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MGMT 4P90 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

What are the three dimensions of strategy

A

Strategy Process
Strategy Content
Strategy Context

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2
Q

What is strategy Process?

A

The manner in which strategy emerges. How is, and “should” strategy be made. (throughput)

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3
Q

What is Strategy Content?

A

The product of a strategy process. What is, and “should be”, the strategy for a company and its units (output)

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4
Q

What is Strategy Context?

A

The circumstances under which strategy process and content are determined. Where is the strategy process and content embedded?

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5
Q

What is Strategy?

A

Strategy is a course of action for achieving an organization’s purpose

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6
Q

What are Cognitive Activities?

A

Mental tasks that strategists engage in in order to increase their knowledge (Mental Reasoning)

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7
Q

What are Cognitive Abilities?

A

To what degree is the human brain limited in what it can know? (Mental Faculties)

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8
Q

What are Cognitive Maps?

A

The maps that tell us how the world works (Mental Models)

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9
Q

What are some downfalls of our Cognitive Abilities?

A

We have Limited information sensing ability (can’t be everywhere all the time and know everything)

We have Limited information processing capacity

We have limited information storage capacity

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10
Q

What are heuristics?

A

Mental shortcuts or rules of thumb that simplify a problem so that it may be more quickly understood and solved. Chunk data in order to make it manageable for categorization, labeling, and storage. (like social consensus, voting, using fingers to count things, Porter’s 5 forces)

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11
Q

What are Cognitive Maps

A

Combined heuristics to make cognitive maps. They are mental representations of the way the world works. They are rigid in nature and provide problem solving responses that determine appropriate action. They eventually become common logic

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12
Q

For strategic reasoning: what is the definition of identification activities?

A

Activities associated with understanding what should be viewed as problematic (opportunities and threats that must be addressed for the organization to reach its purpose)

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13
Q

What are the two components of identification?

A

Mission setting: What purpose the organization serves

Agenda setting: What factors/issues are on the radar to be addressed

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14
Q

What is the definition of Issue Diagnosing?

A

Activities associated with understanding what the nature of the problem is (what variables and how are they interrelated)

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15
Q

What are the components of Issue Diagnosing?

A

External Assessment: Examining the structure and dynamics of the environment

Internal Assessment: Examining the business system (how firm creates value) and organizational system (which facilitates the business system)

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16
Q

What is the definition of Strategy Conception Activities?

A

All activities that contribute to determining which course of action should be pursued

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17
Q

What are the two components of Strategy Conception activities?

A

Option generation: the creation of a few or many potential strategies that range in form

Option selection: The evaluation of options on the basis of a selected evaluation criteria

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18
Q

What is the definition of Strategy Realization activities?

A

All of the practical activities taken by the organization

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19
Q

What are the components of Strategy Realization Activities?

A

Action taking: Hands-on activities (work of setting up and operating) intended to implement

Performance control: the measuring (monitoring and control) of whether actions are in line with options selected and results are in line with anticipated intent.

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20
Q

What is deliberate strategizing?

A

The ability of acting intentionally; so thinking before acting

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21
Q

What is Strategy Emergence?

A

The ability of thinking and acting at the same time and letting strategy emerge

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22
Q

What are the 5 advantages of deliberate strategizing?

A

Direction, Commitment, Coordination, Optimization, Programming

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23
Q

What are the 5 advantages of Strategy Emergence?

A

Opportunism, Flexibility, Learning, Entrepreneurship, Support

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24
Q

What are the two perspectives on balancing deliberateness and emergence?

A

Strategic planning perspective: Deliberately planned and executed course of action

Strategic Incrementalist perspective: Flexibly shaping the course of action by blending together patterns (courses of action) “let’s see how things play out”

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25
Q

What is the business system?

A

The specific configuration of resources, value-adding activities and product/service offerings directed at creating value for customers.

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26
Q

What is the organizational system?

A

How a firm gets its people to work together

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27
Q

What is Organizational Structure?

A

The clustering of tasks and people into smaller groups (i.e departments and roles). Depends on span of control….many layers of management (from board of directors and downwards)

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28
Q

What is market segment structure?

A

different groups of clients served (consumer market unit, small business

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29
Q

What is account based structure?

A

Different major clients served (ex the Johnson account unit, Smith account unit, Jones account unit)

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30
Q

What is Business unit structure?

