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MN2205: Strategic Management > Topic 1 > Flashcards

Topic 1 Flashcards

0
Q

What about the strategic behaviour of people often causes failure?

A

They repeatedly behave in ways that fail to deliver happiness

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1
Q

In organisational life, how do we measure when reward exceeds the cost?

A

In terms of the value created for shareholders or employees

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2
Q

What about the strategic behaviour of businesses often causes failure?

A

They ignore the warning signs that indicate that a change in strategy is needed

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3
Q

Why did Blockbuster fail in the USA and Europe?

A

It’s archaic business model
Blockbuster vs. Netflix (online visitors)
Had the opportunity to move into online industry but stuck with old strategy

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4
Q

What do people and organisations who have mastered strategic thinking do differently?

A

Repeatedly extract disproportionately good outcomes from the resources at their disposal

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5
Q

What is the purpose of strategy?

A

To overcome obstacles in order to create value - so it is part of is in all levels

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6
Q

What is strategy?

A

A strategy embraces the following things: goals, objectives, planning, resources and more

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7
Q

Who wrote: ‘the determination of the long-run goals and objectives of an enterprise and the adoption of courses of action and the allocation of resource necessary for carrying out these goals’

A

Alfred D Chandler

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8
Q

Who wrote: “competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value”

A

Michael Porter

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9
Q

Who wrote: “a pattern in a stream of decisions”

A

Henry Mintzberg

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10
Q

What does Sun Tzu write about strategy in his book ‘Art of War’?

A

Ultimate excellence lies not in winning every battle, but in defeating the enemy without ever fighting

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11
Q

What did Napoleon used to say of strategy?

A

It is the art of making use of time and space. I am less concerned about the latter than the former. Space we can recover, lost time never.

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12
Q

What is strategy NOT?

A 
A single element
Simply having lots of goals 
A race to be the best
Having the perfect plan
Doing things
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13
Q

Finish the sentence: ‘Well-crafted Strategy should

A

Bring about long-term success, through creative actions that will be hard for others to copy

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14
Q

What are the three key elements of strategy?

A

1) identifying the core challenges
2) coordinated, creative and sustainable actions
3) creating value

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15
Q

What is OUR definition of strategy?

A

A set of coordinated, creative and sustainable actions (a plan) designed to overcome one or more core challenges that create value

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16
Q

When was Google founded?

A

1998 at Stanford by two graduate students

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17
Q

Who bought LinkExchange in 1998?

A

Microsoft

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18
Q

When did Microsoft launch its own search engine - Bing?

A

2009 (It is now partnered with Yahoo)

19
Q

What is competitive advantage?

A

Superior performance relative to competitors

20
Q

What does strategy require?

A

Trade-offs for strategic positioning

21
Q

What are strategic decisions about?

A

The long term direction of a company
The scope of an organization’s activities
Gaining advantage over competitors
Addressing changes in the business environment
Building on resources and competences
Values and expectations of stakeholders

22
Q

What are strategic decisions likely to be?

A 
Complex
Made in situations of uncertainty
Affect operational decisions 
Require an integrated approach
Involve considerable change
23
Q

What are the three horizons for strategy?

A

1) extend and defend core business
2) build emerging businesses
3) create viable options

24
Q

What are stakeholders?

A

Those individuals or groups that depend on an organisation to fulfil their own goals and on whom, in turn, the organisation depends

25
Q

What are the three levels of strategy?

A

1) Corporate Level
2) Business level
3) Operational strategy

26
Q

Using Vice Media as an example, what does it do at each strategy level (corporate, business & operational)?

A

Corporate: it diversified to activities like retail, publishing and video
Business: it does marketing and content improvements to attract more readers
Operational: these strategies are geared to meeting its investment needs and raising finance

27
Q

What is corporate level strategy concerned with?

A

The overall scope of an organisation and how value is added to the constituent business units

28
Q

What is business level strategy concerned with?

A

The way a business seeks to compete successfully in its particular market

29
Q

What is operational strategy concerned with?

A

How different parts of the organisation deliver the strategy in terms of managing resources, processes and people

30
Q

Which strategy level concerns where to compete?

A

Corporate

31
Q

Which strategy level concerns how to compete?

A

Business strategy

32
Q

Which strategy level concerns how to implement?

A

Operational functional strategy

33
Q

What three main themes should strategy statements have?

A

Goals, scope and advantages

34
Q

What is the strategic position concerned with?

A

The impact on strategy of the external environment, the organisations strategic capability, the organisation’s goals and the organisation’s culture

35
Q

What are the strategic choices concerned with?

A

The options for strategy in terms of both the directions in which strategy might move and the methods by which strategy might be pursued

36
Q

What is strategy in action concerned with?

A

How strategies are formed and how they are implemented - emphasis on the practicalities

37
Q

What is in Context (internal & external)?

A

Industry analysis
Resource based view
Cultural analysis

38
Q

What is in Content (strategic options)?

A

Strategy & performance

39
Q

What is in Process (formation & implementation?

A

Strategic planning
Choice & change
Strategy as practice

40
Q

What are strategy lenses?

A

Ways of looking at strategy issues differently in order to generate additional insights

41
Q

What are the four strategy lenses?

A

Design
Experience
Variety
Discourse

42
Q

Describe the design strategy lense:

A

Strategy can be designed in advance and a detailed plan conceived by strategists
This approach is rational and objective
Little attention paid to cultural, political or unpredictable aspects of strategy
Design lens is systematic, analytical and logical

43
Q

Describe the Experience strategy lense:

A

Influenced by the experience of managers

Organisations culture and the taken-for-granted assumptions and ways of doing things drive strategy

44
Q

Describe the Variety strategy lense:

A

Emerges from an uncertain & changing environment
Comes from a variety of initiatives
New ideas ‘bubble up’ from unpredictable sources and not just the top
Organisations need to encourage diversity / look for initiatives at the bottom of org

45
Q

Describe the Discourse strategy lense:

A

Attention focused on how managers use language to frame problems, make strategy proposals, debate issues and communicate
Helps to uncover the personal interests and politicking of managers

MN2205: Strategic Management (2 decks)

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