Oktober 19 Flashcards
Which three steps are needed to implement a strategy?
- Strategy Formulations
- Strategy Implementation
- Strategy Control
To implement a Strategy, there are 3 Steps needed:
- Stragey formulations
- Strategy implementation
- Strategy control
* –> give detailed information about point 1.*
- Strategy formulations
- external and internal assessment
- Goal setting
Instruments:
- PESTEL
- Porters 5 Forces
- SWOT/TOWS
To implement a Strategy, there are 3 Steps needed:
- Stragey formulations
- Strategy implementation
- Strategy control
–> give detailed information about point 2.
- Strategy implementation
Its all about Functional Strategies:
- Marketing
- Produktion
- Supply Chain
- R and D
- Procurement (Beschaffung)
- HR
- Finance, IT etc.
To implement a Strategy, there are 3 Steps needed:
- Stragey formulations
- Strategy implementation
- Strategy control
–> give detailed information about point 3.
- Strategy Control
all about methods of measurement:
- Return on investment
- Sales growth / Market share
- MNE/ host-country relations
- Management Performance
–> Kennzahlen!!!
Resource Based View
v.
Market Based View
Resource Based View:
What am I good at/excellent in?
–> Focus on unique competencies and postion the firm get the most of them
Market Based View:
Where (market/industry) can I be successful?
–> Postion in favour of industry attractiveness
Dort positionieren wo der Markt attraktiv ist
Strategy: What are de determinants of enterprise value and what exactly do I want to improve?
Profitability v. Profit growth
welche unterschiedliche herangehensweise gibt es bei den beiden determinanten?
Profitability:
- reduce cost
- add value and rise prices
Profit growth:
- sell more in existing markets
- enter new markets
How is the strategy influenced by the international business?
(7)
- Industry Structure and drivers
- competitive dynamics
- economic conditions
- political, legal and regulatory environment
- technological standards and trends
- cultural orientation
- custumor expectations
Strategy:
Name the 3 sustainable competitive advantages of Swiss SME
Quality ist King and also this 3 advantages:
Efficiency: lower the cost of the operations and activities on a global scale
Flexibility: ability to use local resources and exploit local opportunities (diverse and volatile enviornment)
Learning: unique learning opportunities because of diverse internatinal environment
Culture
Definition
“… Culture should be regarded as the set of
distinctive spiritual, material, intellectual and
emotional features of society or a social
group, and that it encompasses, in addition to
art and literature, lifestyles, ways of living
together, value systems, traditions and beliefs.”
“… Kultur sollte als die Gesamtheit der folgenden Aspekte betrachtet werden
unverwechselbare spirituelle, materielle, intellektuelle und
emotionale Merkmale der Gesellschaft oder eine soziale Komponente
Gruppe und dass sie zusätzlich zu den folgenden umfasst
Kunst und Literatur, Lebensstile, Lebensweisen, Lebensweisen
zusammen, Wertesysteme, Traditionen und Überzeugungen.”
Culture
Examples of the
visible vs. the invisible
visible:
Food, Art, Fashion, Literature, Language, Festivals, Music/Dance, Games
invisible:
Gender Roles, Greeting Rituals, Concepts of Beauty, Methods and Problem Solving, Concepts of Religion, Nonverbal Communication
Layers of Social Behavior
Universal
- The human nature
- universal values
- commonly shared world view
Layers of Social Behavior
Cultural
Values, ethics, norms, behaviour, etiquette, and communication patterns, that are all sharped by a particular group of people who share specific conditions that require specific solutions of adjustment that fits this particular context, e.g. language, technology, tools, communication,… Nurtures Cultural Diversity.
Culture at Two Levels
- The Pyschological Level
- The Institutional Level
1. The Psychological Level:
Focuses on internalized norms,
attitudes, values and behaviors of
individuals from a particular culture
2. The Institutional Level:
National or group culture embodied in institutions
(i.e. government, education, economic
institutions, & business organizations).
