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Strategy Flashcards

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1
Q

Strategy

A

Plan of action for accomplishing an

organization’s overall and long-range goals to create value.

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2
Q

Strategy details separate activities

A

Tactics and initiatives

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3
Q

Is growth a strategy?

A

No, it is the result of a successful designed and implemented strategy

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4
Q

Three levels of strategy

A

Organizational strategy

Business unit strategy

Operational strategy

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5
Q

Organizational strategy

A

Focuses on the future of the organization as a single unit

General vision of the future it seeks and long-term goals

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6
Q

Business unit strategy

A

Answers the question on how and where the organization will focus to create value

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7
Q

Operational strategy

A

The way the organization and business unit strategies are translated into action at the functional level through functional strategies

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8
Q

Alignment of strategies

A

Levels must be aligned

HR should be in the organizational and functional strategies

All policies, programs and processes should be evaluated for strategic impact

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9
Q

HR strategic activities

A

Should add value at all points in the employment management cycle:

  • Workforce planning
  • Talent acquisition
  • Engagement and retention
  • Rewards
  • Development of skills and leaders
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10
Q

Awareness of stakeholders with strategy

A

Strategy must be developed with stakeholders and their perceptions and value the organization delivers and the context that affects those strategic choices

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11
Q

Strategic planning

A

Process of setting goals and designing a path
toward a competitive position.

Helps create alignment of efforts and provides a layer of control

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12
Q

Strategic management

A

Actions that leaders take to drive an
organization toward its goals and objectives.

Makes adjustments to the plan and organization ans needed

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13
Q

Strategic management provide the organization with

A

Consistent, long-term goals

Consistent decision making by leaders

Better competitive and external vision

Better internal vision

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14
Q

How does strategic management provide consistent, long-term goals

A

Fewer resources will be wasted on activities that are unrelated to the goals or are ineffective in supporting attainment of the goals.

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15
Q

How does strategic management provide consistent decision making by leaders

A

Strategy provides guideposts throughout the organization, from top to bottom.

Each action and each investment of resources must be assessed in light of the organization’s long-term goals.

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16
Q

Alignment of effort

A

Necessary to maintain organizational focus on defined mission and goal

Each department evaluates it’s plan against the organization’s

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17
Q

Strategic drift

A

When an organization fails to recognize and respond to changes in its environment that necessitate strategic change.

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18
Q

Strategic drift

A

Caused by organizational culture too deeply rooted in past

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19
Q

How can HR help control drift

A

Develop leaders with vision and courage

Embody these values as well

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20
Q

Core competencies

A

Unique advantages an organization possesses

Abilities that are integral to creating customer value and difficult for customers to imitate

Can include a vision

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21
Q

Vision

A

Ability to see when and how the organization can reinvent itself

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22
Q

Mistakes to avoid in strategic planning

A

Taking shortcuts

Little follow-through

Over-reliance on the comfortable and familiar

Insufficient commitment from management

Insufficient involvement from the rest of the organization

Inadequate communication

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23
Q

Taking shortcuts mistake in strategic planning

A

Poorly researched, vague, or overly ambitious strategies are usually not successful and make a poor argument for strategy.

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24
Q

Little follow-through mistake in strategic planning

A

Strategic plans should lead to decisions.

These decisions are risky, require complex execution, or are in conflict with the current organizational culture, leaders may be reluctant to translate intent into action.

Strategy requires leadership and good decision makers.

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25
Q

Deliberate strategy

A

Carefully articulated as a plan for future actions

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26
Q

Emergent strategy

A

A predictable pattern of decisions that management makes as it uses the organization’s mission, vision, and values to respond to external conditions.

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27
Q

Strategic Planning Steps

A
  1. ) Formulation
  2. ) Development
  3. ) Implementation
  4. ) Evaluation
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28
Q

Formulation step in strategic planning

A

Leaders gather and analyze internal and external information to determine the organization’s current position and capabilities, opportunities, and constraints.

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29
Q

Development step in strategic planning

A

Creating strategic goals and tactics that will optimize success given the environment, opportunities, and constraints—the strategic plan.

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30
Q

Implementation step in strategic planning

A

Requires clear communication of objectives to teams, coordination and support of their efforts, and control of resources.

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31
Q

Evaluation step in strategic planning

A

Both continually and at designed intervals

Continually - make sure that activities maintain strategic focus and are effective

Designed intervals - determine the effectiveness of strategy and need for change or improvement

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32
Q

Systems thinking

A

Process for understanding how seemingly
independent units within a larger entity interact
with and influence one another.

