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44 Cards in this Set
- Front
- Back
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Three perspectives on strategic management |
-Traditional -resource-based view -stakeholder view |
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Traditional Perspective |
-analyze internal & external environment -the principle of enactment -deliberate strategy -emergent strategy -effective strategic planing |
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environment determinism |
environment is the primary determinant of the best strategy |
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the principle of enactment |
influence certain aspects of the environment |
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deliberate strategy |
manager plans to pursue an intended strategic course |
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emergent strategy |
one that was not planned or intended |
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effective strategic planning |
deliberate and emergent, adapt and enact their environments |
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The resource based view |
-financial resource -physical resource -human resource -organizational knowledge and learning -general organizational resource |
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superior resource |
those have value in the market are possessed by only small number of firms |
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stakeholders |
-competitors -activist group -local communities -suppliers -unions -financial intermediaries -customers -the media - government agencies
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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
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situation analysis |
internal external environment SWOT analysis |
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strategic direction |
purpose for which a company exist and operate |
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mission statement and vision |
current purpose and scope of operation |
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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. |
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strategy formulation |
planning corporate, business, and functional |
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corporate level strategy |
domain of activity through selection of business areas in which the company will compete board members managers at other levels |
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business level strategy |
formulation pertains to domain direction and navigation or how business should compete different operating divisions or line managers division head |
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functional level strategies |
details of how functional resources areas marketing, operations and finance managers functional |
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strategy implementation |
pattern of decisions and actions that are intended to carry out the plan |
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organizational controls |
process that lead to adjustments in strategic direction, strategies |
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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
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intent-focused |
a vision with regard to where an organization is to should be going |
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comprehensive |
system perspective, value creation understands the linkages |
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opportunistic |
seizes unanticipated |
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long-term oriented |
go beyond here and now |
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built in the past and present |
think in time accomplishments comparisons
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hypothesis-driven |
development creative process built on brainstorming analytical process
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segmentation |
a strategy that distinguish properties on the basis of price, service, function, style and offering |
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broad environment |
-social-cultural influences -global economic influences -political influences -technological influences
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broad environment analysis |
scanning monitoring projecting adapting |
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social trends |
-recognize opportunities -identify unique generational and cultural differences -enhance corporate reputation -avoid unwanted legislation |
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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. |
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social responsibility |
firm takes a proactive stance in its social role |
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trent |
capture long-term changes or movements that are substantial to the society and last |
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fad |
cultural blip hot , fades fast and doesn't return |
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economic growth |
interest rates the availability of credit, inflation rate |
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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
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dominant design |
suggest that the industry may evolve as a commodity |
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strategic allience |
engage joint research projects, will allow them to keep abreast of trends |
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porters five forces |
-potential entrants -suppliers -substitutes -customers -industry competitors rivalry among existing firms |
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economic stake |
-advertising -sales force -new service introduction -capacity -long-term contracts with customers |
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oligopolies |
characterized by the existence of a few very large firm |
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hypercompetition |
identified industries that experience |
