MAP2 Study 11 Review on PSTI Flashcards
What do we call the four domains of transaction?
Planning, Strategy, Tactics, and Implementation
What is a plan?
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.
What is planning?
Planning is the activity required to produce a plan.
What are the three specific areas of study, deliberate practice, and skill required for proper planning?
inquiry, inventory, and invention
What are the three resource categories we identify?
tangible, intangible, and human resources
What are the “three I’s” of the invention?
insights, ideas, and innovation
What is a strategy?
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.
There are three elements we identify as fundamental to building any effective strategy — what are they?
Value disciplines, value characteristics, and an accurate understanding of competition comprise the fundamental elements we must consider in the transactional domain of strategy.
What are the three value disciplines we study in this program? Describe each.
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
What are the three reference books we refer to when we look to identify value characteristics?
Influence, 22 Immutable Laws of Marketing, and Focus?
What do we suggest as the most powerful way to gain competitive advantage in the marketplace?
highly specialized offers of substantial help built on one value discipline
What is economic action?
the activity required to produce meaningful and valuable exchange
What one word best describes the essence of economic action?
how objects are exchanged
What is a tactic?
the articulation of ordered and specific work
What is the ‘two-pronged test’ a tactic should meet to be powerful and effective?
- Meet the minimum standard required of a contract (offer, acceptance, and consideration)
- Meet the requirements of a simple transaction (one exchange for each Condition of Transaction)
How do value disciplines support the construction of powerful and effective tactics?
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.”
Explain in your own words the relationship between value disciplines and value characteristics.
Value disciplines inform where to focus/concentrate resources for differentiation in the market
Value characteristics inform the tactics that align with the value disciplines
Give one example of a tactic you have constructed that produces a clear demonstration of the value discipline on which you rely.
Go ahead, for practice, think of one.
What are the constitutive elements of deliberate practice?
Designed specifically to improve performance Repeated a lot Feedback is continuously available Highly demanding mentally, and Not much fun
What is the ultimate determinate of value?
Worth - what someone is willing to exchange for it
The transactional domain of tactics is centered in what Condition of Transaction?
Contract
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.
Commitment