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33
Q

How is systems thinking dynamic

A

One part can affect other parts

Changes from leadership can go across divisions and to the lowest levels of an organization

Lower levels can go through multiple divisions and upward

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34
Q

Root causes of problems

A

Must be addressed

When just treating symptoms - other unintended issues may be created elsewhere

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35
Q

External environment in systems thinking

A

Separate systems that exert their own influence over the organization

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36
Q

IPO (Input-Process-Output) Model

A

Inputs -> Process -> Outputs

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37
Q

Inputs in IPO

A

All factors that can affect the outcome

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38
Q

Inputs in IPO include

A

Internal and external constrains that will make a chosen strategy more difficult to achieve

Organizational resources or external conditions that will enhance the chances of achieving strategic goals

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39
Q

Process in IPO

A

All methods the organization can apply to maximize its opportunities and manage constraints

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40
Q

Process in IPO includes

A

Work processes and workforce skills

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41
Q

Outputs in IPO

A

The desired strategic effect

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42
Q

Environmental scanning

A

Process that involves a systematic survey and
interpretation of relevant data to identify
external opportunities and threats and to assess
how these factors affect the organization
currently and how they are likely to affect the
organization in the future.

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43
Q

Environmental scanning includes

A

PESTLE analysis

SWOT analysis

Growth-share matrix

Scenario analysis

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44
Q

PESTLE analysis

A

Scanning process that searches for
environmental forces in

Political
Economic,
Social
Technological
Legal
Environmental
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45
Q

Levels of PESTLE analysis

A

Entire enterprise

Individual units/functions

Specific activities

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46
Q

PESTLE analysis use

A

Gives a broader long-range perspective

TO save time and complexity of data 0 organization must restrict horizons and direction of scanning

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47
Q

Steps in PESTLE analysis

A
  1. ) Create a list of possible events or trends that exist now or could come up within a defined time frame.
  2. ) Identify the potential impacts on the organization
  3. ) Research the impacts more thoroughly to understand possible causes, their dimensions and connections with other events or trends
  4. ) Assess the importance of possible impacts based on strength of the data
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48
Q

SWOT analysis

A

Method for assessment of an organization’s
strategic capabilities through use of the
environmental scanning process

Internal and external factors affecting
achievement of organizational goals are
identified and considered.

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49
Q

SWOT internal environment includes

A

Strengths and weaknesses

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50
Q

SWOT external environment includes

A

Opportunities and threats

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51
Q

Desired effect in SWOT are represented in

A

Opportunities

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52
Q

Danger, harm and menace in SWOT are represented in

A

Threats

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53
Q

What can be leveraged in SWOT

A

Strengths and opportunities

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54
Q

Problems that must be solved and difficult to control in SWOT

A

Weaknesses and threats

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55
Q

Creating SWOT

A
  1. ) Info is used from environmental scanning
  2. ) Meetings can be used to generate items and sort into the categories
  3. ) Ranking sheet - each scenario (strategic option) is scored against the four categories, and scenarios are ranked by composite score
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56
Q

SWOT analysis can provide

A

Need for cultural misalignment

Skill gaps before committing to strategy

Preformed as companies enter new markets

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57
Q

Growth-Share Matrix

A

Used to find where the greatest value in the organization lies

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58
Q

Vertical axis of growth-share matrix

A

Indicates rate of growth

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59
Q

Horizontal axis of growth-share matrix

A

Size of market share

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60
Q

Growth-Share Matrix assumptions

A

Growth trend (rather than stasis or decline) predicts greater value and a larger market share indicates a stronger competitive position.

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61
Q

Growth-Share Matrix components

A

Star

Cash cow

Dogs

Question marks

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62
Q

Stars in Growth-Share Matrix

A

High market share and high growth rate

63
Q

Cash cow in Growth-Share Matrix

A

High market share and low market growth

64
Q

Dogs in Growth-Share Matrix

A

Low market share and low market growth

Consuming resources without offering value of future growth

65
Q

Question marks in Growth-Share Matrix

A

Low market share and high market growth

Could be winners or losers; future is unclear

66
Q

Scenario Analysis

A

Compare the impact of changes in the environment on the organization’s outputs.

Identifies environmental factors that have the greatest potential for positive or negative impact and to apply the principles of risk management to strategy formulation.

