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F207 Special K Pack > Strategy > Flashcards

Strategy Flashcards

1
Q

Strategic Planning Process

A
  1. Current Reality
  2. Strategic Initiatives
  3. Preferred Future/Vision
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2
Q

Strategic Planning Process:

Current Reality

A
  • current strategies
  • core competencies
  • responses to change
  • performance
  • strengths & weaknesses

3 key outputs:
1. Imperative for change,
2. Building on core competencies
3. Ability to achieve objectives (limitations)

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3
Q

Strategic Planning Process:

Strategic Initiatives

A
  • How to get to vision
  • Enablers required
  • Support & resource requirements

  • Define strategic priorities
  • Shape allocation of resources
  • Understand resource base
  • Specify responsibility, budget & deadline per initiative
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4
Q

Strategic Planning Process:

Preferred future/vision

A
  • High-level future state (+-5yrs)
  • Purpose
  • Rationale
  • Flexible to changing future circumstances
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5
Q

Whose responsibility is the strategy development?

A

Core responsibility of the board; commitment of board & execs critical to success

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6
Q

Strategy Development Tools

A
  • SWOT
  • PESTEL
  • Cost-benefit analysis
  • Benchmarking
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7
Q

Dealing with strategic opportunities/threats

A
  1. Initial appraisal
  2. Prioritisation
  3. Strategic solution
  4. Formal approval
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8
Q

Dealing with Strategic Opportunities/Threats:

Initial appraisal

A

Understand opportunity/threat – view on whether to respond

Consult colleagues, research papers, experience from similar problems

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9
Q

Dealing with Strategic Opportunities/Threats:

Prioritisation

A

Filtering process – focus on issues with greatest benefit, limited resources

Report results of problem solving to Exco, with recommendations

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10
Q

Dealing with Strategic Opportunities/Threats:

Strategic Solution

A

Develop solution – iterative, challenge ideas, draw on broad experience

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11
Q

Dealing with Strategic Opportunities/Threats:

Formal Approval

A

Depends on size/importance of issue, presentation & written paper

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12
Q

Influencers and Drivers of a Strategic Plan

A
  1. Stakeholder expectations
  2. Economic Environment
  3. Competitive Landscape
  4. Competitive advantage
  5. Internal resources
  6. Organisational structure
  7. Capital, Liquidity, Funding
  8. Risk Appetite
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13
Q

Influencers and Drivers of a Strategic Plan:

Stakeholder Expectations

A
  • Shareholders – financial targets
  • Customers – product & service delivery expectations
  • Regulators – impact on possibilities & resources (financial & human)
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14
Q

Influencers and Drivers of a Strategic Plan:

Economic Environment

A
  • View of future macro/market developments
  • Ability to withstand stress & robustness under various scenarios
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15
Q

Influencers and Drivers of a Strategic Plan:

Competitive Landscape

A
  • Understand customer franchise & changes (own & competitor actions)
  • Product & market segment developments, response to competition
  • Reinforce image of trustworthiness & stability
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16
Q

Influencers and Drivers of a Strategic Plan:

Competitive advantage

A

Core competencies, understand expertise

17
Q

Influencers and Drivers of a Strategic Plan:

Internal Resources

A
  • Adequacy – people, skills & processes
  • Capacity – financial/budgets, people & training, support & comms, IT
18
Q

Influencers and Drivers of a Strategic Plan:

Organisational Structure

A
  • Structure to support plan/strategy
  • Clear accountability (complex structures)
19
Q

Influencers and Drivers of a Strategic Plan:

Capital, Liquidity, Funding

A

Demonstrate robustness, regulatory requirement, funding structure & liquidity profile

20
Q

Influencers and Drivers of a Strategic Plan:

Risk appetite

A

Assess plan wrt risk appetite – remain within triggers/limits or amend

21
Q

Typical Strategic Objectives

A
  • Financial
  • Customers & competition
  • Business capacity/capabilities
  • Skills & people
22
Q

Typical strategic objectives:

Financial

A
  • Capital strength,
  • profitability,
  • b/s structure,
  • cost structure,
  • sources of income,
  • risks to financial outcomes & actions to mitigate
23
Q

Typical strategic objectives:

Customers and Competition

A
  • Which markets,
  • positioning, differentiation,
  • objectives & targets,
  • response to challenges from competitors
24
Q

Typical strategic objectives:

Business Capacity/Capabilities

A
  • Core competencies,
  • organisational structure,
  • changes in environment,
  • IT capabilities
25
Q

Typical strategic objectives:

Skills and People

A
  • Talent development & retention
  • new core competencies
  • support activities

F207 Special K Pack (6 decks)

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