Difficult Questions Flashcards
What is a rational model?
- Step by step
- follow a series of stages
- strategic analysis > strategic choice > strategic implementation
What is an emergent approach?
- Evolve in response to unexpected events
- Strategy tends to evolve rather than result from a logical process
What is logical incrementalism?
- Strategy is small-scale extension of past policy
- Consultation, compromise and accomodation built into process
What is freewheeling opportunism?
- Avoid formal planning and take advantage of opportunities as they arise
Who are the actors that Braithwaite & Drahors has identified as having an influence on the way organisations conducts its business?
Organisation of states
States: organised political communities
Organisations formed by firms
Corporations
Non-governmental organisations
Mass publics
Knowledge based communities
What are value drivers?
Activities or features that enhanced the percieved value of a product or service
What are the benefits of Porter’s value chain?
- Generic framework to analyse behaviour and costs
- Activities not generating value can be identified
- Makes it clear that underlying activities need to be analysed
What are the criticisms of Porter’s value chain?
- More suited to a manufacturing environment
- Model was intended as a quantitative analysis however this is time consuming
What are the 3 real options?
- Option to follow on
- Option to abandon
- Obtion to delay
What are Irvine and Martin’s 5C’s?
- Communication
- Concentration
- Coordination
- Consensus
- Commitment
What are the 3 options?
- Suitability
- Feasibility
- Acceptability
According to Boston Consulting Group matrix if the market growth is high and the market share is high what is it?
Star
According to Boston Consulting Group matrix if the market growth is high and the market share is low what is it?
Question mark
According to Boston Consulting Group matrix if the market growth is low and the market share is high what is it?
Cash cows
According to Boston Consulting Group matrix if the market growth is low and the market share is low what is it?
Dog
What are the features of cash cows?
- Hold or harvest
- Maturity stages of life cycle
- Strongly profitable and cash generating
What are the features of stars?
- hold or build
- growth stage of life cycle
- offer attractive long term prospects
- could one day become cash cows
What are the features of question marks?
- Build or divest
- Growth or introduction stage
- sometimes known as problem children
What are the features of a dog?
- Harvest or divest
- decline stage
- likely to be making small profits or losses
- market no longer attractive and dominated by others
What are the 7S’s in McKinsey’s model?
- Strategy
- Structure
- Styles
- Staff
- Skills
- Systems
- Shared Values
What 3 factors are considered as hard in McKinsey’s 7S model?
- Strategy
- Structure
- Systems
What 4 factors are considered as soft in McKinsey’s 7S model?
- Styles
- Staff
- Skills
- Shared values
What are the external triggers for change?
- Indirect triggers (PESTEL)
- Direct triggers (Porter’s five forces)
What are the internal triggers for change?
- Philosophy: new ownership/CEO
- Reorganisation: Takeover/merger
- Personnel: Promotions/transfers
- Conditions: Location change
- Technology: new procedures/systems
What is the 8 steps process for a change leader?
- Establish sense of urgency
- Creating guiding coalition
- Developing a change vision
- Communicating the vision
- Empowering broad-based action
- Generating short term wins
- Never letting up
- Incorporating changes into the culture
What is included in the ‘unfreezing’ process of Lewin’s three stage model?
- Identify and exploit areas of stress or disatisfaction
- Creating or introducing additional forces for change
- Increasing employee’s knowledge
What is included in the ‘change’ process of Lewin’s three stage model?
- Establish new patterns of behaviour
- Setting up new reporting relationships
- Creating new reward schemes
- Introducing new styles of management
What is included in the ‘refreezing’ process of Lewin’s three stage model?
- Larger rewards for people who embrace change
- Publicity of success stories
What are the features of Tom Peters’ ‘Thriving on Chaos’?
- Excellent companies that succeed by seeking to create a climate of continual and radical change
- Incremental change is enemy of true innovation
- Excellent companies don’t believe in excellence, only in constant improvement
What is LTV?
- Lifetime value of a typical customer
- Multiply average monthly recurring revenue by average customer lifetime
What is CAC?
- Cost to acquire a typical customer
- Looking at all expenditure on sales and marketing and dividing by number of new customers won
What 3 areas are a combination of the metrics for digital traction?
- Scale
- Active usage
- Engagement
What is scale and what are the typical metrics?
- Number of people showing an interest in product or service
- Metrics include: Number of visitors, unique users, number of registered users
What is active usage and what are the typical metrics?
- Frequency with which users interact with organisation
- Metrics include: Daily active users, monthly active users, number of active users
What is engagement and what are the typical metrics?
- Looks at degree user has engaged with organisation
- Metrics include: Net promoter score, Customer satisfaction index
