Strategic Management

Front 1

List the 3 tools (levers) used to implement strategy

Back 1

1. Structure
2. Systems
3. People

Front 2

(Strategy Implementation Levers)
List the 3 key elements of "Structure"

Back 2

1. How people and units are organized withing the company (unit groupings & hierarchy)
2. How individuals' jobs are designed (specialization)
3. Who makes what decisions within the organization (centralization vs decentralization)

Front 3

(Strategy Implementation Levers)
List the 3 key elements of "Systems"

Back 3

1. Reward-control systems
2. Resource allocation systems
3. Information systems

Front 4

(Strategy Implementation Levers)
List the 4 key elements of "People"

Back 4

1. Leadership
2. Culture
3. Training & Development
4. Matching people with key positions

Front 5

(Evaluation & Control)
Define evaluation

Back 5

The process by which an organizations performance is monitored so that the actual performances can be compared with desired performance.

Front 6

(Evaluation & Control)
5 Steps to evaluating & controlling a process.

Back 6

1. Determine what to measure
2. Establish predetermined standards.
3. Measure performance.
4. Compare actual performance with the standard
5. Take corrective action (if needed)

Front 7

(Evaluation & Control)
List the three major types of controls

Back 7

1. Behavior Controls
2. Output Controls
3. Input Controls

Front 8

(Evaluation & Control)
Define Behavior controls

Back 8

How something is done through policies, procedures, rules, and SOPs

Front 9

(Evaluation & Control)
Define Output controls

Back 9

What is to be accomplished; focus on end results through performance targets.

Front 10

(Evaluation & Control)
Define Input controls

Back 10

Controlling the quality of resources (skills, abilities, values, motives)ions

Front 11

(Evaluation & Control)
List the 3 questions in the Strategy-Evaluation matrix

Back 11

1. Have major changes occurred in the firm's internal position?
2. Have major changes occurred in the firm's external position?
3. Has the firm progressed satisfactorily toward achieving its stated objectives.

Front 12

(Strategy Implementation)
Characteristics of strategy formulation

Back 12

Formulation
- Positions forces before the action
- Focuses on effectiveness
- Intellectual process
- Requires good intuitive & analytical skills
- Requires coordination among few individuals

Front 13

(Strategy Implementation)
Characteristics of strategy implementation

Back 13

Strategy Implementation
- Manages forces during the action
- Focuses on efficiency
- Operational process
- Requires special motivational & leadership skills
- Requires coordination among many individuals

Front 14

(Strategy Implementation)
List the 3 key types of Systems

Back 14

- Reward-Control Systems (Commissions, Bonuses)
- Resource Allocation Systems (Project Appraisal, Capital Budgeting)
- Information Systems (Formal, Informal, or External)

Front 15

(Systems)
List a few examples of a

Back 15

- Provide goals
- Monitor behavior
- Evaluate employees/organizational units
- Reward achievement of goals

Front 16

(Systems)
List the 4 elements of a successful Reward-Control System.

Back 16

- Provide goals
- Monitor behavior
- Evaluate employees/organizational units
- Reward achievement of goals

Front 17

(People)
List the 4 main "People" implementation elements

Back 17

- Leadership (must take substantive action to support strategy)
- Culture (Influencing the values of a company through hiring/socialization)
- Training & Development (Give people experience and skills to help the organization)
- Match People With Key Positions (Ensure key managers have the personality and skills to execute the strategy)

Front 18

What is the single greatest threat to successful strategy implementation?

Back 18

Resistance to change

Front 19

List 4 primary causes for resistance to change

Back 19

- Economic Loss
- Inconvenience
- Uncertainty
- Break in status quo

Front 20

Explain the knowing-doing gap

Back 20

Companies typically know far more about what should change than they actually attempt to change

Front 21

What is the most critical internal implementation factor?

Back 21

Culture (Strong Values -> Good environment for implementation)