Chapter 3 - Developing Strategy Flashcards
Strategic Leadership
Who devises, plans, and implements strategy in an organization?
People, rather than organizations, are responsible for devising, planning, and implementing strategy.
Strategic Leadership
What is the role of strategic leadership?
To influence an organization toward achieving its goals and to create and translate ideas into actions for others to implement.
Strategic Leadership
What are two general types of leadership styles noted by Johnson et al. (2017)?
Transactional (focus on systems and controls) and Transformational (focus on energizing people and building a future vision).
Strategic Leadership
What are Schoemaker et al.’s six essential skills for strategic leaders?
Anticipate, Challenge, Interpret, Decide, Align, and Learn.
Strategic Leadership
What are the four core dimensions of principle-centered leadership by Steven Covey?
Security, Guidance, Power, and Wisdom.
Models of Leadership
What does John Adair’s Action-Centred Leadership model emphasize?
A successful leader must balance tasks, groups, and individuals to achieve results, build morale, and improve quality.
Models of Leadership
How does Peter Senge define a “learning organization”?
An organization that evolves through personal mastery, challenging mental models, shared vision, team learning, and systemic thinking.
Systems and Strategy
What is the systems model in strategy?
It views an organization as interrelated parts that work together to produce a unified system with a purpose.
Systems and Strategy
What does supply chain thinking involve?
Viewing organizations as systems of transformation that add value by converting inputs into outputs for customers.
People and Strategy
What is the role of the board of directors in strategy?
To ensure the business is run to achieve strategic objectives, with a focus on governance rather than day-to-day operations.
People and Strategy
How might conflicts of interest affect strategy?
Conflicts arise when leaders have differing views on strategic direction or personal gains tied to certain strategic decisions.
People and Strategy
What is the agency problem in corporate governance?
The potential for managers to act in their own interests rather than those of the shareholders due to the separation of ownership and control.
Strategic Actions
What three broad headings define strategic actions?
Improvement, Innovation, and Improvisation.
Strategic Actions
Why is communication essential in strategy implementation?
Clear communication of the vision, starting point, and route is crucial for successful strategy achievement.
Strategic Actions
What are Thatcher’s four elements of an effective communication strategy?
Focus, Impact, Media, and Engagement.
