semi final - corporate level Flashcards
Involves a series of processes to achieve a particular goal.
implementation
Refers to activities or processes which ensures that comprehensive plans formulated at the three levels of management are efficiently executed to achieve the goals and objectives of a company.
strategy implementation
Types of Business Organization
sole proprietorship
partnership
corporation
Business Organization may engage in:
merchandising
service
manufacturing
Elements that influence the ability of a business organization to divide and coordinate its various activities:
patterns of relationship
management control system
leadership style
reward and career system
corporate governance
types of patterns of relationships
formal relationships
informal relationships
exist because of the adopted formal structure, which is reflected in an organizational chart.
formal relationships
are created because of informal groups existing and operating in a company.
informal relationships
A ___ of a company exists when there are only few or no layers of management between the managers and employees.
flat structure
In a _______ , a company is divided into small units with specific functions, such as marketing, finance, human resources, and production and operations
functional structure
Large companies that operate across geographical areas or worldwide adopt a _____ where their business activities are divided according to market product, service, or region.
divisional structure
A ______ is a hybrid of the functional and divisional structures.
matrix structure
A tool that collects and uses information to assist management in monitoring and reviewing the activities and performances of different functional units.
management control system
The _____ practiced in a company greatly influences the degree and seriousness of strategic management implementation.
leadership style
leadership styles
autocratic
laissez-faire
democratic
bureaucratic
transformational
translational
situational
The ______ of a company is a critical factor in the effective implementation of strategic management.
reward and career system
Provides job security and opportunities for career advancement
reward and career system
refers to the relationships among shareholders, the board of directors, and the management in terms of functions, roles, responsibilities, and accountabilities.
Corporate governance
The one who implement company’s strategy:
1.CEO
2.COO
3.President
4.Vice Presidents
5.Senior Managers
A corporate level strategy is implemented through the formulation of the following:
vision nd mission
goals and objectives
strategy and policies
What does the business want to become?
vision
What is our business now?
mission
“ To improve the business profitability level”
goals
“To increase the company’s market share”
objectives
is a plan formulated to effectively achieve a company’s mission and objectives through the efficient utilization of resources
strategy
are internal broad guidelines intended to support the formulation of a strategy in order to achieve organizational goals and objectives through the proper utilization of resources.
policies
overall direction of a company
vision
purpose of a company’s existence
mission
broad results to accomplish
goals
specific results to achieve
objectives
plans to achieve the goals and objectives
strategy
broad guidelines to support the strategy
policies
ensure that the organizational structure supports the chosen strategy
structural alignment
includes aligning, reporting relationships, decision making processes and communication channels
structural alignment
effective to support whatever the strategic objective of your company
resource allocation
financial resources, human capital, technology, key assets, investment
resource allocation
effectiveness in leading your people is crucial in implementing the strategy, cultivate an organization structure that supports the strategy
leadership and culture
develop key performance indicator
performance management
employees must understand the strategy
communication training
established control to manage deviation – regular reviews
strategic control system
foster a culture of continuous learning, create a mechanism for capturing and sharing knowledge that is gained during the implementation process to enhance the future strategic initiatives
organizational learning
identifying and assessing the potential risk that could impact successful implementation, develop contingency plans and risk mitigation strategies to address potential strategies
risk management
