Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
44 Cards in this Set
- Front
- Back
Three perspectives on strategic management |
-Traditional -resource-based view -stakeholder view |
|
Traditional Perspective |
-analyze internal & external environment -the principle of enactment -deliberate strategy -emergent strategy -effective strategic planing |
|
environment determinism |
environment is the primary determinant of the best strategy |
|
the principle of enactment |
influence certain aspects of the environment |
|
deliberate strategy |
manager plans to pursue an intended strategic course |
|
emergent strategy |
one that was not planned or intended |
|
effective strategic planning |
deliberate and emergent, adapt and enact their environments |
|
The resource based view |
-financial resource -physical resource -human resource -organizational knowledge and learning -general organizational resource |
|
superior resource |
those have value in the market are possessed by only small number of firms |
|
stakeholders |
-competitors -activist group -local communities -suppliers -unions -financial intermediaries -customers -the media - government agencies
|
|
the strategic management process |
1. situation analysis and operating environment, internal & external stakeholders 2. strategic direction, reflected in mission statement and organizational visions 3. formulation of specific strategies 4.implenentation -process - origin -adaptation vs enactment -deliberate emergement -source of competitive advantage -creation of strategic alternatives
|
|
situation analysis |
internal external environment SWOT analysis |
|
strategic direction |
purpose for which a company exist and operate |
|
mission statement and vision |
current purpose and scope of operation |
|
strategy |
1. pattern that emerges in a sequence of decisions over time 2. organizational plan of action that is intended to move a company toward the achievement of its short-term goal and ultimately its fundamental purpose. |
|
strategy formulation |
planning corporate, business, and functional |
|
corporate level strategy |
domain of activity through selection of business areas in which the company will compete board members managers at other levels |
|
business level strategy |
formulation pertains to domain direction and navigation or how business should compete different operating divisions or line managers division head |
|
functional level strategies |
details of how functional resources areas marketing, operations and finance managers functional |
|
strategy implementation |
pattern of decisions and actions that are intended to carry out the plan |
|
organizational controls |
process that lead to adjustments in strategic direction, strategies |
|
strategic thinking |
analytical process aimed at carrying out strategies that have already been ID. -intent focus -comprehensive -opportunistic -long-term oriented -built on the past and the present -hypothesis-driven
|
|
intent-focused |
a vision with regard to where an organization is to should be going |
|
comprehensive |
system perspective, value creation understands the linkages |
|
opportunistic |
seizes unanticipated |
|
long-term oriented |
go beyond here and now |
|
built in the past and present |
think in time accomplishments comparisons
|
|
hypothesis-driven |
development creative process built on brainstorming analytical process
|
|
segmentation |
a strategy that distinguish properties on the basis of price, service, function, style and offering |
|
broad environment |
-social-cultural influences -global economic influences -political influences -technological influences
|
|
broad environment analysis |
scanning monitoring projecting adapting |
|
social trends |
-recognize opportunities -identify unique generational and cultural differences -enhance corporate reputation -avoid unwanted legislation |
|
culture |
evolving set of shared beliefs, values and attitudes that help shape how a social group thinks, sees, acts, and reacts to various events and situations. |
|
social responsibility |
firm takes a proactive stance in its social role |
|
trent |
capture long-term changes or movements that are substantial to the society and last |
|
fad |
cultural blip hot , fades fast and doesn't return |
|
economic growth |
interest rates the availability of credit, inflation rate |
|
technology |
human knowledge about products and services the way they are delivered -innovation often emerge from existing technologies -dominant design will eventually be widely adopted -radical innovations often come from outside of the industry
|
|
dominant design |
suggest that the industry may evolve as a commodity |
|
strategic allience |
engage joint research projects, will allow them to keep abreast of trends |
|
porters five forces |
-potential entrants -suppliers -substitutes -customers -industry competitors rivalry among existing firms |
|
economic stake |
-advertising -sales force -new service introduction -capacity -long-term contracts with customers |
|
oligopolies |
characterized by the existence of a few very large firm |
|
hypercompetition |
identified industries that experience |