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UNE - MM403 Strategic Planning and Management > Open Office Revision CSV > Flashcards

Open Office Revision CSV Flashcards

1
Q

What are the 5 Elements of a Strategy? SAVED

A
  1. Compliance - SCAM Awareness Training - Phriendly Phishing

Arenas where will we be active

  1. Vehicles how will we get there
  2. Differentiators how will we win in the marketplace
  3. Staging what will be our speed and sequence of moves
  4. Economic logic how will we obtain our returns
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2
Q

What is Paralysis by analysis?

A

A retreat into abstraction and conservatism that relies obsessively on numbers, analyses, and reports and becoming bogged down in analysis Analysis paralysis describes an individual or group process when over-analyzing or overthinking a situation can cause forward motion or decision making to become ‘paralyzed’, meaning that no solution or course of action is decided upon. A situation may be deemed as too complicated and a decision is never made, due to the fear that a potentially larger problem may arise. A person may desire a perfect solution, but may fear making a decision that could result in error, while on the way to a better solution. Equally, a person may hold that a superior solution is a short step away, and stall in its endless pursuit, with no concept of diminishing returns.

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3
Q

What are the 6 Key Evaluation Criteria for a Strategy?

A
  1. Does your strategy fit with what is going on in the environment?
  2. Is there healthy profit potential where you are headed?
  3. Does your strategy align with the key success factors of your chosen environment?
  4. Does your strategy exploit your key resource
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4
Q

What do we mean by Strategic Management?

A

Strategic Management is defined as the achievement of sustainable competitive advantage

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5
Q

What does VRIO mean?

A

V -Value

R -Rareness

I - Inimitable

O - Well Organised

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6
Q

What are the 8 elements of the Macro-Environment?

A

P - Political

E - Economic

S - Socio-Economic (Including Deomographic

T - Technological

L - Legal

I - International

E - Environmental

D - Demographic

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7
Q

What is a VRIO test?

A

It is a test for the ability of resources and capabilities to create profits and sustained competitive leadership (sustained competitive advantage SCA)

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8
Q

What are Strategic Capabilities?

A

They are capabilities that are -Valuable-Rare-Inimitable (Unique or hard to replicate)-Well Organised that can be utilised to achieve sustained competitive advantage

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9
Q

What are Dynamic Capabilities?

A

They are strategic capabilities that are -Valuable -Rare -Inimitable (Unique or hard to replicate) -Well Organised and can be reorganised, developed combined with other capababilities to form new strategic capabilities

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10
Q

What are the 5Qs to test a Strategy?

A

1 What amount of growth and level of profitability does the organisation seek?

2 What products and services does it plan to produce?

3 What customer and geographic markets does it plan to service?

4 What generic strategy does it plan to follow to po

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11
Q

What is Strategic Group Analysis and how is it carried out?

A

It is used to analysis competition within an industry. It is based on the assumption that some organisations are more significant than others from a competitive point of view It should be carried out as follows 1. Identify the two major competitive chara

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12
Q

What are the 5 stages in the Social Responsibility Continuum?

A

Irresponsible

Compliant

Fragemented

Strategic

Social Advocacy

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13
Q

What are the 5 generic strategies?

A
  1. Broad Coast Leadership
  2. Focussed Cost Leadership
  3. Broad Diffferentiation
  4. Focussed Differentiatio
  5. Best Cost
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14
Q

What is low cost strategy?

A

The business aimes to be the overal lowest cost provider for a product or service serving a broad cross section of the market. Will focus on driving down cost in all acvtivities of the value chain Useful for undifferentiated products where buyers are pr

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15
Q

What is a differentiation strategy?

A

The business aimes to offer a unique product of service serving a broad cross section of the market. To be sustainable has to be lined to core conpetencies and internal capabilities and will provide lasting competive advantage with based on technical sup

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16
Q

What is a Target Market Strategy?

A

The Business aims for a niche or narrow segment of the market rather than aiming for mass market appeal and can be defined in many ways. i.e geographic, age, gender or by the product attributes. Works best when the product naturally aligns with a partic

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17
Q

What is a Best Cost Strategy?

A

The business emphasis is on Value rather than cost which is a combination of the lowest cost and the best possible quality. Best in markets where both price and quality are determinators and where there is already product differentiation

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18
Q

A Merger is defined as

A

a mutually agreed consolidation under joint ownership control of two or more previously independent entities

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19
Q

An acquisition is defined as

A

the successful purchase of enough shares in another organisation to obtain decision making control over it. ÿGenerally 50.1 percent of shares

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20
Q

What are the steps in an Acquisition?

A
  1. Identifying an acquisition target
  2. Valuation of the target
  3. Due diligence
  4. terms of payment
  5. negotiation of the final deal
  6. integration
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21
Q

Why consider an international strategy>

A
  1. Organisation strategic view.
  2. Capability transfer to a new market.
  3. Demand Pull
  4. Local Market Demand/Production Cost Imbalance
  5. Cost Reduction/Location Economics

Hubbard, Graham. Strategic Management eBook (p. 320). P.Ed Australia. Kindle Edit

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22
Q

What are the barriers to International expansion?

