Understanding the Strategic Context Flashcards

1
Q

What is a Strategy?

A

A long-term plan of action designed to achieve a goal, most often “winning”.

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2
Q

What are the levels of Strategy?

A

Corporate level, Business Unit Level, and Operational Level.

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3
Q

What is Corporate Strategy?

A

Highest level of strategy, corporate straegy. Decisions at this level tend to be concerned with the overall purpose and scope of the organisation.

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4
Q

What is Business Strategy?

A

Also known as Business Unit Strategy has to do with the Business Units (e.g. Maersk a BU would be HSUD or Damco).

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5
Q

What is a Functional or Operational Strategy?

A

These are linked to the operating parts of the business examples can be Finance, Marketing, Production, etc..

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6
Q

What is a Resource Audit?

A

A resource audit allows the business to understand to understand what they have and what they can building on.

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7
Q

What are the components of a Resource Audit?

A

Physical (buildings), Financial (cash flow, credit), Human (staff), Know-How (patents), Reputation (brand)

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8
Q

What is PESTLE analysis?

A

A tool used to analyse the external envrionment surrounding the business, an envrionment which is out of control of the organisation.

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9
Q

What are the components of a PESTLE?

A

Political (political influences), Economical (local, national and world economic), Socio-cultural (trends and behaviours), Technological (new and emergin tech), Legal (national and world legislation), Evrionmental (local, national, and world envrionmental issues).

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10
Q

What is a SWOT Analysis?

A

A tool used to understand the business’ strenghts, weaknesses, opportunities and hreats.

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11
Q

What is a MOST Analysis?

A

A way of defining the businesess’ Mission, Objectives (measurable), Strategies (approach), Tatctics (detailed ways).

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12
Q

What is a SMART objective?

A

Specific, Measurable, Agreed/Achievable, Relevant/Realistic, Time-focused.

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13
Q

What is a CSF?

A

Critical Success Factor - areas that must succeed to meet the business’ objectives.

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14
Q

What is a KPI?

A

Key Performance Indicator - mechanisms that assess the performance of the organisation.

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15
Q

What is a PT?

A

Performance Target - organisational targets compromised of lower level objectives.

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16
Q

What is a Balanced Business Scorecard?

A

A method and tool which can be used by a business to set strategic objectives.

17
Q

What is a Balanced business Scorecard compromised of?

A

Finance - measuring financial performance, Customer - measuring the impact on customers, Process - measuring the performance of business processes, Learning - meauring the company’s learning curve.

18
Q

How do all the Strategic Tools work together?

A

The Resource Audit allows for the definition of the SW in the SWOT while the PESTLE allows for the idenfitifaction of the OT from the SWOT. The MOST uses the CSF, KPI, PT and BBS to measure the outcome and the SWOT analysis to implement the Strategies and Tactics.