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CIMA > E3 > Flashcards

E3 Flashcards

1
Q

4 main models to develop a strategy:

A
  1. The Rational Model - 3 steps; strategic analysis, strategic choice, strategic implementation
  2. The Emergent Model - formal planning, but adjusted for unexpected events
  3. Logical Incrementalism - formal planning is a waste of time, use small scale extensions of past, successful strategies
  4. Freewheeling opportunism - ignore any formal planning, take advantage of opportunities as they arise
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2
Q

Mission =

A

statement of fundamental objectives, ‘reason for being’

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3
Q

Vision =

A

Where they company sees itself in the future

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4
Q

Stakeholders: 7 Actors

A

Organisations of states
States
Organisations formed by firms
Corporations
Non-gov organisations
mass publics
knowledge based communities

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5
Q

4 Ways to Resolve Stakeholder Conflict:

A

Satisficing - negotiaition
Side Payments - compensation
Sequential action - deal with each dept in turn
power - enforcing contracts

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6
Q

4 levels of CSR:

A

philanthropic
ethical
legal
economic

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7
Q

4 approaches to csr:

A

reaction, defence, accomodation, proaction

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8
Q

4 ethical stances to CSR:

A

short-term shareholder interest - follow the law
long-term shareholder interest - spend on short term CSR for long term gains
multiple stakeholder obligation - involve stakeholders
shaper of society - lead the way in industry

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9
Q

6 Markets Model: Groups an org needs to market to

A

Customer markets - direct customers/comsumers
Referral markets - people/orgs that refer customers to us
Supplier markets - suppliers we partner with
Recruitment markets - providers of staff
Influence markets - public relations
Internal markets - internal departments

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10
Q

Competitor analysis - 3 stages

A
  1. Identify competitors ( 4 types)
    - brand - similar products, same customers
    - Industry - similar products, different segment
    - form - different products, satisfy same need
    - generic - compete for the same income
  2. Analyse competitors
  3. Develop a response profile (4 types)
    - Laidback - no response
    - Selective - respond in certain instances
    - Tiger - aggressive response
    - Stochastic - no predictable pattern
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11
Q

Porter’s Diamond

A

Factor Conditions
highly skilled employees/infrastructure/can’t be emulated by competition

Demand Conditions
Substantial demand at home = economies of scale & experience to compete globally

Related Supporting Industries
Knowledge sharing/supply chains/distribution networks

Firm Strategy, Structure & Rivalry
If home market is very competitive, company is more likely to become world class

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12
Q

Threshold competency =

Core competency =

A

Threshold = things a business must do well to simply compete

Core = things the business does well that give competitive advantage

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13
Q

9Ms Model:

A

Manpower
Money
Management
Machinery
Markets
Materials
Methods
Management info
Make-up (structure/culture)

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14
Q

CSFs =

main sources of CSFs

A

vital areas where things must go well and a business must out perform its rivals

corporate mission translates into CSFs which translate into KPIs

Main sources of CSFs include: industry, situation, wider environment

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15
Q

Porter’s Value Chain

A

Primary:
inbound logistics, operations, outbound logistics, marketing & sales, service

Support: firm infrastructure, technology, HR, Procurement

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16
Q

Value drivers

Value shop

Value system

A

Value drivers = enhance perceived value of product by customers

Value shop = alternative representation of value chain for professional service firms

Value system = linkages between the value chains of the business and it’s suppliers/customers

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17
Q

Diversification gap =

A

difference between ideal position & the profit after efficiency savings AND new strategic initiatives

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18
Q

Efficiency gap =

A

increase in returns caused by an efficiency drive / cost cutting exercise

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19
Q

Value drivers

Tangible =

Intangible =

A

tangible = NCAs / raw materials

intangible = brand / know-how / reputation

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20
Q

Methods of Corporate Foresight (6)

A

Issues analysis - potential signfificant events analysed for probability & impact

Scenario planning - consider series of possible futures

The Delphi method - 1-1 interrogation of experts using questionnaires

Morphological analysis - systematically investigates all components of major problems

Opportunity mapping - identifying gaps in market

Cross-impact analysis - how events will interact with one another

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21
Q

Real options (3)

A
  1. abandon
  2. follow-on
  3. Delay
22
Q

The 5Cs of foresight

A

communication
concentration
co-ordination
consensus
commitment

23
Q

Intuitive methods of forecasting (4)

A
  1. Think tank - group of experts discuss, unstructured
  2. Delphi Technique - experts posed with questions individually (reduces pressure to conform)
  3. Brain storming - all levels of org generate ideas in a group (outside of normal hierarchy)
  4. Derived demand - forecast based on demand for another product, many other factors could influence
24
Q

for a strategy to be selected it must be (3)

A

SUITABLE (does the job)

FEASIBLE (possible to be done)

ACCEPTABLE (to stakeholders)

25
Q

Porter’s Generic strategies

(appropriate for small org that doesn’t have the resources to compete on a large scale)

A

Source of competitive advantage (cost or differentiation) vs scope:

Cost leadership (broad scope)

Cost focus (narrow scope)

Differentiation (broad scope)

Differentiation focus (narrow scope)

26
Q

Ansoff’s Matrix ( gives the direction of growth / where to compete)

A

Market penetration - same product, same market. Aim to increase market share

Product development - different product, current market

Market development - existing product, different market

Diversification - different product to different market. (related if same supply chain, unrelated if no common ground)

27
Q

BCG Matrix - aim to have a balance

A

Dog - low market share, low growth market

Cash cow - High market share, low growth market

Problem child/? - low market share, high growth market

Star - high market share, high growth market

28
Q

The Performance Pyramid

A

Level 1: CORPORATE VISION

Level 2: MARKET & FINANCIAL: Divisions / SBUs. CSFs that must be achieved to meet the vision

