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E3 > Revision > Flashcards

Revision Flashcards

1
Q

The three overall types of strategic choice

A

How to compete (Porter)

Direction of growth. (Ansoff)

Method of growth (acquisition vs organic)

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2
Q

Business strategy

A

Concerned with how to compete successfully in particular markets.
This relates to the activities of a strategic business unit (SBU).

An SBU is a part of an organisation for which there is a distinct external market for goods or services
that is different from another SBU.

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3
Q

Corporate strategy 

A

Corporate strategy is concerned with overall scope and purpose.

 Geographical presence
 Products or services offered
 Compete on price or quality
 How resources are allocated

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4
Q

rational approach to strategy formulation

A

Complete an audit of resources and capabilities

apply known resources in capabilities to possible options 

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5
Q

A non-market strategy

A

A strategy that maintains relationships with governments, media regulators and society large to achieve sustainable advantage.

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6
Q

Downstream supply chain management

A

Coordinating the flow of information and goods with clients and customers 

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7
Q

Foresight techniques

A

Used to improve management communication and awareness of complex issues and to provide a better understanding of future potential outcomes of strategies.

It helps to build communication and consensus of ideas

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8
Q

Value chain and service industries

A

The value chain originally designed for using manufacturing context so can be difficult to apply to service businesses.

Making best use of the value chain is dependent on adopting at least some part of activity based costing, this can be time-consuming, difficult and expensive for service industries

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9
Q

Strategic analysis phase of the strategic planning process

A

Includes stakeholder analysis and gap analysis to identify the difference between desired and expected performance

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10
Q

A foreign direct investment strategy

A

An investment made by a company or individual in one country in business interest in another country

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11
Q

McKenzie 7S model

A

Structure

strategy

style

staff

shared values

skills

Systems

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12
Q

Kanter change adapt organisation attributes

A

Imagination to innovate

Professionalism to perform

Openness to collaborate

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13
Q

Dimensions of the building block model

A

Profit

Competitive performance

Resource utilisation

Quality

Innovation

Flexibility

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14
Q

Difference between shareholder value added and economic value added

A

Both are value based management measures designed to improve the market value added (MVA)) of an organisation.

SVA takes into account future earnings whereas EVA is based upon historic cost figures

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15
Q

A virtual organisation

A

One whose members are geographically apart, usually working by computer email and groupware while appearing to others to be a single unified organisation with a real physical location.

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16
Q

Competence syndication

A

Allowing customers to book third-party supplies through its website

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17
Q

Ansof Market penetration

A

To increase market share using existing products with an existing markets

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18
Q

Ansof Product development

A

Focus on the development of new products for existing markets

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19
Q

Ansof Market develop

A

Increase sales by taking existing product into Newmarket

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20
Q

Ansof Diversification

A

Often considered the most risky strategy for organisations and selling new products to Newmarket


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21
Q

Operational (or functional) strategies

A

Concerned with ‘making it happen’, ensuring the component parts of the organisation effectively deliver the corporate and business level strategies in terms of resources, processes and people.

It encompasses:
 HR strategy
 Marketing strategy
 Information and technology strategy
 Operations strategy

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22
Q

The three generic strategies (Porter)

A

Three strategic options for sustaining competitive advantage.

 Cost leadership
 Differentiation
 Focus

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23
Q

Ansoff’s product market matrix

A

After deciding on a generic strategy, the organisation has to decide which direction it will go in to pursue its generic strategy. Ansoff’s grid helps clarify the options.

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24
Q

Six market model

A

Recruitment

Customer

Supplier

Influence

Internal

Referral

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25
Q

The platform (r)evolution

A

global platforms are becoming easier to establish and cheaper to run.

Developments such as cloud computing and mobile technology offer huge potential for innovation and quicker delivery of next-generation services.

The rate of evolution is only going to increase.

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26
Q

Internal marketing:
6 market model

A

internal departments of an organisation support customer needs, staff must know that the customer matters.

