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Principle of management > Strategy Management > Flashcards

Strategy Management Flashcards

1
Q

what is strategy

A

large scale action plan that sets the direction for an organization

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2
Q

what is strategic management

A

process that involve managers from all parts of organization in the formulation and implementation of strategies and strategic goals

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3
Q

why strategic management is important

A
  • provide direction and momentum
  • encourage new ideas
  • develop a sutainable competitive advantage
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4
Q

what are the four areas that organization must stay ahead

A
  • being responsive to customer
  • innovation
  • quality
  • efficiency
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5
Q

how do you use technology to gain a sustainable competitive advantage for construction industry

A
  • mobile technology
  • drones
  • BIM building information monitoring
  • virtual reality and wearables
  • 3D printing
  • artificial intelligence
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6
Q

what is an effective strategy

A

strategic positioning

  • attempts to achieve sustainable competitive advantage by preserving what is distinctive about the company
  • “performing different activities from rivals,or performing similare activities in different ways”
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7
Q

what are the three principles of effective strategy

A
  1. strategy is the creation of a unique and valuable position 2.strategy requires straight offs in competing 3. strategy involve creating a fit among activities
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8
Q

what are the strategic management process

A

establish the mission and Division establish the grand strategy with environmental scanning formula that strategic plans carry out the strategic plans maintain strategic control revised actions if necessary based on feedback

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9
Q

what are the three common grand strategies

A

growth strategy
stability
defensive

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10
Q

what is growth strategy

A

involve expansion

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11
Q

what is stability

A

involve little or no significant change

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12
Q

what are the two lesson of successful manager

A
  1. In era of management fads, strategic planning is still tops
  2. Managers must be willing to make large,painful decisions to suddenly alter strategy
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13
Q

what is business plan

A

a document that outline a proposed firm’s goals , the strategy for achieving them and the standards in measuring success

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14
Q

what can strategic learning help

A

can help people focus on the most critical problems, choices,and opportunities

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15
Q

what can a poor plan send an organization to

A

to wrong direction

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16
Q

what do bad planning usually results from

A

faulty assumptions about future,poor assessment of an organisation’s capabilities
ineffective group dynamics,and information overload

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17
Q

what is strategy innovation

A

h

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18
Q

what is strategic positioning

A

attempt to achieve sustainable competitive advantage by preserving what is distinctive about a company

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19
Q

strategic position emerges from three sources what are they

A
  • few needs , many customers ,eg. provides only lubricants, but for all
  • Broad needs, few customer
    eg. channel luxury brand ,for wealthy people only
  • broad needs,many customer
    eg. rice
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20
Q

the strategic management workforce small as well as large firms

A

yes, if the company is in a very competitive industry

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21
Q

what are the characteristics of a good mission statement

A

states the organization’s purpose and reason of being

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22
Q

what is defensive strategy

A
  • involves reduction of the organization’s effort

- retrenchment

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23
Q

what is strategy formulation

A

process of choosing different strategies and alterig them to best fit the organzation’s need

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24
Q

what is strategy implementation

A

putting strategic plan into effect

25
Q

what is strategic control

A

monitoring the execution of strategies, and making adjustments if necessary

26
Q

what do we need to establish grand strategy

A
  • competitive intelligence
  • SWOT analysis
  • forecasting
27
Q

what is competitive intelligence

A
28
Q

what is environmental scanning

A

careful monitoring of organization’s internal and external environments to detect early signs of opportunities or threats that may influence the firms plans

29
Q

what is the meaning of

A

s

30
Q

what is trend analysis

A

hypothetical extension of a past series of events into the future

31
Q

what is contingency analysis

A

creation of hypothetical alternatives but equally likely future conditions

32
Q

what are some of the technique to formulate strategy

A
  1. Porter’s 5 Competitive Forces
  2. Porter’s 4 Competitive Stategies
  3. Single product vs Diversification
  4. BCG Matrix
33
Q

what are Porter’s five competitive forces

A
  1. threat of new entrants
  2. Bargaining power of supplies
  3. Bargaining power of buyers
  4. Threat of substitute products or services
  5. Rivalry among competitors
34
Q

what are the 4 Porter’s competitive strategy

A
  1. Cost leadership strategy
  2. Differentiation strategy
  3. Cost focus strategy
  4. Focused differetiation
35
Q

what is the characters of good vision statement

A

stating what it wants to become

positive and inspiring

36
Q

what do we need to keep a strategic plan on track

A

engage people
keep it simple
stay focused
keep moving

37
Q

where can the sources of competitive intelligence found

A

public prints and advertising, investor information, informal resources

38
Q

SWOT analysis is also called

A

situational analysis

39
Q

the SWOT analysis is divided into how many parts? and what are they

A 
4 parts, 
strength
weaknesses
opportunity
threats
40
Q

what is organizational strengths

A

Skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission

41
Q

what is organizational weaknesses

A

Drawbacks that hinder an organization in executing strategies in pursuit of its mission

42
Q

what is organizational opportunity

A

An environmental factors that the organization May exploit for competitive advantage

43
Q

what is organizational threats

A

Environmental factors that hinder and organization’s achieving a competitive advantage

44
Q

what are the 2 types of forecasting

A
  • Trend analysis

- contingency planning

45
Q

an organisation should do what to examines these five competitive forces

A

An organization should do a good SWOT analysis that examines this five competitive forces

46
Q

what is the benefit and disadvantages of single-product strategy

A

Benefit- Focus

The risk- vulnerability

47
Q

what is single product strategy

A

A company makes and sells only one product within its Market

48
Q

what is diversification

A

operating several businesses in order to spread the risk

49
Q

what are the advantages of related diversification

A

Reduce risk because more than one product
Management efficiency Administration spread over several businesses
Synergy the sum is greater than the parts

50
Q

what is BCG matrix

A

Evaluating strategic business units on the basis of

  1. Their business growth rate and
  2. their share of the market
51
Q

what is execution

A

Not simply tactics it is a central part of any company strategies. Using questioning analysis and follow-through to mesh strategy with reality, align people with goals, an issue results promised

52
Q

what are the three core processes of business

A

People, strategy, and operations

53
Q

what are the two kinds of diversification

A

Unrelated diversification

Related diversification

54
Q

what is the meaning of synergy

A

The economic value of separate, related business under one ownership and management is greater together than the business that are with separately

55
Q

effective execution requires managers

A

Effective execution requires managers to build a foundation for execution within three core processes found in any business : people strategy an operation

56
Q

what are the seven essential types of leaders behaviors needed to fuel engine of execution

A
  • Know your people and your business: “engage intensely with your employees”
  • insist on realism: “ don’t let others avoid reality”
  • set clear priority: “focus on a few rather than many goals”
  • follow through: “establish accountability and check on results”
  • reward the doers: “show top performance that they matter”
  • expand people’s capabilities : “develop the talent”
  • know yourself : “do the hard work or understanding Who You Are”
57
Q

what are the seven essential types of leaders behaviors needed to fuel engine of execution

A

d

58
Q

what does execution based on?

A

based on leadership

Principle of management (5 decks)

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