the group

69
Q

Contingency Leadership - Least Preferred Co-Worker

A

Scale, which measures the leader’s preference for working with different types of ppl. High score = leader is ppl orientated, low score = likely to be task-orientated.

Underlying assumption is that a task orientated leader is more dissatisfied with his/her least preferred worker than a ppl orientated leader, will always gain some level of interpersonal satisfaction from interactions with ppl regardless of the work’s performance level.

70
Q

Styles of Leadership

A

Autocratic - characterized by taking control over all decisions with little imput from other

Laissez-faire: a leader who is “hands off”

Democratic - shares leadership with group

Charismatic - Personal characteristics that enable them to inspire/motivate others

Bureaucratic - hierarchical leader who focuses on formal channels of communication and rules as a means of control.

71
Q

Power Dynamics - Referent Power

A

Result of earning respect and loyalty

72
Q

Power Dynamics - Informal Power

A

Gained from having info or the ability to create info that others do not have

73
Q

Power Dynamics - Expert Power

A

Derived from having a valuable expertise

74
Q

Power Dynamics - Coercive POwer

A

Based on threats or punishment to achieve followershiop

75
Q

Power Dynamics - Legitimate Power

A

Formal power inherent in one’s postion or rant within an organization

76
Q

Power Dynamics - Reward

A

Derived from the provision of rewards to achieve follership

77
Q

Organization Development (OD) aka Change Management or Comployee-centered management

A

Use of behavioral science concepts principles and research in conjunction with analytical, decision-making and problem-solving techniques to undertake planned organizational interventions aimed at improving performance, organizational health and employee well being

78
Q

Action Research

A

Gathering inputs from a range of organizational sources (surveys, focus groups, and performance data) developing behavioral science based change programs

79
Q

In OD, (3) key attitudes are considered…. also these attitudes are define “employee engagement”

A

Job satisfaction: attitude one has towards the job or workplace

Work motivation: attitude one has towards good job performance

Organizational identification: attitude one has towards a sense of shared goals and values aka membership or belongingness

80
Q

In OD, a cornerstone concept is..

A

Employee involvement/participation - freedom of employees to take action without permission, to provide input and suggestions (ie have a “voice”) to investigate and design new initiatives, to directly measure and track performance, or to simply form a social committee. Aim to to assume ownership

81
Q

Job Design

A

process of redesigning work so that there is greater skill variety or challenge, increased task identity and significance to the worker, greater levels of autonomy.

82
Q

Job enrichments

A

OD strategy aims to enhance employee motivation. Uses the notion of “vertical loading” increased responsibility, control, variety, learning and opportunity for achievement are built into work/job.

83
Q

Process improvement teams

A

cross-functional or cross-occupational teams formed to examine a process for the purpose of recommending improvements.

84
Q

John Kotters Change Process

A

1) Establish a sense of urgency
2) Build a guiding coalition w/ power to effect change
3) Form a clear vision and initiatives
4) Enlist others by sharing the vision
5) Enable people to clear the obstacles to change
6) Sustain and accelerate the change
7) Generate success by having short-term gains
8) Institute the changes

85
Q

Kurt Lewin’s Change Process

A

3 Stage Theory - aka “Unfreeze, change, freeze”

All systems seek equilibrium; otherwise, a system would deteriorate into chaos. Org has to be destablized before it change be changed. Then needs to be stabilized, so doesn’t become chaos.

86
Q

Kurt Lewin’s Change Process - Unfreezing and Force Field Analysis

A

Getting ready to change. Point of understanding that change is necessary and getting ready to move away from our current comfort zone. Getting motivated for the change, weighing pros and cons, before you take any action. This is “Force filed analysis” which highlights the driving and resisting factors related to the change

87
Q

Kurt Lewin’s Change Process - Change

A

A process, not an event. Transition period, ppl go through a state of confusion and make adjustments in reaction to the change. This stage is the hardest as ppl are unsure about hte change and fearful of outcome

88
Q

Kurt Lewin’s Change Process - Freezing

A

aka “refreezing”, establishing stability once the changes have been made. Changes are accepted and become the new norm.

89
Q

Change Agent

A

OD practitioner, who is tasked with managing the change initative

90
Q

Paradigm Shift

A

Occurs when the fundamental assumptions underlying n aspect of org life are challenged.

91
Q

Reaction to Change

A

Reaction of organization members, whereby they go through the following stages.

Denial, resistance, exploration and commitment

OD activities are directed to reducing the negative aspects of the first two stages and heightening the impact of the last two stages

92
Q

Division of Labour

A

Degree of specialization (from high to low) of jobs

93
Q

Departmentalization

A

Grouping of jobs within an org.

94
Q

Delegation of authority

A

Degree of athority vested in others. Related to the degree of centralization and decentralization in the org

95
Q

Span of Control

A

Number of jobs or direct reports falling under one area of responsibility. Dependent upon required contact, level of subordinate education and training and ability to communicate.