A
  1. Distance to Market
  2. Cultural Differences
  3. Infrastructure Support
  4. The role and Influence of government
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23
Q

What are the 4 International Strategies?

A
  1. Global Strategy - Same/Similar product sole in all countries
  2. Transnational Strategy - High foreign investment with extensive co-ordination with subsidiaries
  3. Multi-Domestic Srategy - Country -Centred strategu with a t number of domestic firms each
  4. Export
24
Q

What are the 4 drivers that lead to entering international markets?

A
  1. Market drivers?

the extent to which customer needs are homogeneous;

customers are international and want to purchase on a coordinated basis;

marketing practices, such as brand names and advertising, are transferable; and global channels, such as the internet are established

25
Q

What are the 8 key tasks for executing a strategy

A
  1. Capabilities
  2. Systems
  3. Leadership
  4. People
  5. Culture
  6. Perception
  7. Communication
  8. Business Plan
  9. Measures 10.
26
Q

What are the 10 elements of a Business Strategy?

A
  1. Business Strategy - Vision and Mission, Key Stakeholders and Values
  2. Environment - Macro-Environment and Industry.
  3. Capabilities - Functional, Economic, People & Systems
  4. Organisational Performance
  5. Gap Analysis
  6. Strategic Options - Business
27
Q

What are the elements of Vertical Integration?

A

Vertical Integration is when an organisation integrates usually adjacent elements in the supply chain, i.e. suppliers or buyers.. Integration can be backward or forward.

28
Q

What is backward integration?

A

Backward movement usually involves internal steps to reduce overall dependency on things like suppliers and service providers.

29
Q

What is forward Integration?

A

Forward integration is a form of vertical integration in which a company takes control of business activities once performed by its distribution or retail customers.

30
Q

What is Emergent Strategy?

A

Emergent Theory - Mintzberg argues that Strategic Planning and Strategic Thinking are two different things and the First has ruined the second. He argues also that the think, Plan, Act model of strategic management is too restrictive. He argues that Intuition and creativity has a place in strategy development. He argues that this should be the task of Busines Unit Planners, whilst Planners should assist with finding patterns and existing strategies within an organisation; Doing the formal analysis and supplying the hard data; and questioning the conventional wisdom and assumptions and encouraging managers to think more strategically.

31
Q

What is Dynamic Strategy?

A

It is when two other elements are add, Innovation and Learning. Dynamic Organisations: do not take industry conditions as a given do not let competitors set the parameters of their thinking They sought commonalities between their market segments and aimed for mass markets rather than segments Were not restricted by current resources and capabilities and to adapt them to suit their strategies

32
Q

What is Dynamic Strategy?

A

It considered other elements that are changing the conditions: - Innovation and Learning - Competitors, Lifecycles and execution Dynamic Organisations: do not take industry conditions as a given do not let competitors set the parameters of their thinking They sought commonalities between their market segments and aimed for mass markets rather than segments Were not restricted by current resources and capabilities and to adapt them to suit their strategic think in terms of total solutions for customers rather in terms of traditional products and services

33
Q

What does the emergent strategy approach identify as the four challenges for planned strategy?

A
  1. Where possible it should involve stakeholders and managers in setting the strategy 2. Through Communications and C-suite commitment and exemplification, they should convince the key stakeholders that the strategy is good 3. be flexible when unplanned , but valuable, opportunities emerge in line with the planned direction 4. Allow for unexpected problems that will undoubtedly emerge as the organisation tries to implement its plan
34
Q

What are the 3 diversification theories?

A
  1. Related Diversification 2. Unrelated Diversification 3. Combination of Related/Unrelated Diversification
35
Q

What is the model for implementing strategy?

A
36
Q

What are the golden rules for strategy development?

A
  1. Corporate strategy must add VALUE over and above the value of the existing business 2. A corporation must create more value than would be created by another
37
Q

Why would a corporation create a diversification strategy?

A
  1. The macro-environment becomes unattractive 2. The industry competitive environment become unattractive 3. The strategic intent of the organisation contains more than one business 4. The business has surplus capability or capability gaps 5. The Diversification aims to achieve managerial goals
38
Q

What are the 4 Qs of Corporate Strategy (Diversified) ?

A
  1. How much growth is desired?
  2. What is the corporate vision of the organisation?
  • What umbrella holds all of the companies together?
  • What is the reason for these businesses being linked together structurally within this multi-business organisation?
  1. How are the businesses related together across the organisation to create value?
  2. What position does the organisation want to achieve?
39
Q

In a diversified organisation, how can the centre add value?

A

1. Improvements to individual business units

  • Transference of skill
  • Sharing activities - Improved management systems

2. Increased value of new business options

  • Widening skills,
  • strategic vision
  • provision of investment capital

3. Value created by financial restructuring

  • Acquisition of business units
  • reduction in the cost of capital
  • reduction in tax

4. Negative value

  • Corporate office overheads
  • compliance systems and policies
  • time delays in decisions
  • reduced motivation of indirect employees
40
Q

Unrelated Diversification Strategies include

A
  1. Opportunistic Strategies
  2. Shareholder value strategies
  3. Family Conglomerates
  4. Capability based strategies
41
Q

What are the advantages of Diversification?

