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Strategic Management > L5- Corporate Entrepreneurship & Strategic Renewal > Flashcards

L5- Corporate Entrepreneurship & Strategic Renewal Flashcards

1
Q

entrepreneurial opportunities

A

the conditions in which new goods/ services can satisfy a need in the market

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2
Q

strategic entrepreneurship

A

actively searching for opportunities (entrepreneurship) and then internally deciding on the best way to adapt and innovate (strategy) for long-term success.

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3
Q

three types of strategic entrepreneurship

A
  1. startups
  2. corporate entrepreneurship
  3. venture capital
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4
Q

Bottom Up/ Autonomous Strategic Behavior

A

Employees at various levels take initiative to drive innovation and pursue entrepreneurial opportunities independently within the company.

Usually involves radical changes

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5
Q

Top Down/ Induced Strategic Behavior (often Incremental)

A

Leadership directs strategic initiatives, guiding the company towards innovation.

Typically involves incremental, step-by-step changes aligned with existing goals and strategies.

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6
Q

two types of innovation:

A
  1. incremental: building on existing knowledge bases, and making small improvements
  2. radical: significant technological breakthroughs and the creation of knowledge
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7
Q

challenges of corporate entrepreneurship (4)

A
  1. focus on existing activities
  2. resource constraints
  3. success uncertainty
  4. sunk costs and long term contracts
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8
Q

strategies to overcome corporate ent. challenges (4)

A
  1. cross functional product dev. teams
  2. resource allocation for exploration
  3. support and legitimacy
  4. internal entrepreneurial culture
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9
Q

path dependence

A

the constraining influence of past stages of development on future decisions.

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10
Q

inertia

A

persistent resistance to changing organizational features

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11
Q

fitness

A

the organizational capacity to learn and change behavior/ capabilities to fit to changes in the org. environment.

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12
Q

Hypercompetition is an environmental condition characterized by:

A
  1. rapidly escalating competition
  2. high uncertainty
  3. heterogeneity of players
  4. constant change
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13
Q

mainly selection argues that

A

firms are limited to adapt to changing environments

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14
Q

mainly adaptation argues that

A

firms can intentionally adapt to changing environments

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15
Q

what’s under mainly selection? (4)

A
  1. population ecology
  2. evolutionary
  3. resource based
  4. institutional
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16
Q

what’s under mainly adaptation (4)

A
  1. dynamic capabilities
  2. behavioral
  3. learning
  4. strategic choice
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17
Q

structural inertia is under

A

population ecology

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18
Q

according to population ecology, what does structural inertia rise from?

A

investments in specialized assets
bounded rationality
political constraints
barriers to exit

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19
Q

evolutionary theory’s approach to strategic renewal

A

Views strategic renewal as a gradual process over time
Similar to nature, successful strategies endure.

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20
Q

competence trap relates to the ?? theory

A

resource based view under mainly selection

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21
Q

institutioal theory focuses on

A

ISOMORPHISM
why do all firms do the same things?

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22
Q

types of isomorphism (3)

A
  1. coercive
  2. normative
  3. mimetic
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23
Q

coercive isomorphism

A

same practices due to regulatory policies and political influence, compelling conformity

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24
Q

normative isomorphism

A

shared industry values and unwritten rules

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25
Q

mimetic isomorphism

A

firms imitate the strategic behavior of successful counterparts, fostering replication.

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26
Q

dynamic capabilites theory focuses on …

A

strategic renewal
allowing companies to keep core strengths fresh and adapt to evolving business environments.

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27
Q

what does dynamic capabilities theory assume?

A

Companies can develop new skills beyond their current abilities

Organizational learning is crucial for companies to become smarter and better over time.

28
Q

behavioural theory view of organizatons

A

Behavioral theory views organizations as groups of individuals, each pursuing goals and managing resources. This happens within the confines of bounded rationality.

29
Q

organizational slack

A

excess capacity within the organization. This surplus allows for strategic renewal by enabling the intentional allocation to develop new capabilities.

30
Q

according to learning theory, the primary driver of renewal is…

A

he capacity to observe, interpret, and use information for reconsidering alignment with the environment.

