MAP2 Study 11 Review on PSTI

Question 1

What do we call the four domains of transaction?

Answer 1

Planning, Strategy, Tactics, and Implementation

Question 2

What is a plan?

Answer 2

A personal or enterprise plan is the articulation of a course of action one can or must take to satisfy an aim chosen to satisfy a Condition of Life.

Question 3

What is planning?

Answer 3

Planning is the activity required to produce a plan.

Question 4

What are the three specific areas of study, deliberate practice, and skill required for proper planning?

Answer 4

inquiry, inventory, and invention

Question 5

What are the three resource categories we identify?

Answer 5

tangible, intangible, and human resources

Question 6

What are the “three I’s” of the invention?

Answer 6

insights, ideas, and innovation

Question 7

What is a strategy?

Answer 7

A strategy is an approach, method, or design for the allocation, commitment, and deployment of limited resources through a set of focused transactions to achieve a personal or enterprise plan.

Question 8

There are three elements we identify as fundamental to building any effective strategy — what are they?

Answer 8

Value disciplines, value characteristics, and an accurate understanding of competition comprise the fundamental elements we must consider in the transactional domain of strategy.

Question 9

What are the three value disciplines we study in this program? Describe each.

Answer 9

customer intimacy, product leadership, and operational excellence

Product leadership
- Best product, differentiated value
- Allocate resources to people and R&D
Operational excellence
- Best cost
- Allocate resources toward standardization and efficiency
Customer intimacy
- Best total solution, tailored to customer’s needs
- Allocate resources toward relationships with customers

Question 10

What are the three reference books we refer to when we look to identify value characteristics?

Answer 10

Influence, 22 Immutable Laws of Marketing, and Focus?

Question 11

What do we suggest as the most powerful way to gain competitive advantage in the marketplace?

Answer 11

highly specialized offers of substantial help built on one value discipline

Question 12

What is economic action?

Answer 12

the activity required to produce meaningful and valuable exchange

Question 13

What one word best describes the essence of economic action?

Answer 13

how objects are exchanged

Question 14

What is a tactic?

Answer 14

the articulation of ordered and specific work

Question 15

What is the ‘two-pronged test’ a tactic should meet to be powerful and effective?

Answer 15

1. Meet the minimum standard required of a contract (offer, acceptance, and consideration)
2. Meet the requirements of a simple transaction (one exchange for each Condition of Transaction)

Question 16

How do value disciplines support the construction of powerful and effective tactics?

Answer 16

My answer: They create concentration and focus for the tactics.

More: “Value characteristics frame tactics. It is not inaccurate to say that tactics use characteristics of value. The use of a weapon called reciprocation, for example, becomes strategic when it is used specifically to exemplify a value discipline.”

Question 17

Explain in your own words the relationship between value disciplines and value characteristics.

Answer 17

Value disciplines inform where to focus/concentrate resources for differentiation in the market
Value characteristics inform the tactics that align with the value disciplines

Question 18

Give one example of a tactic you have constructed that produces a clear demonstration of the value discipline on which you rely.

Answer 18

Go ahead, for practice, think of one.

Question 19

What are the constitutive elements of deliberate practice?

Answer 19

Designed specifically to improve performance
Repeated a lot
Feedback is continuously available
Highly demanding mentally, and
Not much fun

Question 20

What is the ultimate determinate of value?

Answer 20

Worth - what someone is willing to exchange for it

Question 21

The transactional domain of tactics is centered in what Condition of Transaction?

Answer 21

Contract

Question 22

What is the transactional narrative for the Condition of Transaction on which tactics rely?
In your answer also characterize why tactics and bargaining (negotiating, haggling, etc.) are of concern in this domain.

Answer 22

Commitment