67
Q

Destination of strategy

A

Image on how the organization defines its purpose (its mission), the future it hopes to see (its vision), and the principles it agrees will guide its behavior (its values).

68
Q

Are mission, vision and value statements always deliberate and formal

A

No, sometimes they are made informally through a pattern of decisions and actions and not articulated publicly

69
Q

Purposes of strategic statements

A

Guide management thinking and decisions during crisis

Individual initiatives can be held against statements

Employees understand expectations

They reflect on organizational culture

Contribute to the employer’s brand and make recruiting and onboarding more focused and effective

Stakeholders can see how they are included and challenges leaders to fulfill these pledges

70
Q

Mission statement

A

Concise outline of an organization’s strategy

Specifying the activities it intends to pursue and
the course its management has charted for the
future.

Could name one or more key stakeholder

Communicates sense of purpose and drives value the organization intends to deliver to stakeholders

71
Q

Vision statement

A

What an organization hopes to
attain and accomplish in the future, which
guides it toward that defined direction.

72
Q

Organizational values

A

Beliefs and principles defined by an
organization to direct and govern its employees’
behavior.

73
Q

Communicating Mission, Vision, and Values

A

Reiterated at business unit and functional levels which then has their own mission, vision and values

74
Q

Value drivers

A

Actions, processes, or results that are needed

to deliver a desired value.

75
Q

Balanced scorecard

A

Performance management tool that depicts an
organization’s overall performance, as
measured against goals, lagging indicators, and
leading indicators.

76
Q

Areas of the Balanced Scorecard

A

Finance

Customers

Internal business processes

Learning and growth

77
Q

Purpose of a balanced scorecard

A

To achieve balance between:

  1. ) Financial and nonfinancial indicators of success
  2. ) Internal and external constituents in the organization
  3. ) Lagging and leading indicators of performance
78
Q

Leading indicator

A

Predictive in that action in this area can change future performance and help achieve success.

79
Q

Lagging indicator

A

Effects that have already occurred and cannot be changed.

80
Q

Effective strategy focuses on leading indicators of performance rather than lagging because

A

Improving leading indicators will turn lagging indicators around

81
Q

Setting targets for each KPI

A

Indicate desired level of performance

Measurable against defined scale or ratio

82
Q

SMARTER Goals

A

Specific

Measurable

Attainable

Relevant

Time-bound

Evaluated

Revised

83
Q

Benchmarking

A 
Process of identifying
performance gaps and sets goals for
performance improvement by comparing its
data, performance levels, and/or processes
against those of other organizations.
84
Q

Benchmarking Steps

A
  1. ) Define KPIs
  2. ) Measure current performance
  3. ) Identify appropriate benchmarks and securing their performance data
  4. ) Identify performance gaps between oneself and the benchmark organization
  5. ) Set objectives and implementing any necessary support activities
85
Q

Types of benchmarks

A

Internal and external

86
Q

Benefits of benchmarking

A

Helps management identify challenging goals and obstacles that must be overcome to achieve those goals

Helps organization improve not only measure performance

Encourages growth by focusing organization’s attention outside itself and current practices

87
Q

Global benchmarks

A

Should be carefully weighed and analyzed

Not accepted at face value

88
Q

Strategic fit

A

A state in which an organization’s strategy is
consistent with its external opportunities and
circumstances and its internal structure,
resources, and capabilities.

89
Q

Optimized strategic fit

A

The organization will do whatever it needs to get there

90
Q

Each organization’s strategy must describe

A

How an organization can create a strategic position

Organization will compete in terms of market and industries - its corporate strategy.

91
Q

Strategic position

A

Position where an organization enjoys a competitive edge over its rivals—its business strategy.

92
Q

Corporate strategy

A

Defines the scope of the organization

93
Q

Business strategy

A

Addresses the way that the employer will relate to the industry and marketplace

How it will define its particular value to its customers

94
Q

Ways organizations can create a competitive advantage

A
  1. ) Change in the external environment

2. ) Change in the organization itself

95
Q

Organizations can create competitive advantage in external changes by

A

Reacting swiftly to changes

96
Q

Organizations can create competitive advantage in internal changes by

A

Ability to create change and innovate

97
Q

Blue ocean

A

Creating competitive advantage through innovation

Creating new marketplaces

98
Q

Red ocean

A

Businesses compete in existing marketplaces

Win by taking a share of a competitor

99
Q

Porter’s Competitive Strategies include

A
  1. ) Cost leadership
  2. ) Differentiation
  3. ) Focused
100
Q

Focused strategies under Porter’s Competitive Strategies

A

Apply cost leadership or differentiation within narrow industry segments or niches

101
Q

Corporate strategy

A

Defines the industries and markets the organization will compete in

102
Q

Growth Strategies Include

A

Strategic alliance

Joint venture

Equity partnership

Merger/acquisition

Franchising

Licensing

Contract manufacturing

Management contract

Turnkey operation

Greenfield operation

Brownfield operation

103
Q

Strategic alliance

A

Companies agree to share assets, such as technology or sales capabilities, to accomplish a goal.