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27
Q

Marketing to suppliers:
6mm

A

Marketing to suppliers: aimed at ensuring a long-term conflict-free relationship at good price, with targets for quality and delivery.

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28
Q

Recruitment marketing:
6mm

A

people provide services, therefore good recruitment procedures are
essential, may wish to have strong links with schools and universities.

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29
Q

Referral marketing:
6mm

A

Referral marketing: developing and implementing a marketing plan to stimulate referrals. It may take some time to implement successfully, but could be very effective.

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30
Q

Influence markets:

A

Influence markets: a range of sub-markets which can influence customers, including: government regulators, professional institutes, standards bodies, lobbyists, stockholders, bankers, venture capitalists, financial analysts, stockbrokers, consumer associations, environmental associations, and
labour associations.

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31
Q

Customer markets
6mm

A

Customer markets are made up of the final consumers of a product or service. Payne sub-divides customer markets into existing customers and potential customers, yielding seven rather than six markets.

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32
Q

CIMA elements of organisational sustainability

A

Strategy and oversight

Execution and alignment

Performance and reporting

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33
Q

Factors that will lead to arise in the value of real option

A

Will rise as the project becomes more uncertain and the duration of the option rises

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34
Q

Triple bottom line

A

The three peas,

Profits people and planet

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35
Q

Ossification

A

Ossification refers to an unwillingness to change the performance measurement mix once it is set up – even if the business needs change.

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36
Q

Sub-optimisation

A

Sub-optimization occurs when individual departments or teams prioritize their objectives without considering the broader organizational goals. This lack of alignment can lead to conflicting strategies and hinder the cohesive functioning of the entire organization.

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37
Q

The first stage of scenario planning

A

The first stage of scenario planning is identifying high-impact, high-uncertainty factors that could affect the organisation.

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38
Q

transnational business

A

an enterprise that is involved with the international production of goods or services, foreign investments, or income and asset management in more than one country.

The fact that it still has a home country in which it is based would indicate that it is not a transnational.

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39
Q

Multinational business

A

a company that operates in its home country, as well as in other countries around the world. It maintains a central office located in one country, which coordinates the management of all of its other offices, such as administrative branches or factories.

does not obviously coordinate value adding activities between its overseas facilities (they are all similar growing and processing facilities in each country) it is not a multinational

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40
Q

Issues analysis

A

Issues analysis involves analyzing risks through their probability and impact

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41
Q

Cross-impact analysis

A

Cross-impact analysis considers how key events may interact with each other and how this could affect the business

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42
Q

Leaders can then focus on four key areas in order to move towards a digital culture

A

Communication

Journey management.

Making changes visible

Continuous change monitoring 

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43
Q

Scenario planning involves a number of distinct stages.

A

Identify high-impact, high-uncertainty factors in the environment

For each factor, identify different possible futures

Cluster together different factors to identify various consistent futures
Write the scenario

For each scenario, identify and assess possible courses of action

Monitor reality to see which scenario is unfolding

Revise scenarios and strategic options as appropriate

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44
Q

Carroll’s four-part model of corporate social responsibility

A

Legal responsibility.

Ethical responsibility

economic responsibility.

Philanthropic responsibility - be a good citizen 

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45
Q

Rockart claims that there are four sources for CSFs:

A

The industry of the business is in

The company itself and its situation within the industry.

The wider environment

Temporal Organisational factors

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46
Q

Form competitors

A

Form competitors sell products that satisfy the same needs as ours (and target the same market segments) but which have significantly different technical specifications – such as tents and caravans.

47
Q

Carroll’s ethical responsibilities – responses

A

Reaction - denies any responsibility arguing it is not to blame

Defence - admit responsibility but fights it doing the very least that seems to be required 

Accommodation – the corporation responsibility does what is demanded of it by relevant groups.

