- process of choosing among different strategies and altering them to best fit the organizations needs-must be translated into specific strategic plans- determine what the organizations long term goals should be for the next 1-5 years
0%
Benchmarking
0%
Cost focus strategy
0%
Strategy formulation
0%
Strategic management small firms
Q.2.
- turn to strategy formulation
0%
After assessing the current reality
0%
Strategy implementation
0%
Tools for assessing the current reality
0%
Porters model for industry analysis
Q.3.
- consists of monitoring the execution of strategy and making adjustments, if necessary- need control systems to monitor progress and take corrective action, when things go awry.- corrective action constitutes a feedback loop in which a problem requires that managers return to an earlier step to rethink policies, redo budgets, or revise personnel arrangements
0%
Threats of substitute products or services
0%
Establish the mission, vision, and values statements
0%
Maintain strategic control: the feedback loop
0%
Contingency planning
Q.4.
- Porters model- can take away customers from existing organizations
0%
Single product strategy
0%
Threats of substitute products or services
0%
Threats of new entrants
0%
Cost leadership strategy
Q.5.
- makes and sells only one product within its market- allows you to focus manufacturing and marketing efforts- increased vulnerability
0%
Single product strategy
0%
Cost leadership strategy
0%
Rivalry among competitors
0%
Strategy implementation
Q.6.
- vision = long term goal of what it wants to become, expressed in a vision statement, describes long term direction and strategic intent- should be positive, stretch the organization and its employees to achieve a desired future state that appears beyond its reach
0%
Formulate the grand strategy
0%
Threats of substitute products or services
0%
Maintain strategic control: the feedback loop
0%
Characteristic of a good vision statement
Q.7.
- W. Chan Kim- Renee Mauborgne- refers to a company creating a new uncontested market space that makes competitors irrelevant, creates new consumer value, decreases costs- create a completely new industry or create a blue ocean within a red oceanred ocean= industry boundaries are defined and accepted
0%
Cost focus strategy
0%
Innovation strategy
0%
Defensive strategy
0%
Blue ocean strategy
Q.8.
- public prints and advertising- investor information- informal sources, industry gossip, salespeople
0%
Strategy requires trade offs in competing
0%
Strategy is the creation of a unique and valuable position
0%
Sources for gaining competitive intelligence
0%
Tools for assessing the current reality
Q.9.
- boston consulting group- means of evaluating strategic business units on the basis of:business growth ratesmarket share- an organization will do better in fast growing markets in which it has a high market share rather than in slow growing markets in which it has a low market share
0%
BCG matrix
0%
Execution
0%
diversification
0%
SWOT analysis
Q.10.
- competitive intelligence- SWOT- forecasting- benchmarking- Porters model for industry analysis
0%
Threats of substitute products or services
0%
Tools for assessing the current reality
0%
Focused differentiation strategy
0%
Characteristics of a good mission statement
Q.11.
- grand strategy- involves expansion as in sales revenue, market share, number of employees, number of customers- often takes the form of an innovation strategy- improve existing product/service-increase promotion/marketing- expand operations- add new products/services- acquire other businesses- mergers
0%
Stability strategy
0%
Assess the current reality
0%
Growth strategy
0%
Formulate the grand strategy
Q.12.
- also called situational analysis- Strengths, Weaknesses, Opportunities, and Threats affecting the organizations- should provide a realistic understanding of your organization- divided into 2 parts, inside matters and outside matters
0%
Strategic positioning
0%
Environmental scanning
0%
Strategic control
0%
SWOT analysis
Q.13.
- grand strategy- also called retrenchment strategy- involves reduction in the organizations efforts- reduce costs- sell off assets- phase out products- bankruptcy
0%
Defensive strategy
0%
Cost focus strategy
0%
Formulate the grand strategy
0%
Innovation strategy
Q.14.
- strategic positioning- fit has to do with the ways a companies activities interact and reinforce one another
0%
Techniques that can be used to formulate strategy
0%
Strategy involves creating a fit among activities
0%
Threats of substitute products or services
0%
Strategy is the creation of a unique and valuable position
Q.15.
-step 2 strategic management process-perform a current reality assessment or organizational assessment-- look at where the organization stands and see what is working and what could be different so as to maximize efficiency and effectiveness in achieving the organizations mission- use SWOT analysis, forecasting, benchmarking, porters model for industry analysis
0%
Formulate the grand strategy
0%
Assess the current reality
0%
Defensive strategy
0%
Blue ocean strategy
Q.16.
- external organizational opportunities and threats
0%
Outside matters
0%
SWOT analysis
0%
Inside matters
0%
Cost focus strategy
Q.17.
strategy is the creation of a unique and valuable positionstrategy requires trade-offs in competingstrategy involves creating a fit among activities
0%
Techniques that can be used to formulate strategy
0%
Three key principles underlying strategic positioning
0%
Strategy requires trade offs in competing
0%
5 steps of the strategic management process
Q.18.
- mission- organizations purpose or reason for being, expressed in the mission statement
0%
Characteristic of a good vision statement
0%
Sources for gaining competitive intelligence
0%
Characteristics of a good mission statement
0%
Strategy requires trade offs in competing
Q.19.
- can benefit but if the small improvement in performance is not worth the effort involved in strategic planning unless a firm is in a very competitive industry where small differences in performance may affect survival potential
0%
Porters model for industry analysis
0%
Strategic management small firms
0%
Maintain strategic control: the feedback loop
0%
Strategy involves creating a fit among activities
Q.20.
- single most important strategist working today
0%
Threats of new entrants
0%
Michael porter
0%
Bargaining power of suppliers
0%
Innovation strategy
Q.21.
- attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company- performing similar activities in different ways- performing similar activities in different ways
0%
Strategic management small firms
0%
Single product strategy
0%
Strategic positioning
0%
vertical integration
Q.22.
- skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its vision
0%
Rivalry among competitors
0%
Competitive intelligence
0%
Cost leadership strategy
0%
Organizational strengths
Q.23.
- monitoring the execution of strategy and taking corrective action if needed- to keep a strategic plan on track you need to:engage peoplekeep it simplestay focusedkeep moving
0%
Defensive strategy
0%
Strategic control
0%
Differentiation strategy
0%
Strategy formulation
Q.24.
- porters 4 competitive strategies- offer products or services that are of unique and superior value compared with those of competitors but to target a wide market
0%
Cost focus strategy
0%
Competitive intelligence
0%
Differentiation strategy
0%
Focused differentiation strategy
Q.25.
- gaining information about ones competitors activities so that you can anticipate their moves and react appropriately
0%
Strategy implementation
0%
Differentiation strategy
0%
Innovation strategy
0%
Competitive intelligence
Q.26.
- porters model- influenced by the other 4 factors- internet has intensified rivalries- SWOT analysis
0%
Threats of new entrants
0%
Rivalry among competitors
0%
Strategy implementation
0%
Threats of substitute products or services
Q.27.
-strategic positioning- some strategies are incompatible- choose what strategy to follow and what strategy not to follow
0%
Threats of substitute products or services
0%
Tools for assessing the current reality
0%
Strategy involves creating a fit among activities
0%
Strategy requires trade offs in competing
Q.28.
- operating several businesses in order to spread risk- vertical integration
Three key principles underlying strategic positioning
Q.30.
- step 4 strategic management process- putting strategic plans into effect- top managers need to check on possible roadblocks within the organizations structure and culture and see if the right people and control systems are available to execute the plans
0%
Establish the mission, vision, and values statements
0%
Implement the strategy
0%
Environmental scanning
0%
Assess the current reality
Q.31.
- porters model- customers who buy a lot have more bargaining power than those who don't- power to force down asking price
0%
organizational culture
0%
Organizational weaknesses
0%
BCG matrix
0%
Bargaining power of buyers
Q.32.
-2nd core process- consider how success will be accomplished - take realistic and critical view of capabilities- finance, sales, manufacturing
0%
Execution
0%
Strategic control
0%
Strategy
0%
Strategy implementation
Q.33.
- 3rd core process- need to consider what path will be followed- whose going to get it done?- should address all major activities- define short term objectives- provide targets to aim at
0%
Operations
0%
Execution
0%
People
0%
SWOT analysis
Q.34.
- process by which a company compares its performance with that of higher-performing organizations- continuous process of measuring products, services, and practices against the toughest competitors
0%
Growth strategy
0%
Benchmarking
0%
Strategic control
0%
Trend analysis
Q.35.
- step 3 strategic management process- translate broad mission and value statements into a grand strategy- after assessment of current reality, explain how the organizations mission is to be accomplished
0%
Defensive strategy
0%
Formulate the grand strategy
0%
Strategy implementation
0%
Establish the mission, vision, and values statements
Q.36.
- porters model- internet places organization in a better position to switch to other products or services when circumstances threaten their usual channels
0%
Strategy requires trade offs in competing
0%
Techniques that can be used to formulate strategy
0%
Threats of substitute products or services
0%
Rivalry among competitors
Q.37.
-SWOT- internal organizational strengths and weaknesses
0%
Innovation strategy
0%
Michael porter
0%
Inside matters
0%
Stability strategy
Q.38.
-step 1 strategic management process- mission statement: purpose/reason for being- vision statement: what the organization wants to become/ where wants to go-values statement: what it stands for, core priorities, employee values, contributions
0%
Formulate the grand strategy
0%
Assess the current reality
0%
Establish the mission, vision, and values statements
0%
5 steps of the strategic management process
Q.39.
trend analysiscontingency planning
0%
Two types of forecasting
0%
Cost leadership strategy
0%
Stability strategy
0%
Three common grand strategies
Q.40.
- next point in establishing grand strategy after competitive intelligence- careful monitoring of an organizations internal or external environments to detect early signs of opportunities and threats that may influence the firms plans- swot analysis
0%
Strategic positioning
0%
Environmental scanning
0%
Formulate the grand strategy
0%
Implement the strategy
Q.41.
- system of shared beliefs and values that guides behavior of members- effective execution requires supportive culture
0%
organizational culture
0%
Organizational threats
0%
Organizational strengths
0%
Characteristics of a good values statement
Q.42.
- grand strategy- involves little or no significant change- authenticity
0%
Cost focus strategy
0%
Innovation strategy
0%
Strategy implementation
0%
Stability strategy
Q.43.
- or scenario analysis is the creation of alternative hypothetical but equally likely future conditions- alternative combinations of different factors, economic pictures, competitor strategies, budgets, so on- 5 or so years into the future- equips organization to prepare for emergencies and uncertainty- gets managers thinking strategically
0%
Blue ocean strategy
0%
Strategy formulation
0%
Cost focus strategy
0%
Contingency planning
Q.44.
- drawbacks that hinder an organization in executing strategies in pursuit of its vision
0%
Characteristics of a good values statement
0%
Organizational weaknesses
0%
Organizational opportunities
0%
diversification
Q.45.
- strategic positioning- emerges from three sourcesfew needs many customersbroad needs, few customersbroad needs, many customers
0%
Strategy requires trade offs in competing
0%
Three key principles underlying strategic positioning
0%
Strategy is the creation of a unique and valuable position
0%
Strategy involves creating a fit among activities
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