Level 3: CUSTOMER SATISFACTION, FLEXIBILITY, PRODUCTIVITY: Business operating systems. Measures & processes

Level 4: QUALITY, DELIVERY, CYCLE TIME, WASTE; departments. day to day measures

29
Q

Building Block Model

(performance measurement should be based on 3 blocks)

A

DIMENSIONS - goals / CSFs
Downstream results: financial performance / competitiveness

STANDARDS
The ideals/values we want to achieve (need ownership, accountability & fairness to ensure manager motivation)

REWARDS
Motivators for employees to work towards. Clarity, motivation & controllability

30
Q

Benchmarking (3)

A

Internal - comparison to another dept

Competitor - comparison to competitor

Process - compare to outside of industry

31
Q

Shareholder Value Analysis. 7 drviers of value

(value of business = value of future cash it can generate)

A

SLOWCAT

Sales growth rate
Life of project
Operating profit margin
Working capital
Cost of capital
Asset investment
Tax

32
Q

Integrated Reporting: 6 capitals

A

Financial
Manufactured
Intellectual
Human
Social & relationship
Natural

33
Q

7 guiding principles to underpin preparation of report:

A
  1. strategic focus
  2. connected info
  3. stakeholder relationships
  4. materiality
  5. conciseness
  6. reliability & completeness
  7. consistency & comparability
34
Q

speed of change vs extent of change matrix (4 options)

A

Transformational change & big bang speed = revolution
Transformational change at incremental speed = evolution
Realignment at big bang speed = reconstruction
Realignment at incremental speed = adaptation

35
Q

McKinsey 7S Culture Framework
(all factors must be aligned for org to effectively & factors depend on each other so cannot just change one)

A

Hard factors: Structure, Strategy, Systems

Soft factors: Skills, Style (of leadership), Staff, Shared values

36
Q

3 key reasons why employees may resist change

A
  1. personal factors
  2. job factors
  3. social factors
37
Q

Scenario Planning Process Stages (7)

A
  1. Identify high impact, high uncertainty factors
  2. Identify possible futures
  3. Cluster factors together to identify consistent futures
  4. Write the scenario
  5. Identify & assess possible courses of action
  6. Monitor reality to see which scenario is unfolding
  7. Revise scenarios and strategic options as appropriate
38
Q

Change leadership: 8 step process of leading a change

A
  1. Establish a sense of urgency
  2. Create a guiding coalition
  3. Develop a change vision
  4. Communicate the vision
  5. Empower broad-based action
  6. Generate short-term wins
  7. Never let up
  8. Incorporate changes into culture
39
Q

Leadership styles to help manage staff amongst change

A
  • Education & communication - inform & explain to overcome fear
  • Participation - make feel involved
  • Facilitation & support - help/training/mentoring
  • Negotiation - come to an agreement
  • Power/coercion - force the change
  • Manipulation & co-optation - select the info communicated, no negatives, ethical issues! Breaking integrity!
40
Q

Lewin’s Model for implementing change: 3 step process

A
  1. unfreeze the existing structure (breakdown barriers)
  2. make the changes (communication, training)
  3. Refreeze - embed the change (success stories, targets, bonuses)
41
Q

Lewin’s Forcefield Analysis

A

Aim to increase DRIVING FORCES which encourage & facilitate change
Aim to reduce RESTRAINING FORCES which hold change back

42
Q

Theory E & Theory O

A

Theory E: focus on improving shareholder value

Theory O: softer strategies, people oriented

BOTH IMPORTANT - implement simultaneously

43
Q

Mentoring =

Coaching =

A

Mentoring = experiences helps less experienced. Learning & development partnership

Coaching = more specific. Focused achievement for set period of time

44
Q

4 main strategies for failing businesses

A

Retrenchment = cost cutting

Turnaround = reposition in current market, look for new source of competitive advantage

Divestment = sell/close business units

Liquidation = sale of organization as a whole

45
Q

5 Emerging Digital Trends

A
  1. the internet of me (digital experiences)
  2. outcome economy (outcomes, not products)
  3. The platform (r)evolution (cloud, mobile)
  4. The intelligent enterprise (big data)
  5. Workforce reimagined (machines)
46
Q

9 Revenue streams presented by digital technology

A
  1. transaction
  2. capacity leasing
  3. licensing
  4. subscription
  5. commission
  6. advertising
  7. trading
  8. donations
  9. subsidies
47
Q

Customer demands in a digital era (7)

A

contextualized interactions
seamless experience
anytime, anywhere
great service
self-service
transparency
peer-review & advocacy

48
Q

skills leaders must demonstrate in a digital era (6)

A

inspirational leadership
Competitive edge
influence external parties
collaboration
building talent
strategy execution

49
Q

4 ideas to keep ahead of digital expectations

A
  1. design thinking - alternative experiences to appeal to many
  2. Experiential pilots - gage how customer reacts
  3. protoyping
  4. brand atomisation - super distribution of the brand
50
Q

to attract digital talent (5)…

A

long term working strategy

make company values together

empowerment

suitable workplaces

policies that support collaboration

51
Q

Digital traction is a function of scale, active usage & engagement.

Engagement is measured by …

A

engagement is measured by net promoter score (NPS) which categorizes users as:

promoters - buy again/recommend
Passives- satisfied but might switch to competitors
Detractors - could damage brand

52
Q

five main challenges/limitations in AI model development:

A

Data labelling workload – the humans analysing the camera data are ‘labelling’ it.

Obtaining massive training data-sets

The explainability problem – developers cannot fully explain the decisions made by the algorithm, even though they programmed it

Generalizability of learning

Bias in data and algorithms

CIMA (9 decks)

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