Pro action the corporation 60 go beyond the industry norms and anticipates future expectations 

48
Q

Reintermediation

A

creating a new stage in the supply chain

49
Q

Disintermediation

A

removing a stage in the supply chain (such as selling direct to the end consumer)

50
Q

countermediation

A

would occur if one of HGH’s rivals set up their own, similar intermediary to compete with HGH.

51
Q

Industry analysis

A

likely to use Porter’s five forces

52
Q

A value driver

A

is an activity or feature, which enhances the perceived value of a product or service by customers.

53
Q

Derived demand

A

It is used to analyse a particular aspect of economic activity (i.e. the demand for electronics components) and use this to derive the demand for something else (i.e. demand for WEJ’s metals).

54
Q

expansion’ gap.

A

represents future performance after new strategic initiatives have been undertaken.

55
Q

diversification gap

A

Gap between desired performance and possible performance after levers have been pulled

56
Q

Retrenchment

A

radical cost cutting, fewer employees and product lines

57
Q

strategic grid model

A

is a contingency approach that can be used to determine the strategic relevance of IT to an organization

Support – low existing low future impact. ID has little relevance and simply supports existing processes

turnaround – low existing high future impact. IT features more on the business agenda in the future it may not have in the past

Factory – high existing low future impact important in terms of dates operations , but is not felt that any major IT developments on the horizon that will fundamentally alter the nature of the business. The key issue is the maintenance of existing systems.

Strategic – existing high future. How organisations view the current role of IT and the future development of IT will both be impacted.

58
Q

Prototyping

A

instead of waiting until a new product has been perfected before bringing it to market, an organisation should recognise that speed to market is vital. So, the first generation of a product may be only about 80% ready, but it provides vital feedback in terms of customer reactions and what needs to be done with the second version

59
Q

Competencies – critical success factors

A

A competencies are things that the business currently does well.

A critical success factor is something that business needs to do well in order to compete in its markets

60
Q

organisation’s cultural web

A

Myths and stories,

Power and relationships

Symbols and titles

Control systems

Organisational structure

Rituals and routines

The paradigm

61
Q

Value Shop

A

A value shop is an organization designed to solve customer or client problems, rather than creating value by producing output from an input of raw materials

Problem finding

Problem-solving

Choosing among solutions

Execution

Control/education 

62
Q

The traditional approach to strategic planning

A

involves identifying major stakeholders and developing strategies to satisfy them.

63
Q

Performance Pyramid (McNair, Lynch & Cross)

Levels

A

Business units – financial profit and market share.

Business operating systems – productivity, flexibility and customer satisfaction.

Department and work centres – waste, cycle time, delivery and quality 

64
Q

Martin’s 5Cs model

advantages of an organisation developing foresight

A

co-ordination
consensus.
Communication (Correct)
Commitment (Correct)
Concentration (Correct)

65
Q

Transaction marketing

A

focuses on the product, rather than the customer or service provided.

66
Q

Gap analysis

A

A comparison between an entity’s ultimate objective and the expected performance from projects, both planned and under way

67
Q

Counter skills for leaders in change adept organisations

A

Tuning into the environment

Challenging the prevailing organisational wisdom.

Communicating a compelling aspiration

Building coalitions

Transferring ownership to the work team

Learning to persevere

Making everyone a hero 

68
Q

disadvantages of scenario planning?

A

Time did rationality

High cost

Risk of self fulfilling prophecy

69
Q

Stochastic rivals

A

Stochastic rivals have no predictable pattern to their responses

70
Q

The paradigm

A

The paradigm is the overall aim and purpose of the organisation

71
Q

Non-market strategy

A

refers to an organisation’s relationship with groups other than its customers, competitors and suppliers.

72
Q

Pricing at the maturity product life cycle stage

A

Maturity involves a stable market with relatively high numbers of competitors. Price matching (or going-rate pricing) would be most suitable here.