A

Different product-market combinations being focused on (ex retail banking unit, private banking unit, investment banking unit)

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31
Q

What is product group structure?

A

Different products being focused on (ex savings and loans unit, stocks and bonds unit, foreign countries unit)

32
Q

What is brand-based structure?

A

Different brands being used (ex premium brand unit, B-brand unit, private labels unit)

33
Q

What is channel based structure?

A

Different distribution channels being used (ex online retailing unit, retail stores unit, franchise support unit)

34
Q

What is functional structure?

A

Different value-adding activities being carried out (ex marketing, operations, and human resource departments)

35
Q

What is technology-based structure?

A

Different core technologies being used (ex mechanical technology unit electronic unit, digital unit)

36
Q

What is Geographical structure?

A

Different location of activities (ex Europoean division, Asia/Pacific division, Americas Division)

37
Q

What is supply based structure?

A

Different core inputs (ex oil division, gas division, renewables division)

38
Q

What is supply channel structure?

A

Different supply channels being focused on (direct purchasing unit, auction-focused unit, intermediary-based unit)

39
Q

What is supplier based structure?

A

Different core suppliers being focused on (ex supplier Robertson unit, supplier Peterson unit, supplier Carlson unit)

40
Q

What is Organizational Process?

A

The arrangements, procedures, and routines to control and coordinate the people and units within organizations

Processes can range from formal to informal

Organization-wide processes (accounting) to limited-scope processes (procurement of a particular resource)

Long term to short term processes

41
Q

What is organizational Culture?

A

The worldview and behavioral patterns shared by organizational members

common ideology, language, and values that narrow behaviour

Culture can be very hard to change (training)

42
Q

What is scope when it pertains to magnitude?

A

Are the change steps broad? Involving manyparts of the business system and organizational system (structures, processes, and culture). Or more narrow (fewer parts)

43
Q

What is the issue of strategic renewal?

A

How can a path of strategic changes be followed to constantly renew the firm?

44
Q

What are the 3 main pathways of strategic renewal?

A

Areas, Magnitude, Pace

45
Q

What is Areas?

A

Does the strategic change take place in the business or in the organizational system?

46
Q

What is Magnitude?

A

What is the scope and the amplitude of the strategic change?

47
Q

What is Pace?

A

What is the speed and what is the timing of change?

48
Q

What is Business System

A

The specific configuration of resources, value adding activities and product/service offerings directed at creating value for customers

49
Q

Organizational System

A

How a firm gets its people to work together

50
Q

What is Organizational Structure

A

The clustering of tasks and people into smaller groups (ex departments and roles)

51
Q

What are the Output based ways an organization can structure itself

A

Market segment structure–> Different groups of clients served (ex large business unit, small business unit)

Account based structure–> different clients served (ex the smith account, Jones account)

Business unit structure–> different product market combinations being focused on (ex retail banking unit, private banking unit, investment banking unit)

Product group structure–> different products (ex saving and loans unit, stocks and bonds unit, etc)

Brand based structure–> different brands (ex premium brand unit, B-brand unit, private labels)

Channel based unit–> different distribution channels used (online retail, retail stores, franchisee support)

52
Q

What are the throughput ways an organization can structure itself?

A

Function structure–> Different value-adding activities being carried out (ex marketing, operations, and human resource department)

Technology-based structure–> Different core technologies being used (mechanical technology unit electronic unit, digital unit)

Geographical structure–> Different locations of activities (ex European division, Asia/Pacific division, Americas division)

53
Q

What are the input-based ways an organization can structure itself?

A

Supply based structure–> Different core inputs (ex oil division, gas division, renewables division)

Supply channel structure–> Different supply channels being focused on (ex direct purchasing unit, auction-focused unit, intermediary-based unit)

Supplier based structure–> Different core suppliers being focused on ( ex supplier Robertson unit, supplier Peterson unit, supplier Carlson unit)

54
Q

What is Organizational process?

A

The arrangements, procedures, and routines to control and coordinate the people and units within organizations. processes can be informal or formal

Organization wide processes (accounting) to limited scope processes (procurement of a particular resource)

Long term to short term processes

55
Q

What is Organizational Culture?

A

The worldview and behavioral patterns shared by organizational members

Common ideology, language, and values that narrow behavior

Culture can be very hard to change (needs training)

Strong cultures (buy in) can enable change processes

56
Q

What is scope as it pertains to Magnitude?