Culture:
Achivement v. Ascription (Zurückführung)
Achivement
–> Respect is given based on what you do
e.g. Steve Jobs
Ascription
–> Respect is given based on who you are
e.g. Prince Henry of Wales
Culture:
Affective vs. Neutral
Affective
Emotional
+ warm, engaged, spontaneous, expressive
- hysterical, over-reacting, unmanagemable, emotionally unstable
Neutral
Detached (distanziert)
+ balanced, reasonable, in-control, emotionally stable
- cold, detached, evasive (ausweichend)
Culture
Individualism v. communitarianism
individualism
–> focus on the individual, “I” Culture
+ competition, self-reliance, personal growth/fulfilment, freedom
- greed, waste, egotism, victim-blaming, lack of social purpose
communitarianism
–> focus on the group, “We” culture
+ cooperation, teamwork, social concern
- medocrity, slow progress, lack of individual initiative
Culture
Universalism v. Particularism
Culture
Sequential time v. Synchronous Time
Culture
Inner locus of control
v.
outer locus of control
Culture Summary
Universalism v. Particualrism
etc.
etc.
Culture
Key Points
‒ Cultural norms depend on the environment; Rules of engagement can change; Be ready to adjust and adapt.
‒ Social Behaviour is based on three layers: Universal, Cultural, and Personal.
‒ Culture unfolds on two levels: the Psychological Level (internalized norms, attitudes, behaviours, etc.) and the Institutional Level (national, societal, or group culture in government, economic in-stitutions, and business organizations).
‒ Stereotypes can be helpful in making generalizations but beware that they don’t interfere with communication and understanding.
‒ Cultural dimension models help us to identify, measure, and reconcile cultural differences.
Universalist vs. Particularist Business Behavior
Universalist Business Behavior
- Focus is more on rules than relationships
- Deal-oriented managers focus on the task at hand; can be impersonal,
typically use contracts, and want to “get down to business”
- Strive to treat all employees the same way via consistency and uniform
procedures
Particularist Business Behavior
- Focus is more on relationships than on rules
- Relationship-oriented managers value affiliations with people, and
getting to know the other party in business interactions
- Trust is highly valued in business agreements, and maintaining good
relationships can be more important than closing the deal
- Treat employees according to their special individual merits
Individualist vs. Communitarianist Business Behavior
Individualist Business Behavior
- People ideally achieve alone and assume personal responsibility.
- Conducting business alone means that this person is respected by
his or her company and has its esteem.
- Quick decisions are made by the person responsible.
Communitarianist Business Behavior
- People ideally achieve in groups which assume joint responsibility.
- Conducting business when surrounded by helpers means that this
person is respected by his or her company and has its esteem.
- Some time is taken in order to achieve group consent.
Culture
Specific vs. Diffuse
Time Oriented
- past, 2. present and 3. Future
1. Past-orientation: respect for ancestors, traditions, collective
historical experiences
2. Present-orientation: day-by-day experience directs people’s
life, focus on doing and action
3. Future-orientation: activities are directed toward future
prospects, focus on planning
Stereotyping
Definition
- … a common but oversimplified
and fixed image or idea of a
particular type of person or
thing - Based on the tendency to
group things together - Stereotypes are often
unconscious and in line with
our own cultural programming - By stereotyping, we tend to
exaggerate similarities of
things within the same group
and differences between
groups
Stereotyping
Cognitive economy
and
In-group favorability bias
Cognitive Economy
- Efficient categorization: negates the
need to re-assess specific situations
- Predictive ability: assumes knowledge
of how an “other” group will act,
behave, respond, etc.
In-Group Favorability Bias
- Social identity: a person’s sense of who
they are based on their group
membership
- Group membership: source of pride and
self-esteem, source of sense of
belonging
Culture
Pygmalion
v.
Golem Effect
Pygmalion Effect: Higher expectations
(positive prejudice) lead to increased
performance
- Golem Effect: Lower expectations
(biased, prejudice, etc.) lead to
decreased performance
Culture
Stereotypes
v.
Generalisation
Stereotypes
- Categorizing all members of a group as
having the same characteristics
- Selective and inflexible perception
- Observations are subjective, judgmental
- Clichés
Generalizations
- Categorizing many members of a group
as having similar characteristic tendencies
- Flexible perception
- Observations are neutral, objective
- Tendencies
