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Strategic Management > Lecture 2 - Definitions > Flashcards

Lecture 2 - Definitions Flashcards

1
Q

Who? Basic Financial Planning (Budgeting)

A

James McKinsey (1889-1937)

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2
Q

Who? Long-range planning (extrapolation)

A

George Steiner (1960s)

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3
Q

Who? Strategic (externally oriented) planning

A

Alfred Chandler (1962)

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4
Q

Who? Strategic management

A

Igor Ansoff + Porter, Barney (1980s)

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5
Q

Who? Complex Systems Strategy

A

Mintzberg, Eiseinhardt, Prahalad, Hamel, D’Aveni (1990s)

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6
Q

What? Basic Financial Planning (Budgeting)

A

Budgeting would support strategic objectives of firm and all strategic choices

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7
Q

What? Long-range planning (extrapolation)

A

5 year budgets and detailed operating plans

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8
Q

What? Strategic (externally oriented) planning

A

External events influencing corporate performance

Business units strategic tactics vs. corporate strategies

Salaried professionals vs. traditional owner managers

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9
Q

What? Strategic management

A

Pillars:

1) Strategic planning
2) Capability of a firm to convert written plans into market reality

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10
Q

What? Complex Systems Strategy

A

…failure of equilibrium strategic model…

Environment must be understood in terms of its complexity, chaos and ecological constructs

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11
Q

ESM

A

Equilibrium strategic model

What the firm has done in the past it will do in the future with the same success

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12
Q

Strategic management is interested in:

A

The whole of the business

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13
Q

Strategic management asks:

A

How can companies compete successfully?

Why do some companies succeed while others fail?

What managers can really do?

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14
Q

Chandler’s definition of strategy

A

‘..the determination of the long-run goals and objectives of an enterprise and the adoption of courses of action and the allocation of resource necessary for carrying out these goals’

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15
Q

‘..the determination of the long-run goals and objectives of an enterprise and the adoption of courses of action and the allocation of resource necessary for carrying out these goals’

A

Alfred Chandler (Strategic planning)

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16
Q

‘Competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value’

A

Porter

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17
Q

Porter’s definition of strategy

A

‘Competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value’

18
Q

‘Strategy is firms’ theory about how to compete successfully’

A

Jeremy Barney

19
Q

Jeremy Barney’s definition off strategy

A

‘Strategy is firms’ theory about how to compete successfully’

20
Q

Johnson, Scholes and Whittington, 2008 (6)

A

the direction and scope of an organisation

over the long term

which achieves advantage

in a changing environment

through the configuration of resources and competences

with the aim to fulfil stakeholder expectations

21
Q

the direction and scope of an organisation

over the long term

which achieves advantage

in a changing environment

through the configuration of resources and competences

with the aim to fulfil stakeholder expectations

A

Johnson, Scholes and Whittington, 2008

22
Q

What are stakeholders?

A

Individuals or groups that depend on an organisation to fulfil their own goals and on whom, in turn, the organisation depends

23
Q

Individuals or groups that depend on an organisation to fulfil their own goals and on whom, in turn, the organisation depends

A

Stakeholders

24
Q

3 pillars of strategy:

A

Content

Process

Context

25
Q

Strategy context

A

The environment where an organisation operates

Political, social, economic and competitive environment conditions

Corporate culture, structure and organisational politics

26
Q

Content of strategy:

A

Corporate level

Business level

Operational level

27
Q

Corporate-level strategy

A

Overall purpose and scope of an organisation and how to add value to business units

(PRODUCT-MARKET DOMAIN)

28
Q

Business-level strategy

A

The way a business seeks to compete successfully in its particular market

(COMPETITIVE APPROACH)

29
Q

Operational-level strategy

A

How different parts of the organisation deliver the strategy in terms of managing resources, processes and people

(RESOURCES & CAPABILITIES)

30
Q

Process of strategy

A

How the strategy will be developed, and who will be involved

Deliberate vs. emergent strategies

31
Q

Strategy statements should have … aims:

A

3 aims:

Fundamental goals organisation seeks which draw on stated mission, vision and objectives

Scope or domain of organisation’s activities

Particular advantages or capabilities it has to deliver all of these

32
Q

Mission

A

Overriding purpose in line with values/expectations of stakeholders

33
Q

Vision

A

Desired future state of organisation - ASPIRATIONS

34
Q

Objectives

A

Quantifiable statements of organisations goals over some period of time

Precise statement of goal

35
Q

Scope

A

Customers, geographical location, and extent of internal activities (vertical integration)

36
Q

Advantage

A

Organisations competitive advantage

37
Q

Strategic capability

A

Resources, activities, processes

38
Q

Strategic position

A

Impact on strategy of:

external environment,

organisation’s strategic capability (resources and competences)

organisation’s goals

organisation’s culture

39
Q

Strategic choices:

A

Options for strategy in terms of direction and methods

40
Q

Strategy in action:

A

How strategies are formed and implemented

Emphasis on:

practicalities of managing,

planning and allocating resources,

forming and re-forming organisational structure,

managing strategic change

Strategic Management (13 decks)

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