96
Q

Simple organizational structure

A

Samm orgs where the decision making is centralized with the owner. Typically a flat structure

97
Q

Modular Org

A

Very flexible, divide org units into small business units

98
Q

Hierarchiacal or bureucratic

A

Many levels of authority with narrow spans of control. Op-down mgmt, many levels of communication and career paths, highly specialized jobs. Command and control management style

99
Q

Flat orgs

A

Few levels of authority with large spans of control.

100
Q

Boundaryless Orgs

A

Joint ventures with customers, suppliers and/or competitors

101
Q

Matrix Orgs

A

Type of flat structure whereby individuals with functional expertise are grouped into organizational units focused on the accomplishment of a project or program.

102
Q

Risk Managment

A

Process of identifying and evaluating risks and selecting and managing techniques to adapt to risk exposure. An organization must reduce its risk and potential liability wherever possible. Although this includes corporate risk management, it also involves protecting employees from risks such as violence in the workplace and employing emergency planning for unforeseeable emergencies.

103
Q

Managing Workplace Violence

A

An employer can be held liable for any and all harm caused by or to an employee. Any act which a person is abused, threatened, intimidated, or assaulted in their employment. Violence could include aggression, harassment, emotional abuse, bullying, incivility and/or unwanted sexual attention or coercion. Domestic violence may follow a victim to work, making it a workplace issue.

104
Q

Workplace Violence - 4 Main Types

A

1) Criminal Intent - member of the public (no relationship to the org), engaging in a criminal act. Ex. bank robber
2) Customer/Client - Member of the pubic who receives a service or product from the organization.
3) Worker-on-Worker
4) Personal Relationship - Spouse or partner of employee

105
Q

Steps that Employers can take to Manage the risk of Workplace Violence

A

1) Identify jobs with a hih risk of violence: predictors include working with the public, working late, working alone, working in a period of intense organization change
2) Institute a workplace violence policy: develop, support, and communicate the policy to employees ex. Handbook
3) Crate a healthy working environment
4) Heighten security measures: improving external lighting, use of drop safes to min cash on hand, silent alarms, increased staff etc
5) Provide workplace violence training
6) Improve employee screening

106
Q

Emergency Planning and Management

A

Practical emergency plan in place to minimize damages to people or property from sudden or unexpected situations.

Emergency plan will provide guidance in case of emergency, enable discovery of previously unknown hazardous conditions (lac of resources, promote safety awareness)

107
Q

Emergency Plan Generally Contains the Following Objectives

A

Prevent fatalities and injuries

Reduce damage to buildings, stock and equipment

Protect the environments and community

Accelerate the resumption of normal operations

108
Q

Development of the Emergency Plan begins with..

A

Vulnerability assessment. Identifies hazards and:

  • How likely situation is to occur
  • Means are available to stop or prevent situation
  • Necessary for given situations
109
Q

Emergency Plan components

A

Objective - purpose and which staff put the plan into action

Organization - appointment of emergency coordinator, specific duties, responsibilities, authority and resources

Procedures - pre-emergency preparation and provisions for altering and evacuating staff, handling casualties, and containing the danger

Testing and revision: exercises and drills

110
Q

Financial risk

A

potential for loss or chance that an investment will not achieve the expected level of return.

111
Q

Crisis Management include the following phases

A

1) Signal detection - signs potential crisis could occur
2) Preparation and prevention - proactive steops tow ard off that criss
3) Damage containment - addressing the crisis in ways that restrict it from spreading or mitigate the damage tha tit poses
4) Business recovery - short and long term plans to resume business
5) Learning - goal of improving for future

112
Q

Effective Implementation of Risk Managment

A
  • Not eliminating risk but ensuring that risks are understood, management and communicated.
  • Enterprise wide approach
  • Board should review and provide guidance about the alignment of corporate strategy with risk appetite
  • Needs to be independent of profit centers
  • Process should be appropriately disclosed.
113
Q

Which strategy is an attempt to increase the viability of an organization?

A

Turnaround strategy

114
Q

What is Lewin’s model for managing change based on?

A

Force field analysis

115
Q

Which term is defined as the systematic, regular monitoring of major external forces that influence the organization?

A

Environmental scanning

116
Q

What is the primary challenge when dealing with Generation Y employees?

A

Their pervasive feeling of boredom

117
Q

the action of adding more challenging responsibilities to an individual’s job?

A

Increasing job enrichment

118
Q

Which workplace characteristics are typical of baby boomers?

A

High achieving

119
Q

What does the managerial grid measure?

A

A manager’s concern for production and relationships

120
Q

What does a mission statement describe?

A

What we do

121
Q

Why do change efforts fail

A

1) Not

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