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chapter 10 Flashcards

1
Q

Strategy

A

a comprehensive plan guiding resource allocation to
achieve long-term organization goals

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2
Q

Strategic management

A

the process of formulating and implementing strategies to accomplish long-term goals and sustain competitive advantage

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3
Q

Strategic intent:

A

focusing all organizational energies on a unifying and compelling goal

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4
Q

Competitive advantage

A

ability to do something so well that one outperforms competitors

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5
Q

Sustainable competitive advantage

A

one that is difficult or
costly for competitors to imitate

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6
Q

Sources of competitive advantange

A
  • technology
  • cost & quality
  • knowledge and speed
  • barriers to entry
  • financial resources
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7
Q

levels of strategies: corporate

A

Sets long-term direction for the total enterprise

what businesses are we in?

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8
Q

levels of strategies: Business

A

How a division or strategic business unit will compete
in its product or service domain

How do we compete in each of our major businesses

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9
Q

levels of strategies: Functional

A

Guides the use of resources within one specific area
of operations

How do we best support each of our strategies?

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10
Q

strategic analysis

A

process of analyzing the organization, the
environment, its competitive positioning, and current strategies

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11
Q

Strategic Questions

A
  • What is our business mission?
  • Who are our customers?
  • What do our customers value?
  • What have been our results?
  • What is our plan?
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12
Q

Strategic Analysis Analysis of mission:

A

The reason for an organization’s existence

  • Good mission statements identify:
  • What are we moving to?
  • What is our dream?
  • What kind of difference do we make?
  • What do we want to be known for?
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13
Q

Stakeholders

A
  • Individuals and groups directly affected by the organization and its
    strategic accomplishments
  • An important test of the mission is how well it serves the organization’s
    stakeholders
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14
Q

Strategic Analysis
Analysis of Core values:

A
  • Broad beliefs about what is or is not appropriate behaviour
  • Organizational culture reflects the predominant value system of the
    organization as a whole
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15
Q

strategic analysis Analysis of objectives:

A

Operating objectives are specific results that organizations try to
accomplish

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16
Q

Strategic Analysis
Analysis of organizational resources and capabilities:

A
  • Core competency is a special strength that gives an organization competitive
    advantage
  • An important goal of the organization is assessing core competencies
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17
Q

strategic analysis Potential core competencies:

A
  • Special knowledge or expertise
  • Superior technology
  • Efficient supply chains
  • Unique product distribution systems
18
Q

swot

A
  • strengths
  • weaknesses
  • opportiunites
  • threats
19
Q

porters 5 forces

A
  • bargaining power of suppliers
  • bargaining power of customers
  • threat of new entrants to industry
  • threat of substitute products
  • level of competition or rivalry among firms in industry
20
Q

Strategy Formulation

A
  • The process of creating strategy
  • Involves assessing existing strategies, organization, and
    environment to develop new strategies and strategic plans
    capable of delivering future competitive advantage
21
Q

Corporate-Level Strategy Formulation
Portfolio planning model:

A

Portfolio planning seeks the best mix of investments among
alternative business opportunities
* BCG Matrix analyzes business opportunities according to
market growth rate and market share

22
Q

Global strategies: Globalization strategy

A

World is one large market; standardize products and
advertising as much as possible (Apple)

23
Q

Global strategies: Multidomestic strategy:

A

Customize products and advertising to local markets
as much as possible (McDonalds)

24
Q

global strategies Transnational strategy:

A

Balance efficiencies in global operations and
responsiveness to local markets (Samsung)

25
Q

Business-Level Strategy Formulation
Business-level strategy formulation

A
  • Good strategies help achieve above average returns
  • Key question is “How can we best compete for customers in our
    market and with our products or services?”
26
Q

question marks

A
  • poor position, growing industry
  • growth or retrenchment strategy
27
Q

stars

A
  • dominant position, growing industry
  • growth strategy
28
Q

dogs

A
  • poor position, low growth industry
  • retrenchment strategy
29
Q

cash cows

A
  • dominant position, low growth industry
  • stability or modest growth strategy
30
Q

broad market scope, low price

A

cost leadership strategy - great value cola

31
Q

narrow market scope, low price

A

focused cost leadership strategy - cott cola

32
Q

narrow market scope, unique product

A

focused differentitation,- a&w root beer

33
Q

broad market scope, unique product

A

differentiation strategy - coca cola , pepsi

34
Q

Strategy Implementation

A
  • The process of allocating resources and putting strategies into
    action
  • All organizational and management systems must be mobilized
    to support and reinforce the accomplishment of strategies
  • Must be supported in every aspect of management
  • Planning
  • Controlling
  • Organizing
  • Leading
35
Q

Strategic planning failures that hinder strategy implementation:
Failures of substance

A

Inadequate attention to major strategic planning elements

36
Q

Strategic planning failures that hinder strategy implementation: Failures of process

A
  • Poor handling of strategy implementation
  • Lack of participation error
  • Goal displacement error
37
Q

Strategy Implementation
Strategic control

A
  • Makes sure strategies are well implemented and that poor strategies
    are scrapped or modified
38
Q

Strategy Implementation: Corporate governance

A

Control and monitoring of top management

39
Q

Strategy Implementation
Strategic leadership

A
  • Inspires people to continually change, refine, and improve strategies
    and their implementation
40
Q

Strategy Implementation: Critical tasks of strategic leadership

A

Critical tasks of strategic leadership
* Maintain strategic control
* Be the guardian of trade-offs
* Create a sense of urgency
* Ensure that everyone understands the strategy
* Be a teacher

41
Q
A

gms (9 decks)

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