73
Q

Vision statements

A

are the longer term aspirations of an organisation

74
Q

Power skills” of change agents

A

ability to work independently, without the power and sanction of the senior management hierarchy behind them, providing visible support 

ability to collaborate effectively 

ability to develop relationships based on trust, with high ethical standards 

self-confidence, tempered with humility 

being respectful of the process of change, as well as the substance of the change 

ability to work across different business functions and units 

a willingness to stake personal rewards on results, and gain satisfaction from success.

75
Q

Direct and indirect triggers

A

InDirect triggers a general environmental issues as would be found by pest analysis.

IDirect triggers are those the relative of the organisations industry and will be identified as part of the porters five forces

76
Q

Reasons for resisting change

A

*Job factors

Fear of technological unemployment

Fear of changes to working conditions.

Fear of demotion or reduced pay.

*Social factors

dislike need to break up current social environment.

Personal dislike of people implementing change.

Lack of consultation leaving to rejection of change

*Personal factors

Implied criticism of current working methods

Feeling less valued

Work becomes more monotonous

77
Q

Irvine and Martin, foresight has five main benefits –

A

known as the 5Cs. These are: communication, concentration, coordination, consensus and commitment.

78
Q

Difference between a vision statement and a mission statement

A

Vision statements aim at abroad and long-term vision of what the future an organisation might look like.

Admission statement is a definition of the purpose of an organisation

79
Q

Fitzgerald and moon

The building block model

Three elements

A

*Dimensions

Profits,competitiveness, quality

Resources, realisation

Flexibility, innovation

  • standards

Ownership, achievability and equity.

  • Rewards.

Clarity, motivation and Controlability

80
Q

Civil Society organisations

A

Excludes governments, states, organisations of states and business organisations.

It includes, among others, professional associations.

81
Q

The rational model three main stages

A

Analysis, choice and implementation.

The analysis stage looks at an organisation strategic position. This includes internal analysis and external analysis. These are then combined in the corporate swots analysis.

82
Q

Cognitive dissonance

A

Cognitive dissonance occurs when an individual’s attitudes and behaviours are inconsistent.

83
Q

Brand competitor 

A

A firm directly competes on the basis of brand

It creates a similar product and try to sell it to the same customers

84
Q

Industry competitor

A

A firm that makes a similar product for different market sector

85
Q

Generic competitor

A

I found that competes for the same income

86
Q

Cotters eight step process of change leadership

A

Establish and sense of urgency

Creating the guiding coalition

Developing a change vision

Communicating the vision

Empowering broad-based action

Generating short term wins

Never letting up

Incorporating change into the culture

87
Q

A workshop which mobilises resources to solve specific problems

A

A value shop 

88
Q

Typical strategies that would form part of an effectiveness drive

A

Strategies that involve market penetration

Market or product development strategies or diversification 

89
Q

Propensity modelling

A

Evaluating customer behaviour and then making recommendations for the future purchases 

90
Q

Difference between explicit and tacit knowledge

A

Explicit knowledge can be formally documented and shared.

Tacit knowledge exist inside the heads of employees

91
Q

SAF

A

Suitability considers whether the plan is appropriate for a businesses strategy.

Acceptability looks or whether the proposed is likely to please the major stakeholders.

Feasibility looks of whether the plan is possible

92
Q

Carole ethical philosophies

A

Reaction

Defence

Accommodation

Pro action

93
Q

Indirect triggers

A

typically relate to PEST issues – government legislation (political), public dissatisfaction (social) and new technological developments (technological) all fall into this category.

94
Q

Direct triggers

A

are those identified by Five Forces – such as new banks entering the market (new entrants) and actions of rival banks (competitive rivalry).

95
Q

Shareholder value analysis

The seven key value drivers

A

Slow cat

Sales growth

Life of project

Operating margin

Working capital

Cost of capital

Asset investment

Taxation 

96
Q

The World Economic Forum proposes the following:

A

Formulate a long-term working strategy for Millennials.

Work with staff to formulate company values together.

Empower the workforce.