31
Q

Absorptive capacity

A

Absorptive capacity is the firm’s ability to appreciate, assimilate, and apply new external knowledge

32
Q

learning theory focuses on (key terms)

A

absorptive capacity
explorative vs. exploitative learning

33
Q

Strategic choice theory sees strategic renewal as a

A

dynamic dance between managerial actions and external forces

34
Q

according to the strategic choice theory, decision makers…

A

Decision-makers are not merely responding; they are actively leading, adjusting their moves to the changing external factors.
Management can choose from an array of strategic options to implement: ‘degrees of freedom’

35
Q

renewal trap is under (..) theory

A

strategic choice theory

36
Q

flexibility trap

A

inherent tension between exploration and exploitation because they require different org. structures and processes

37
Q

strategic flexibility

A

giving the organization a set of tools to quickly and effectively change its goals when faced with unexpected shifts in the business environment.

38
Q

types of flexibility are based on:

A

variety & speed

39
Q

Structural Flexibility has X speed X variety

A

structural flexibility has low speed, high variety

40
Q

Operational flexibility has x speed x variety

A

operational flexibility has high speed, low variety

41
Q

the four types of flexibility

A
  1. strcuctural
  2. strategic
  3. operational
  4. steady-state
42
Q

steady state flexibility

A

Keeps things stable with minimal changes, and when adjustments occur, they’re gradual.
(low speed, low variety)

43
Q

operational flexibility

A

Maintains stability with minimal changes, and adjustments, when needed, happen gradually.

Leverages routine capabilities for swift responses to familiar environmental changes, like variations in product volume and use of temporary labor.

44
Q

structural flexibility

A

making intentional, slower adjustments to how the organization is set up.
Changes address things like the organization’s structure, managerial roles, alliances, and how products are designed together.

45
Q

strategic flexibility

A

Rapidly adjusting strategic goals to address a wide range of external changes.

Strategic change, fundamentally reviewing products, impacting institutional rules.

46
Q

4 organizational forms to cope with competitive environments

A
  1. rigid
  2. planned
  3. flexible
  4. chaotic
47
Q

going from the direction of rigid to chaotic is called a

A

reverse trajectory of revitalization

48
Q

going from the direction of chaotic to rigid is called a

A

natural trajectory of routinization

49
Q

what type of flexibility is this?
Quick adjustments to routine capabilities for known changes.

A

operational flexibility

50
Q

what type of flexibility is this?
Slower but more comprehensive changes to organizational structure for complex or less predictable environmental changes.

A

structural flexibility

51
Q

what type of flexibility is this?
Rapid adjustments in strategic goals to address a wide range of external changes.

A

strategic flexibility

52
Q

reverse trajectory of revitalization is when

A

established routines undergo intentional changes to create innovation and adaptability

53
Q

natural trajectory of routinization is when

A

repetitive tasks become standardized within an organization over time

54
Q

list all types of natural routinization (3)

A
  1. strategic focus
  2. maturation
  3. stagnation
55
Q

list all types of reverse revitalization (3)

A
  1. professional rev.
  2. entrepreneurial rev.
  3. strategic neglect
56
Q

what’s chaotic -> flexible?

A

strategic focus
evolving from disorderly to adaptable

57
Q

what’s flexible -> planned?

A

maturation
transitioning from adaptable to structured

58
Q

what’s planned -> rigid?

A

stagnation
moving from well-structured to inflexible

59
Q

what’s rigid -> planned?

A

proffesional rev.
restructuring initially rigid processes to revitalize

60
Q

what’s planned -> flexible ?

A

intentional changes to create flexibility, and innovation

61
Q

what’s flexible -> chaotic?

A

strategic neglect
devolving from flexibility to chaos due to neglect

62
Q

when top is passive and middle is passive

A

emergent renewal

63
Q

when top is passive and middle is active

A

facilitated

64
Q

when top is active and middle is active

A

transformational

65
Q

when top is active and middle is passive

A

directed

66
Q

Emergent renewal

A

happens naturally, without intentional planning. Changes occur spontaneously within the organization, adapting to circumstances rather than deliberate design.

Strategic Management (5 decks)

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