The relationship may have varying degrees of tightness and formality.

Some alliances involve customers, partners, or competitors.

104
Q

Joint venture

A

Two or more companies invest together in forming a new company that is jointly owned.

105
Q

Equity partnership

A

One firm acquires partial ownership through purchase of shares.

The relationship may be general or limited

Partnership agreements define such issues as leadership and division of profits and losses.

106
Q

General equity partnership

A

Sharing proportionally in control, profits, and liabilities

107
Q

Limited equity partnership

A

No managerial authority, liability limited to investment

108
Q

Merger/acquisition

A

A firm purchases the assets of a local firm outright, resulting in expanding the acquiring company’s employee base and facilities.

Integration of acquired companies often involves significant cultural, systems, and management challenges.

Data privacy can be a big issue

109
Q

Franchising

A

A trademark, product, or service is licensed for an initial fee and ongoing royalties.

Often used in the fast-food industry.

Similar to licensing as a low-risk entry strategy, although control over franchisee behavior is greater.

110
Q

Licensing

A

A local firm is granted the rights to produce or sell a product.

Low-risk entry strategy

Avoids tariffs and quotas imposed on exports.

Little control of the licensee’s activities and results.

111
Q

Contract manufacturing

A

A firm arranges for a local manufacturer to produce components or products as a means of lowering labor costs.

112
Q

Management contract

A

Another company is brought in to manage and run the daily operations of the local business.

Decisions about financing and ownership reside with the host-country owners.

113
Q

Turnkey operation

A

An existing facility and its operations are acquired and run by the purchaser without major changes.

114
Q

Greenfield operation

A

A company builds a new location from the ground up.

Represents a major task and a commitment to completely staff and equip the new location.

115
Q

Brownfield operation

A

A company repurposes, through expansion or redevelopment, an abandoned, closed, or underutilized industrial or commercial property.

116
Q

Divestiture

A

“Pruning” of parts of the organization that are underperforming or that are no longer in line with the organization’s strategy

117
Q

Benefits of divestiture

A

Perceived value of a subsidiary or its opportunities may be increased. Sometimes the parent company may not have the necessary talent to take the “child company” to its next level of growth.

Investment may be recouped through the sale of a high-value subsidiary and the cash used to increase the parent’s value in other ways.

The enterprise’s activities may be refocused on new priorities, perhaps as the result of competitive threats and/or opportunities.

Risk that might derive from financial positions (such as poor cash flows or high debt load) or strategic outlooks (such as declining market growth or the possibility of a hostile takeover) can be managed.

118
Q

Challenges of divestures

A

Keeping key talent during and after the process

119
Q

Ways to retrain key talent during divestiture

A

Providing enhanced severance protection if employees are laid off soon after the close of the deal.

Making managers accountable for employee retention.

Benchmarking compensation and benefits.

120
Q

Steps for divestiture

A
  1. ) Identify the candidate for divestiture.
  2. ) Identify a target buyer
  3. ) Restructure
  4. ) Execute the deal
121
Q

Identify the candidate for divestiture step in divestiture

A

HR plays a role in this stage by performing due diligence as a seller: identifying potential risks connected with divesting particular candidates

HR can participate in SWOT analysis of candidate

122
Q

Identify a target buyer step in divestiture

A

strongest candidate will be an enterprise that needs the strengths and opportunities the divested subsidiary can provide and that can address potential weaknesses in the workforce.

123
Q

Restructure step in divestiture

A

Even before an actual sale or spin-off, the parent company should prepare the subsidiary for its new identity by defining new leadership, board composition, and organizational structure.

124
Q

HR role in restructure step in divestiture

A

Identify and prepare strong leaders for the subsidiary (without harming the talent of the parent company).

Leaders may be drawn from other parts of a global organization. HR will also be involved in designing incentive offers for the subsidiary’s new leaders.

