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8 Cards in this Set
- Front
- Back
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What is a strategy?
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BP:
"Long term plan to achieve company goals. Comprehensive plan that identifies direction and guides resource allocation. Not a loose statement of aspirations". |
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Purpose of strategy?
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To obtain either:
*Competitive Advantage (Porter) *Institutional Advantage (Goold) |
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How is competitive advantage obtained?
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*Price
*Cost Efficiency *Differentiation *Focus/Niche |
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What are the stages in developing a strategy?
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Defining Purpose of Organisation
Internal Analysis External Analysis Develop Strategic Objectives Risk assessing the Objectives Developing operational/delivery plans Implementing operational/delivery plans Monitoring Reviewing |
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Internal Analysis Tools
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SWOT - can be used for external also
Boston Matrix Value Chain Analysis Ansoff Matrix |
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External Analysis
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Porters 5 Forces
PESTLE |
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Decision Making Models -
models help decision maker act rationally. What are the four resulting models based on: * level of certainty of problem and effects of actions; * level of agreement in identification of problem and intended goals. |
Rational Strategy
Judgemental Strategy Political Strategy Inspirational Strategy |
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Decision Making Tools
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Five Whys -
Chunking - group & break problem down Drill Down - break down into factors Cause & Effect (Fishbone) - break down into factors Pareto Force Field Analysis - identify those that push/resist Six thinking hats - different perspectives Decision trees - probability and value |
