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28 Cards in this Set
- Front
- Back
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Strategy |
- long term direction of an organization |
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Strategic Decisions are about |
- LT direction of an organization - scope of an organizations activities - gaining advantage over competition - adressing changes in bus environment - building on resources and competences (capability_ - values and expectations of stakeholders |
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Strategic decisions are likely to |
- be complex in nature - be made in situations of uncertainty - affect operational decisions - require an integrated approach - involve considerable change |
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3 Horizons for Strategy |
- suggests organizations should think of themselves as comprising three types of business or activity, defined by their horizons in terms of years |
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Horizon 1 |
- Extend and defend core business - current core activities - need defending and extending but the expectation is that in the LT they'll be flat or declining in terms of profits |
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Horizon 2 |
-Build emerging businesses - emerging activities that should provide new sources of profit |
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Horizon 3 |
- Create Viable options - R & D |
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Levels of Strategy 1. Corporate Level Strategy |
- concerned with overall scope of an organization and how value is added to the constituent business of organizational whole - Vice Media diversifying from original magazine into other activities including retail, publishing, and video |
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2. Business Level Straegy |
- how the individual businesses should compete in their particular markets
- marketing and content improvements in the Vice magazine to attract more readers |
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3. Operational Strategy |
- concerned with how the components of an organization deliver effectively the corporate and business level strategies in terms of resources, processes, and people - Vice's operational strategies are geared to meeting its investment needs and raising finance |
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Strategy Statements |
3 main themes 1. fundamenteal goals that the organization seeks, which reflect the state mission, vision, and objectives 2. the scope or domain of the organizations activities 3. the particular advantages or capabilities it has to deliver all of these |
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Exploring Strategy Model |
1. understanding the strategic position of an orngaization 2. assessing strategic shocies for the future 3. managing streategy in action |
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1. Strategic Position |
- concerned with the impact on strategy of the external environment, organizations strategic capability (resources and competences), the organizations goals and the organizations culture - environment, capability, purpose, culture |
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Fundamental questions for Strategic Position |
- What are the environmental opportunities and threats? - What are the organizations strengths and weaknesses? -what is the basic purpose of the organization? - how does culture fit with the strategy? |
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2. Strategic Choices |
- involve the options for strategy in terms of both the directions in which strategy might move and the methods by which strategy might be pursued - business, corporate, innovation, acquisitions and alliances, international |
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Fundamental questions for strategic choice |
- how should individual business units compete? - which businesses to include in the portfolio? - where should the organization compete internationally? - is the organization innovating appropriately? - should the organization buy other companies, form alliances, or go it alone? |
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3. Strategy in Action |
- about how strategies are formed and how they are implemented? - emphasis is on the practicalities of managing - evaluating, processes, changing, practice, organization |
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Fundamental questions for Strategy in action |
• Whichstrategies are suitable, acceptable and feasible?• Whatkind of strategy-making processes are needed?• Whatare the required organisation structures and systems?• Howshould the organisation manage the change needed?• Whoshould do what in the strategy process? Which people and what activities. |
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Top managers |
- frequently formulate and control strategy but may also involve others in the process |
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Middle and Lower Level managers |
- meet strategic objectives and real with constraints |
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All managers |
- have to communicate strategy to their teams - can contribute to the formation of strategy through ideas and feedback |
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Strategy's 3 Branches |
1. Context - internal and external 2. Context - strategic options 3. Process - formation and impelmentation |
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Strategy Lenses |
- ways of looking at strategy issues differently in order to generate additional insights - looking at problems in different ways will raise new issues and new solutions |
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Strategy can be seen as: |
- design experience vareity discourse |
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Strategy as design |
- can be designed in advance and a detailed plan conceived by strategists - rational and objective - little attention is paid to cultural, political, or unpredictable aspects of strategy - design lens is systematic, analytical, and logical
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Strategy as experience |
- influenced by experience of managers - organizations culture and the taken-for-granted assumptions and ways of doing things are key drivers of strategy - strategy is likely to build on and continue what has gone on before |
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Strategy as variety |
- strategy emerges from an uncertain and changing environment - strategy comes from a variety of initiatives - new ideas bubble up from unpreidctable sources and not just the top - organizations need to encourage diversity and look for initiatives at the bottom or the periphery of the organization |
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Strategy as discourse |
•Attentionis focused on the way managers use language to frame strategic problems, makestrategy proposals, debate issues and communicate strategic decisions. •Theway managers ‘talk’ about strategy matters – it influences decisions. •Thediscourse lens helps to uncover the personal interests and ‘politicking’ ofmanagers. |
