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LOS Chapter 1
Reading 9/16/12
| Question | Answer |
|---|---|
| Madonna success | relentless drive. dedication, opportunism, reinvention |
| Lance Armstrong | infectious commitment. analyzing the requirements for success, developing a strategy and executing flawlessly. |
| Vietnam | strategy, endurance. total commitment over a long period. |
| Strategy - formulated and implemented | understanding of game and how to maneuver |
| Characteristics of strategy for success | Goals that are simple, consistent and long term. Profound understanding of the competitive environment. Objective appraisal of resources. Effective implementation. |
| Framework for strategy analysis | The Firm: 1. goals and values, 2. resources and capabilities, 3. structure and systems RELATIONSHIP TO: The Industry Environment: Customers, Competitors, Suppliers |
| Is SWOT an effective framework? | author prefers a simple, two way classification of internal and external forces. |
| Strategic Fit | For success, it must fit with external environment and internal - goals, values, resources, capabilities, structure and systems. |
| Why businesses need strategies | give direction and purpose, deploy resources effectively and coordinate decisions. |
| Strategy vs tactic | S - overall plan for deploying resources to estab a favorable position. (war) T-scheme for a specific action (battles) |
| Strategic decisions | are important involve a significant commitment of resources not easily reversible |
| Corporate planning | long term planning, 5 years, set goals and objectives, forecasted econ trends estab priorities and allocated capital expend. |
| Planning to strategy making shift | assoc with increasing focus on competition and having a competitive advantage. directed attention to profitability. |
| What is strategy? | means by which individuals or organizations achieve their objectives. A plan, method or series of actions designed to achieve a specific goal or effect. |
| Strategy Choices | Where to compete When to compete? |
| Corporate strategy | defines the firm in terms of the industries and mkts in which it competes. Decisions include choice over diversification, vertical integration, acquisitions, allocation of resources. (top mgmt team) |
| Business Strategy (Competitive Strategy) | concerned with how the firm competes within a participates within a particular industry or market. To prosper within the industry, it must estab a competitive advantage. (divisional mgmt) |
| Realized Strategy | implemented |
| Intended Strategy | conceived by the top mgmt team |
| emergent strategy | decisions that emerge from the complex processes in which ind mgrs interpret the intended strategy and adapt. |
| Identifying a company's strategy | mission, vision, principles, values statements |
| Strategy Improves Decision Making | Simplifies by constraining the range of decision alternatives and acting as a heuristic. Permits the knowledge of many to be pooled and integrated. facilitates the use of analytic tools |
| Strategy as a Coordinating Device | Way to communicate to organization's members. Buy-in needed and monitoring. |
| Strategy as a Target | forward looking. establishes a direction of development. |
| Purpose of Strategy Analysis | Not to provide answers but understand the issues. |
Created by:
Elisahbeth
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