Week 1 - what is strategic management Flashcards
Define strategic management
Strategy is the long term direction of an organisation.
Identifying goals, making choice to achieve them, over the long term.
What are the 3 horizons of strategy
Organisation comprise three types of business or activity, ‘horizons’ in terms of years. Encourages longer term thinking.
- Horizon 1 core activities
- Horizon 2 emerging activities
- Horizon 3 possibilities,
There are various levels of strategy that must align in order to be successful. Define them.
Corporate-level: overall scope of an organisation, how value is added to whole. Eg: geographical scope, acquisitions of new businesses
Business-level: how businesses should compete in their particular markets, often called ‘competitive strategy’. Eg innovation, scale and response to competitors’ moves.
Operational: How resources /processes / people deliver deliver corporate- and business-level strategies
How does strategy impact on various levels of management?
Top
Middle / lower
Specialists
Top management: key activity, determine goals and how to achieve .
Middle lower-level managers - objectives, communicate, ideas bottom up
Specialists - analyse, deliver, buy in, consensus
Describe the characteristics of the 3 branches of strategy study (context, content, process).
Strategy context - internal (culture), external (industry) contexts of organisations.
Strategy content - content & probability of success based on economics
Strategy process, formtaion and implemented using a range of disciplines
The exploring strategy model represents 3 non linear but interrelated facets of strategy. List them
Strategy - positions, choices, action
Define strategy position and the 4 questions central for evaluating future strategy.
PECC
Strategy and the external / internal environment.
Purpose
Environment
Culture
Capability
Define strategy choices and the 5 strategic choices
CWIAI
Directing and pursuing strategy
Compete? What business / markets? International Acquire / ally Innovation
Define strategy in action and it’s 5 questions
WESPC
Forming and implementing strategy
Who does what Evaluate Structures/systems Planned or emergent? Change
Define strategic lenses
Different perspectives for different insights
What is design lens?
Strategy can be ‘designed’ in the abstract
Planing, analysis, logic
Excludes improvisiation
What is the experience lens?
Strategy heavily influenced by experience or org and managers
Iterative
Messy & adhoc
What is the variety lens?
Strategy emergent response to changing context
The need for diversity
What is the discourse lens
Recognises strategic discourse used to gain influence, power and legitimacy.
Discover personal motivations
