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OBC1
thinking straegically
| Question | Answer |
|---|---|
| Strategic management | Helps to systematically seek out & reach growth products & growth markets |
| Strategic management | Aids in organization programs to seek & promote new business opportunities |
| Strategic management | Helps establish formal systems of discovering opportunities & offsetting risks |
| Strategic management | Helps organization recognize managers who are driven by the zeal to lead rather than to follow |
| vision | Image of desired future |
| Goals | Statements of what you want to achieve |
| objectives | Tasks that need to be undertaken in order to realize the goals |
| methods | The measurable steps to take to achieve the objectives take into account |
| tactics | Tools & actions used to achieve the objectives (policies & key decisions) |
| Purpose/mission (key elements of strategy) | Why the company exists |
| Definition (key elements of strategy) | what kinds of company do you have / who are you / what do you do |
| achievements (key elements of strategy) | To move forward w/ strategic plan |
| Competitive advantage (key elements of strategy) | Where are you in the marketplace |
| Goals | Competitive advantage / achievement |
| vision | Definition / purpose of statement |
| Opportunities & threats (key elements of strategy) | Objectives on the pyramid |
| Implementation (key elements of strategy) | The beginning of taking action |
| Capabilities (key elements of strategy) | Competencies / methods on the pyramid |
| Strengths & weaknesses (key elements of strategy) | Methods on the pyramid |
| Policies (key elements of strategy) | Methods on the pyramid |
| Key decisions (key elements of strategy) | Tactics on the pyramid |
| Corporate strategy | Overall direction of the organization |
| Competitive strategy | How company competes |
| CSF | Critical success factors |
| TQM | Total quality management |
| Total quality management (TQM) | Driven by an analysis of customer requirements using measurements & statistical techniques to improve & maintain processes |
| TBC | Time based competition |
| Time based competition (TBC) | First comes first served minimizes the time it takes to develop a product to exploit this advantage |
| benchmarking | method of measuring processes against those of recognized industry leaders |
| Competitive convergence | When rival competition become more and more alike |
| Variety based positioning (Strategic position) | Provides features no one else possess |
| Needs based positioning (strategic position) | Meets the needs of customer groups no other organization is meeting |
| Access based positioning (strategic position) | A different way of reaching customers |
| Narrow market scope (Porters generic strategy) | Focus strategy |
| Broad market scope (porter generic strategy) | Differentiation strategy & cost leadership |
| Cost leadership | Lowering production costs to gain higher profits or market share thru lower prices |
| differentiation | Unique in a way that is valued by customers |
| focus | Targets market segment & tailors its strategy to that group specifically |
| Resources based strategies exploit | What a company has to offer |
| Activities based strategies exploit | How a company works |
| Prescriptive schools (schools of strategic thought) | How strategies are formed |
| Design (prescriptive school) | SWOT / strategy developed as process |
| Planning (prescriptive school) | Strategy developed as a formal process |
| Positioning (prescriptive school) | Benchmarking / Strategy developed as an analytical process |
| Descriptive schools (schools of strategic thought) | During the creation of strategy |
| Entrepreneurial (descriptive schools) | Visionary process , charismatic business leader |
| Cognitive (descriptive schools) | Mental process , strategic thinking |
| Learning (descriptive schools) | Emerging process |
| Power (descriptive schools) | Process of negotiation , politics |
| Cultural (descriptive schools) | Collective process |
| Environmental (descriptive schools) | Reactive process |
| configurative school (schools of strategic thought) | Integrates element's of others |
| Strategic transformation (configuration school) | State of being, conception of the need of change, process of transition, desired state |
| Strategy formulation 1 | Review and analyze current & past market status |
| Strategy formulation 2 | Conduct a resources & capabilities audit |
| Strategy formulation 3 | Analyze the competitive environment |
| Strategy formulation 3 (interim steps) | Risk management |
| Strategy formulation 4 | Carry out a risk threat & vulnerabilities assessment |
| Strategy formulation 5 | Determine critical success factors (CSF) |
| Strategy formulation 6 | Test assumptions |
| Strategy formulation 7 | Craft mission statements |
| Strategy formulation 8 | Draft mission statements |
| Strategy formulation 9 | Engage & execute the strategy |
Created by:
nashanta
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