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16 Cards in this Set
- Front
- Back
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What are the 7 parts of strategy work? |
Strategic analyses, strategic plans, strategic issue selling, strategic decision-making, strategy communication, strategy workshops, strategic projects (strategic initiatives, corporate programs) |
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What are the two fundamental assumptions of strategy in this course? |
1) strategy matters, strategic options have an impact on the firm and on the outside 2) strategy is something that engages with all levels in the firm and with many stakeholders outside the firm. key ability: maintain good "strategic conversations" |
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What are the origins of the notion "strategy"? |
can be traced to ancient Greek origins, stratos = army, agos = leader |
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Name a few interest groups of the strategic management society |
Entrepreneurship& Strategy Knowledge & Innovation Stakeholder Strategy etc. |
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What are (What is the purpose) interest groups in the strategic management society? |
interest groups are there to disseminate new ideas of strategy research and practice |
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What are the core questions in strategic management ? |
How do firms behave? Why are firms different? What determines success or failure in international competition? => what enables above average performance? (despite competition and imitation) |
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Levels of strategy |
Corporate Level: what kind of businesses we engage in,mergers, acquisitions Business level strategy: how do we actually compete once wehave decided the business, on prices, on quality? Network strategy: shall we engage in alliances? (e.g.Starline) which alliances? be a first or late mover? Non market strategies Functional strategies: traditional point of view |
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What are the sources of performance heterogeneity? |
There is a differentiation of strategy between strategy process (e.g. decision-making speed) and strategy content (e.g. diversification degree). |
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Define Strategy, What is it? |
It's characterized by a long-term goal of the entreprise and the adoption of courses of action and allocation of resources to achieve this goal. => It's a plan => Pattern in actions (e.g. being in a high end s.) => It's a vision and direction => Position in the market |
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Reasons for the Development of Strategies |
-orientation, providing direction -building a shared understanding -coordination of activities -anticipation of future developments -information and involvement of stakeholders -challenging the status quo etc. |
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Name four Megatrends and derive points of focus for industries |
1) Growth and ageing of the population=> Health & Nutrition 2)Urbanization and metropolization => Housing & contruction 3) Energy Demand and Climate Impact => Energy & resources 4) Economic Globalization and Emerging Markets => mobility & communication |
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What is Competitive Strategy ? |
It's about being different. It's about chosing a different set of activities to deliver a unique mix of values. |
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Main issue with strategy |
most executives are not able to articulate their strategy, also the fiel of strategic management is also blurry, c.f. article of the first session |
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What are the 2 competing perspectives on strategy ? |
resource-based-view (inside-out) and market-based view (outside-in): they both identify potential advantages, from that point, a strategy can be articulated |
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Where do most strategies fail? |
Mostly at the implementation of the strategy. More than its actual formulation, formal strategy work. |
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How is strategy work structured ? Matrix |
Formulation (Genesis) Process, how? Content, what? Impact, implementation |