A

Are the change steps broad? Involving many parts of the business system and organizational system (structures, processes and culture). Or more narrow (fewer parts)

57
Q

What is amplitude as it pertains to magnitude?

A

Do the change steps you will engage in across the organization (scope) reflect high or low degrees of adjustments for the business system and different aspects of the organizational system (small/large changes to culture, structure, processes)

58
Q

What are the two pace of changes?

A

Timing of change: The moment at which the change steps are to be initiated (intermittent or constant)

Speed of change: The time span within which change steps take place

59
Q

What are the layers of the onion?

A

From out to in: Macro environment layer, Industry Layer, Competitors and Markets Layer, The organization

60
Q

What is the Macro environmental layer?

A

The social, economic, and environmental “focuses” that are/should drive the firm’s actions

61
Q

What is the Industry Layer?

A

How do we describe our industry and how do we analyze the competitive forces that determine its attractiveness (our strategy’s likelihood of success)

Industry=group of firms producing the same crap

62
Q

What is Competitive advantage?

A

Organizational attribute that allows it to outperform its competitors in its markets

63
Q

What is the product/service offerings (output) way of having competitive advantage?

A

The firm must develop a superior value proposition (better fitted to client needs than other firms)

64
Q

What is the activity system (throughput) way of having competitive advantage?

A

The firms must be able to develop and supply the superior product

65
Q

What is the resource bases (inputs) way of having competitive advantage?

A

The firm must have access to a resource base to develop and supply the superior product

66
Q

What are the risks of being unfocused in product offering?

A

Low economies of scale–> The less specialized the company, the lower the opportunity to leverage the resource base

Slow organizational learning–> Being involved in a multitude of products slow down the ability to build up specific knowledge and capabilities

Unclear brand image–> In general, companies that stand for everything ten to stand out in nothing

Unclear corporate identity–> Unfocused companies will have difficulty explaining why its people are together in the same company

High organizational complexity–> Highly diverse products and customers also create an exponential increase in organizational complexity

Limits to flexibility–> Less specialized firms are often forced into certain choices due to operational necessity

67
Q

How to avoid having an unfocused Product Offering?

A
  1. Delineate your industry: Who are your competitors, who aren’t?
  2. Segment your market: Who are your customers, who aren’t?
68
Q

What are the product bases for competitive advantage?

A

Price: Could have a low cost product offering, activity system, and resource base

Features: Could have different intrinsic functional characteristics than competing offerings

Bundling: Selling a package of products/services “wrapped together”

Quality: A firm’s product offering doesn’t have to be different, it just has to be better

Distribution: Having the product available at the right place, at the right moment and in the right way is sometimes the most important aspect for customers

Image: Firms can gain advantage in the competition for customers’ preference by having a more appealing image than competitors

Relations: Customers prefer to know their suppliers well, as this gives them more intimate knowledge of the product offering being provided

69
Q

What is an activity system?

A

Integrated set of value creation processes leading to the supply of product service offerings

70
Q

What are primary activities?

A

Activities that are involved in the physical creation, sale, transfer, and support of products.

71
Q

What are some examples of primary activities

A

Inbound logistics: Activities associated with receiving, storing, and dissenting inputs

Operations: Activities associated with transforming inputs into final products

Outbound logistics: Collecting, storing, and physically distributing products/services to buyers

Marketing & Sales: Providing a means by which buyers can purchase products

Service: Providing service to enhance or maintain the value of products

72
Q

What are support activities

A

They facilitate the primary process

73
Q

What are some examples of support activities

A

Procurement: Purchasing of inputs to facilitate all other activities

Technology Development: The improvement of technologies throughout the firm

HRM: Management of personnel

Firm Infrastructure: activities that support the entire value chain

74
Q

What is Benchmarking

A

Understanding how organizations compare with others; typically competitors

75
Q

What are the 2 approaches to benchmarking?

A

Industry/sector benchmarking–> comparing performance against other organizations in the same industry/sector against a set of performance indicators

Best-in-class benchmarking–> comparing an organization’s performance or capabilities against “best-in-class” performance - wherever that is found even in a very different industry (Ex BA benchmarked its refueling operations against Formula 1).

76
Q

What is Market Adaptation?

A

The ability to understand the rules of the game in the market where one is operating

77
Q

What is Resource Leveraging?

A

Creating value by controlling, disseminating assets across the business and organizational system

MGMT 4P90 (1 decks)

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