Lec11 Flashcards
Strategy formulation
Strategy formulation is the process by which an organisation chooses actions to achieve its defined goals
Types of strategy
Corporate - Corporate strategy - focus / diversification. Global
Buisiness - competitive strategy - differentiation / cost
Function: functional strategy - r&d, marketing
Region - regional strategy - market pen/development
Product / service - product / service strategy - marketing mix
Strategy should fulfill six central criteria for formulation and execution
For sustainability: plausibility and consistentcy
For acceptability : performance impact and business risk
For feasibility: stakeholder compatibility and internal readiness
Generic strategies
Generic strategies are called generic because they reflect basic approaches that can be applied by any type or size of organisation across different Industries
Eg mck/ ge portfolio and bcg portfolio
Generic strategy formulation example: product market matrix
The product market grid provides a framework for elaborating on intensive growth opportunities within an existing business scope
Current products current markets = market pen
Current products and new markets= market dev
New products and current markets = prod dev
New products and new markets = diversification
Information that should be considered when formulating strategies
Need to look at scope, Goal, advantage creation, comparison and primary perspective
Look at corporate vs business
Corporate multiple businesses, parenting ad, corporate management has pos impact on businesses
Business strategy: single business, comp ad, business management creates customer value
Proposition
Formulation of an international strategy
Scope and goals: international business expansion
Ad creation: international com ad
Comparison: management of competition - exploit success factors of competitors
Primary perspective: how and which international stakeholders could be addressed
Six barriers to strategy execution
People barrier - management incentives linked to strategy?
Resource barrier - don’t link budgets to strategy
Skill barrier - sufficient skills to execute strategy
System barrier - don’t hAve THe processes in place
Leadership barrier - leaders talking about strategy
Vision barrier - workforce understanding strategy
Drivers for strategy orientated behaviour
3 things link to strategy
So SHOULD (goals, actions)
CAN (resources, skills)
WANT(incentives and attitudes
Fit between a company’s strategy, culture and structure and the environment
Effective strategy execution in an organisation requires an appropriate match of the three interrelated components strategy, structure and culture
The ideal typical process of a successful presentation
- Preparation - whose audience, sufficient knowledge
- Structure - what is central message of presentation, which info should I provide to justify arguments
- Presentation- how do I present myslef, which tools do I use?
- Result analysis - what have I achieved, in hat would I change for my next presentation
How to start a presen: create a good first impression
Catch the audiences attention and interest
Explain content and purpose of your presentation
Set the tone for the rest of the speech
