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Honors Business Policy > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Strategic Leadership

A
  • Successful use of power and influence
  • Directing the activities of others
  • Pursuing an organization’s goals
  • Enabling organizational competitive advantage
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2
Q

Power

A

The ability to influence others to do things

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3
Q

Upper Echelons Theory

A

Organizational outcomes reflect the values of the top management team and their unique perspectives and values

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4
Q

The Level-5 Pyramid

A

Level 5: Executive
Level 4: Effective Leader
Level 3: Competent Manager
Level 2: Contributing Team Member
Level 1: Highly Capable Individual

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5
Q

Great companies share

A
  • Transition from average performance to sustained competitive advantage
  • Stock returns 7x the general market
  • Consistent patterns of leadership
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6
Q

Level-5 executive

A
  • Works to help the organization succeed
  • Helps others reach their full potential
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7
Q

Three Distinct Areas

A
  • Corporate
  • Business
  • Functional
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8
Q

Strategy Formulation

A

The choice of strategy of where and how to compete

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9
Q

Strategy Implementation

A

The execution of the strategy of Organization, Coordination, Integration

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10
Q

Corporate Strategy

A

Where to compete?
(Industry, markets, and geography)

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11
Q

Business Strategy

A

How to compete?
(Cost leadership, differentiation, or value innovation)

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12
Q

Functional Strategy

A

How to implement a chosen business strategy?
(Different strategies require different activities)

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13
Q

Vision

A

What do we want to accomplish ultimately?

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14
Q

Mission

A

Defines how the vision is accomplished

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15
Q

Values

A

How do we act both legally and ethically as we pursue our vision and mission?

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16
Q

Effective Vision

A

A statement that is forward-looking and inspiring. Should provide meaning for employees in pursuit of the organization’s ultimate goals.

17
Q

Actions Based On Vision Will

A
  • Build necessary resources
  • Build capabilities
  • Ensure continuous organizational learning
  • Ensure learning from failure
18
Q

Vision Statement & Firm Performance Is Strongest When

A
  • The vision is customer-oriented
  • Internal stakeholders help define the vision
  • Organizational structures align with the vision
19
Q

Customer-Oriented Vision Statements

A
  • Allows companies to adapt to changing
    environments
  • Focus on problem-solving for the customer
20
Q

Product-Oriented Vision Statements

A

Focus on improving existing products and services

21
Q

Mission: Strategic Commitments

A
  • Costly
  • Long-term oriented
  • Difficult to reverse
22
Q

Three Approaches to Organizational Strategy

A
  • Strategic planning (formal, top-down approach)
  • Scenario planning (formal, top-down approach)
  • Strategy as planned emergence
23
Q

Shortcomings of the Top-Down Approach

A
  1. May not adapt well to change
  2. Formulation is separate from implementation
  3. Information flows one-way
24
Q

Top-Down Strategic Planning

A

Data-driven strategy process. Top management attempts to program future success.

25
Q

Black Swan Event

A

The high impact of a highly improbable event

26
Q

Intended Strategy

A

The outcome of a rational and structured top-down strategic plan

27
Q

Emergent Strategy

A

Any unplanned strategic initiative. Comes from the bottom of the organization. Can influence and shape a firm’s overall strategy.

28
Q

Realized Strategy

A

Combination of intended and emergent strategy

29
Q

Autonomous Actions

A

Strategic initiatives undertaken by employees. A response to unexpected situations.

30
Q

Serendipity

A

Random events, surprises, and coincidences that has an effect on strategic initiatives

31
Q

Resource Allocation Process (RAP)

A

How a firm allocates resources based on policy
and helps shape a realized strategy

32
Q

How to Improve Decision Making

A
  • Devil’s Advocacy
  • Dialectic Inquiry

Honors Business Policy (16 decks)

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