Strategy Flashcards

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1
Q

What is strategy?

A

the long-term direction of an organisation

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2
Q

Explain the Golden Circle

A

WHAT - every organisation knows what they are doing, HOW - some organisations know how they do it, WHY - very few organisations know why they do what they do

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3
Q

Strategy is about …?

A

How?

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4
Q

If you want to get your dream job you will get it by…..

A

Applying strategy

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5
Q

If you want to pass your propaeduic year you need to

A

Use tactics

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6
Q

How will you pass your next week’s exam

A

By operational

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7
Q

Strategy is about the how but it should be derived from….

A

the WHY and deliver the basis of WHAT

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8
Q

A Mission statement provides…..

A

Employees and stakeholders with clarity why the organisation is fundamentally there; Focuses on the emotional aspect of an organisation

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9
Q

To define and express the purpose of an organisation there are 4 ways to define:

A

Mission Statement, Vision Statement, Statement of Corporate Values, and Statement of Objectives

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10
Q

Mission is about the

A

WHY

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11
Q

A Vision Statement is about

A

what the organisation seeks to create in the future

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12
Q

A Statement of Corporate Values is about

A

the companies core values that are guiding an organisation’s strategy and define the way the organisation should operate. THEY DO NOT CHANGE WITH CIRCUMSTANCES!

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13
Q

An Objectives Statement is about

A

specific outcomes that are to be achieved; often is linked with financial terms - profit; Market-based Objectives - Market Share; Triple Bottom Line etc.,

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14
Q

Corporate level strategy

A

focused on the overall scope of an organisation and how value is added to the business units

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15
Q

Business level

A

concerned with the way a business seeks to compete in its market

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16
Q

Functional Strategy

A

Focused on how different parts of the organisation deliver the strategy effectively (managing people and processes)