A
  1. Efficient capital allocation
  2. Management development
  3. risk mitigation
  4. Enhanced strategic options
  5. Enhanced control systems
42
Q

What makes a diversification strategy “related”?

A
  1. Capability
  • either from parent to child or child to parent
  • sharing knowledge
  • best practice
  • sharing operating activities
  • selling existing products into new channels
  • selling new products into existing channels
  1. Product or Market
  • Market penetration
  • Market development
  • Product development
  • Unrelated - new products to new customers
  • Backward vertical integration - i.e. Telsa establishing battery factory
  • Forward vertical integration
43
Q

What is the difference between Leadership and Management Tasks

A
44
Q

What are the different types of systems?

A
  1. Operating
  2. Information
  3. Financial and Budgeting
  4. Decision-making
  5. Reward
45
Q

Effective execution of systems requires:

A
  1. Clear processes which are accepted across the organisation
  2. operational and technical efficiency
  3. good control systems for reseource management
  4. Rigorous and current performance management
  5. a culture of continuous improvement
  6. ability to adapt rapidly when necessary
46
Q

What are the pitfalls of Organisational Structure?

A
  1. Organisational structures change continually
  2. Few organisations remain pure in culture
  3. Formal structure usually ignores many other informal groupings
  4. Informal structure has a strong influence on culture and behaviour
  5. Good people work around formal structures
47
Q

What are the key attributes of People within a strategy implementation

A
  • Actions and behaviours within an organisation are enacted by people
  • People can create value with their Knowledge Skills Abilities and orientations (KSAO)
  • KSAO and people’s attitudes significantly affect organisational performance
  • Knowledge-based organisations especially need to developed systems that encourage individual input
  • “Right people” are better than “Best people” - People who fit the specific needs of the organisation, including its culture, should be employed, not necessarily those with the best qualifications or experience
48
Q

What are the 4 questions to ask about Culture and Strategy fit?

A
  • What is the current culture?
  • Is it aligned to the strategy?
  • Are all the elements of the culture supportive of eachother?

What needs to be changed to increase fit?

49
Q

What are the 5 elements necessary for successful strategy implementation?

A
  1. Effective Systems
  2. Appropriate structure
  3. supportive culture
  4. the right people
  5. appropriate leadership
50
Q
A
51
Q

What are the 5 phases to the Strategy Process?

A
  1. Intelligence gathering and analysis
  2. Strategy formulation
  3. Master project planning
  4. Implementation
  5. Monitoring reviewing and updating
52
Q

What are the pitfalls of strategy implementation?

A
  1. Strategic intertia
  2. Lack of stakeholder commitment
  3. Strategic drift
  4. Strategic dilution
  5. Strategic isolation (incoherence)
  6. Failure to understand progress
  7. Initiative fatigue (overloaded)
  8. Impatience (unreasonable)
  9. Not celebrating success
53
Q

What are the 10 fundamental questions to form a strategic profile?

A
  1. What is the timeline?
  2. What basic beliefs and values underpin the organisation?
  3. What is the Product scope, emphasis, financial mix of the products that we will and will not offer?
  4. What is the Market scope, emphasis, financial mix of the markets, geographies, customers and end users we wil and will not serve?
  5. What are the key capabiltiies that we need to take our products to our chosen markets?
  6. What are our priorities for growth and new business?
  7. What is the basis for our competitive advantage?
  8. What growth and return expectations do we have?
  9. What critical issues - barriers to implementation - stand in the way of success?
  10. What vital few key indicators of strategic success should we track and measure?
54
Q

What are Hambrick & Fredicksens 6 Evaluation criteria for testing the quality of a Strategy?

A

Criteria 1. Does your strategy fit with what’s going on in the environment? Is there healthy profit potential where you’re headed? Does your strategy align with the key success factors of your chosen environment?

  1. Does your strategy exploit your key resources? With your particular mix of resources, does this strategy give you a good head start on competitors? Can you pursue this strategy more economically than competitors?
  2. Will your envisioned differentiators be sustainable? Will competitors have difficulty matching you? If not, does your strategy explicitly include a ceaseless regimen of innovation and opportunity creation?
  3. Are the elements of your strategy internally consistent? Have you made choices of arenas, vehicles, differentiators, and staging, and economic logic? Do they all fit and mutually reinforce each other?
  4. Do you have enough resources to pursue this strategy? Do you have the money, managerial time and talent, and other capabilities to do all you envision? Are you sure you’re not spreading your resources too thinly, only to be left with a collection of feeble positions?
  5. Is your strategy implementable? Will your key constituencies allow you to pursue this strategy? Can your organization make it through the transition? Are you and your management team able and willing to lead the required changes?
55
Q

What are the 4 Drivers that lead to Internationalisation?

A
  • Market
  • Cost
  • Government
  • Competitive

UNE - MM403 Strategic Planning and Management (11 decks)

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