Chap 11 Flashcards
Serves as the roadmap in the implementation of business and functional level strategies
Programs, budgets, and guidelines
What to accomplish and when
Business and functional level objective
Activities needed to achieve the objective
Programs
Expected revenue, and cost of the program
Budgets
Steps to accomplish the program
Procedures
Key elements to the implementation of business and functional level strategies
Programs
Budgets
Procedures
A plan embodying the different activities that must be accomplished to achieve the objectives of a company through the efficient utilization of its resources
Strategic program
Steps in preparing a program
Define the business or functional objective
Set the key performance indicator
Identify the people involved, dates for program review, and completion time
Prepare the program report
The first step in setting the business or functional level program
Define the business or functional objective
A quantifiable form of measurement used to determine how a company effectively achieves its objectives
Key performance indicator
A plan expressed in quantitative, monetary value
Budget
Basis of a budget
Business and functional level strategic objectives in coordination with a program
Serve as a control mechanism in the implementation of a strategy
Budget
Specify the detailed or step-by-step process to be carried out to achieve the completion of a program
Standard operating procedures
Uses simple sentences in listing down the procedures, to be carried out to accomplish a program
Simple-step format
Employed when there are several long procedures involved, and each major step contains several substeps
Hierarchical-step format
Adopted when there are an infinite steps to be carried out, since the results may be unpredictable
Flowchart format
Business level strategy key aspects
Differentiation/cost leadership
Customer focus
Market segmentation
Competitive analysis
Agile and responsive structure
Unique in all aspects to distinguish from all competitors
Differentiation
Focus on operational efficiency, in order to achieve cost advantages against competitors
Cost leadership
Meet customer needs and preferences. Involves tailoring products, services, and customer experiences accordingly.
Customer focus
Identifying a target, specific, market segment. Help market sales, and distribution efforts.
Market segmentation
Monitor and analyze competitors — respond to market Dynamics
Competitive analysis
Create organizational structures that allow the agility and quick response to market changes
Agile and responsive structure
Functional level strategy key aspects
Operations
Marketing sales
Human resources
Technology and innovation
Financial management
Collaboration and communication
Ensure operational process align to the overall business strategy
Operations
Align sales for target market segments
Marketing sales
Responsible for recruitment — hiring skillful employees
Human resources
Integrate technology that will support functional strategy
Technology and innovation
Adapt to trends and help foster culture innovation
Technology and innovation
Allocate financial resources in line with the functional properties
Financial management