Build workspace is that attract digital talent?

Create policies to support collaboration and knowledge sharing tools. 

97
Q

Outcome econom

A

organisations have an increased ability to measure the outcomes of the services that they deliver; customers are more attracted to outcomes than just simply to products, and this is what organisations should focus on.

98
Q

The Platform (r)evolution –

A

global platforms are becoming easier to establish and cheaper to run. Developments such as cloud computing and mobile technology offer huge potential for innovation and quicker delivery of next-generation services. The rate of evolution is only going to increase.

99
Q

The intelligent enterprise –

A

using data in a smart way enables organisations to become more innovative and achieve higher degrees of operating efficiency.

100
Q

Factor conditions

A

looks at the supply side.

Factor conditions include the nation’s production resources, including infrastructure, labor force, land, and natural resources. According to Porter, “a nation does not inherit but instead creates the most important factors of production—such as skilled human resources or a scientific base

101
Q

The other name for shared values

A

Paradigm

102
Q

Product rationalisation 

A

involves reducing the number of products an organisation sells so that it focuses on the products which generate the greatest profit. Most of an organisation’s revenue and profit comes from a small proportion of products.

103
Q

Differentiation focus 

A

is about creating the customer perception that the product is superior to the offerings of competitors (in this case, scarcity value) and utilising this in niche markets (such as highly educated musicians and performers)

104
Q

When formulating a strategy, there are three overall choices that have to be made

A

Competitive strategy – how to compete
Product market strategy – where to compete
Method of growth – organic, or external

105
Q

brand atomization,

A

organisations design their offerings so that they can be more widely distributed and be part of the platform that is offered by other providers.

106
Q

The three areas in which metrics are needed to measure digital traction are

A

Scale, Active Usage and Engagement.

107
Q

Experiental pilots

A

means acting on feedback from customers to continually innovate and gauge further reactions.

108
Q

Design thinking

A

Instead of designing a single product or service that can be marketed to many customers, there should be a shift in mindset to designing many experiences for one customer. This must be mixed with the ability to constantly learn and adapt as customer needs change.’

109
Q

World Economic Forum/Accenture analysis, there are a number of factors that drive customer demands in the digital era

A

Contextualised interactions – this is a rather complicated way of saying that customers expect a product or service that is tailored to their own specific needs.

Seamless experience across channels – from being made aware that a product or service exists, to doing the research about the product or service, to then taking the decision to purchase, customers expect a seamless service throughout the process.

Anytime, anywhere – there is an expectation of being able to access real time information about a product or service

Great service (it doesn’t matter who provides it) – there is less instance these days of customers remaining loyal to a provider following an example of poor service.

Self-service – customers are prepared to invest more time and energy into getting exactly what they want.

Transparency – the digital customer expects to have full transparency of information about a product or service before they commit to a purchase.

Peer review and advocacy – there is greater instance these days of customers attaching more importance to independent reviews of products or services than to marketing information provided by the business or reviews from other organisations (such as trade journals).

110
Q

A change agent

A

is someone who acts as a catalyst for change.

111
Q

Theory O strategies

A

are ‘softer’ measures, often involving cultural adjustment or enhancing employee capabilities through individual or organisational learning

112
Q

Accenture Technology Vision

A

The Internet of Me – users are being placed at the centre of digital experiences through apps and services being personalised.

Outcome economy – organisations have an increased ability to measure the outcomes of the services that they deliver

The Platform (r)evolution – global platforms are becoming easier to establish and cheaper to run. Developments such as cloud computing and mobile technology

The intelligent enterprise – using data in a smart way enables organisations to become more innovative and achieve higher degrees of operating efficiency.

Workforce reimagined – whilst greater use is made of smart machines, the role of human beings is not being removed altogether; they are simply being used in a different way

113
Q

The stochastic competitor

A

reacts sometimes, not at all at others, and there is no discernible pattern. This makes the stochastic competitor dangerous

E3 (3 decks)

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