125
Q

Execute the deal step in divestiture

A

Transition service agreements are often established to support the new entity.

Agreements might cover financial (treasury and tax), legal, IT, business processes, and HR—including such capabilities as HRIS, payroll, and benefits.

126
Q

Parts of HR budger

A
  1. ) Operational - ongoing activities

2. ) Strategic - funds projects that are aligned with organization’s strategic goals

127
Q

First step of HR leaders in allocating resources of strategic activities

A

Compare previous/current activities and budget allocations with what will be needed to support the proposed organizational strategy

128
Q

Elements needed for effective implementation of strategy

A

Communication outward to the entire team.

Communication inward to leaders

Leadership support of decisions made by subordinates

Free flow of information across organizational boundaries

Enough information to allow team members to connect their work to the strategy

129
Q

Communication plan should include

A

Ongoing opportunities for feedback

130
Q

Project Stages

A
  1. ) Planning
  2. ) Executing
  3. ) Closing
131
Q

In the planning stage in a project the project manager will

A

Work with stakeholders to define strategically aligned project objectives

Define the project’s deliverables

Create a project schedule

Assemble a team

132
Q

Work with stakeholders to define strategically aligned project objectives in a project

A

Objectives are used to create metrics used to evaluate project’s results

Critical activity

Possible to meet project objectives but not have strategic merit

133
Q

Defining a project’s deliveravles

A

Broken down into smaller units of work to meet deliverables

134
Q

Tools to assist with project scheduling

A

Critical path analysis

Gnatt charts

135
Q

Critical path analysis

A

Uses information about start or mandatory end dates, the logical relationship of tasks (which needs to start first) and the earliest/latest completion date

136
Q

Gnatt charts

A

Scheduling of tasks visually, showing the length and timing of specific activities.

Identifies possible conflicts of activities or gaps that can be exploited to condense the schedule

Primary ways to communicate expectations to the team and coordinate activities

137
Q

Executing the project Plan

A

Establish and maintain channels of communication

Provide leadership

Clear away obstacles to progress

Manage internal and external stakeholders

Monitor and control progress

138
Q

Closing the project in project plan

A

Evaluate if the project investment yielded desired results

Find ways processes could have been improved

139
Q

Lean project management focus

A

Eliminating waste

140
Q

How does lean project management focus on eliminating waste

A

Keep tight focus on intended value of the project

Empower the team to make decisions

Analyze and solve problems rather than work around them

Emphasize continuous learning

141
Q

Six Sigma

A

Level of quality so high that very few errors occur

142
Q

Six Sigma project management

A

Focuses on projects with good return of value

Encourages team commitment to quality and improvement in problem solving

Measures results that allows empirical analysis and fact-based decision making

143
Q

Agile project management

A

Used when the project assumptions are unclear or evolve as project work proceeds.

Project focuses on iterations of the deliverables - completes one and then uses customer input to plan the next iteration

144
Q

Critical chain project management

A

Used when resources cannot be increased to meet deadlines.

Buffers are built into the schedule both to account for dependencies and to allow some room for variance - once buffers are set, they are strictly enforced

145
Q

Measuring performance determines

A

If strategic initiatives have been implemented as planned

If initiative is having the intended effect

If investment in the initiative is returning benefits to the organization

146
Q

Performance objectives

A

Combine activity measurement (what is being done) and results measurement (what are the effects of the activity)

147
Q

Performance objectives should measure what on the initiative

A

Effectiveness

Efficiency

Impact

148
Q

Key performance indicators (KPIs)

A

Quantifiable measures of performance used to gauge progress toward strategic objectives or agreed standards of performance

149
Q

Recommendations for Measuring Performance

A

Don’t measure everything. Focus instead on performance that supports strategic goals.

Blend awareness of past, present, and future performance in creating objectives.

Be mindful of all stakeholders.

Reexamine what you’re measuring regularly.

150
Q

Evaluation of strategic results is essential because

A

Good strategic management

Good governance

Allows organization improve their strategies and continually increase their institutional knowledge and skills

151
Q

During strategy implementation, data is gathered and then analyzed

A

Tools and processes are created to collect data related to the key performance objectives

Data is analyzed in an ongoing manner

152
Q

Measurement tools used in strategy implentation

A

Performance scorecards

Score sheets for quantifiable metrics

Spreadsheets comparing planned to actual outcomes

Observation guides and narriatives

153
Q

Best strategy for communicating results of an initiative

A

As a narrative that supports the data

Data does not drive the report

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