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Strategic Management
CH 2
| Question | Answer |
|---|---|
| Strategic Leadership: | Task of managing an overall enterprise and influencing key organizational outcomes, such as company wider performance, competitive superiority, innovation, strategic change, and survival. |
| The Roles Leaders Fill: | 1)Interpersonal Roles -figurehead -liaison -leader 2)Informational Roles -monitor -disseminator -spokesperson 3) Decisional Roles -entrepreneur -disturbance handler -resource allocator -negotiator |
| Leadership: | The task of exerting influence on other people's pursuit of goals in an organizational context |
| Figurhead | Top executives perform various ceremonial tasks, such as breaking ground at new facilities, hosting retirement dinners, and even fielding calls from irate stakeholders. |
| Liason: | Maintain relationships with external stakeholders, thus strengthening the company's links w/ its external environment. Serve on board of other companies, meet w/ suppliers & customers, & participate in charities & civic organizations |
| Leader: | Is a vertical relationship: Employees & stakeholders who don't possess their authority look to them for motivation & direction. |
| Monitor: | Executive taps into a larger network of contacts, colleagues, & employees to collect & collate the info needed to understand the organization & its environment.Seeks info to detect changes, to identify problems and opportunities. |
| Disseminator: | Passing info to internal stakeholders. |
| Spokesperson: | Passing info to external stakeholders. |
| Entrepreneur: | Must authorize major strategic initiatives and supervise their implementation. |
| Disturbance Handler: | Deals w/ unforseen situations or those in which the firm is involved involuntarily. Any number of "disturbances" can threaten the successful implementation of a strategy, including both internal & external conflicts. |
| Resource Allocator: | Crucial to the task of formulating strategy and to the task of executing it successfully. If resources aren't effectively allocated, even a well formulated strategy has little change of success. |
| Negotiator: | Usually concerned with non-routine transactions involving other organizations. Such decisions as whether to acquire or merge with another firm, to sell a major division, or to renegotiate a labor contract require significant participation from the CEO. |
| Level 5 Hierarchy Definition: | Model of leadership skills calling for a wide range of abilities, some of which are hierarchical in nature. In other words, before mastering certain higher level abilities, one must first master certain lower-level skills. |
| What are the 5 Levels of Leadership Skills: (page 37 more info) | Level 5: Level 5 Executive Level 4: Effective Leaders Level 3: Competent Managers Level 2: Contributing Team Member Level 1: Highly Capable Individual |
| Level 5 Leaders: Level 5 Executive | Tends to feature an unusual, even paradoxical, combination of skills. Not only express an unwavering resolve, or profesional will, to achieve higher goals but demonstrate a surprising degree of professional modesty. |
| Level 4 Leaders: Effective Leaders: | Can lead a group to superior levels of performance. Present clear and compelling vision and lead groups to high performance standards. |
| Level 3 Leaders: Competent Managers: | Organize people and resources to accomplish predetermined objectives. Need to show ability to manage other people. |
| Level 2 Leaders: Contributing Team Member: | Must show the ability to work effectively as a member of a team. Work effectively with others and contribute to the achievement of group objectives. |
| Level 1 Leaders: Highly Capable Individual: | Must make contributions of your talent, knowledge, hard work, and skills must be made. |
| Two Attributes of Level 5 Leaders: | 1 Professional Will: Ability to transl strat intent into the resolve needed 2 pursue a strategy. Also make hard choices over a (.) of time 2) Prof Modesty: being some1 who pref to share credit, shuns public attent, & exerc ambit on companys behalf |
| 3 Perspectives on Leadership Characteristics: | 1) Personality Differences: 2) Background and Demographic Differences: 3) Difference in Competence & Actions: |
| Personality Differences: | 1st perspectives on leadership characteristics. Many studies focus on four personality characteristics: Locus of control, need for achievement, tolerance for risk or ambiguity, & charisma and emotional intelligence. |
| Tolerance for ambiguity: | One tends to perceive situations as promising rather than threatening. |
| Personality Traits vs. Leadership Abilities: | Personality characteristics may be important in some respects, but defining and isolating effective leadership abilities is a complex task. |
| Background & Demographic Differences: | 2nd perspective on leadership characteristics. Background differences refer to such factors as work experience & education. Demographics: Refers to such factors as gender, nationality, race, religion, network ties, etc. |
| Four Criteria Required for Effective Teamwork: | 1) Team responds to a complex & changing environment 2) Team can manage the needs of interdependent but often diverse units, arenas, or functional areas. 3) Team has a valuable & effect social netwk 4) Team able to devl a coherent plan for exec success |
| Social Networks: | The collection of ties between people and the strength of those ties. A related concept is social capital-the advantage created through the characteristics of a person's network. |
| Succession Planning: | Has received increased attention in recent years as turnover among upper echelon executives has increased. Is the process of managing a well planned & well executed transition from 1 CEO to the next w/ + outcomes for all key stakeholders |
| Vision: | The Uses of Ambition & Ambiguity: Simple statement or understanding of what the firm will be in the future. Forward looking and identifies the firm's desired long term status. |
| Mission: | The Uses of Core Values: Declaration of what a firm is and what it stand for-its fundamental values & purpose. |
| Why vision and mission statements are NOT substitutes for strategy. | Vision and mission can be powerful tools, but because they're general and ambiguous by design, they must be realized through carefully crated and executed strategy. |
| Goals and Objectives: | Combination of broad indication of organizational intentions (goals) and specific, measurable steps (objectives) for reaching them. |
| Return on Invested Capital (ROIC) | How effectively a company uses the money (borrowed or owned) invested in its operations. |
| Superordinate Goal: | Overarching reference point for a host of hierarchical subgoals. |
| Balanced Scorecard: | Strategic Management support system for measuring vision and strategy against business- and operating-unit-level performance. |
| Strategic Purpose: | Simplified, widely shared mental model of the organization and its future, including anticipated changes in its environment. |
| Challenge of Closing the Gap: | Challenge posed by a strategic purpose is to close the gap between the firm's aspirations and its current capabilities and market positions. All strategies for example, address the tradeoff between efficiency and effectiveness. |
| Strategic Coherence: | Symmetric coalignment of the five elements of the firms strategy, the congruence of functional-area policies (eg finance, production, mgmt) w/these elements, and the overarching fit of various businesses under the corporate umbrella. |
| Stakeholder: | Individual or group w/ an interest in an organization's ability to deliver intended results and maintain the viability of its products and services. |
| Steps in Identifying Stakeholders | Step 1) Determining Influences on Strategy Formulation Step 2) Determining Effects of Strategic Decisions on the Stakeholder Step 3) Determining Stakeholders' Power & Influence over Decisions |
| Stakeholder Planning: | Involves mapping out your communications and actions so that you can win stakeholder support for your strategy. Is the means by which to orchestrate this sometimes highly political process. |
| Steps in Stakeholder Planning: | Step 1) Fill in names of key stakeholders Step 2) Plan your approach to stakeholder Mgmg Step 3)Evaluate what you want from each stakeholder Step 4) Identify the messages you need to convey Step 5) Identify actions & communications |
| Why organizations are vulnerable to ethics violations: | Companies are often vulnerable because of organization-level conditions. Two of these conditions are: a. authority structures b. incentive systems |
| Corporate Governance: | Roles of owners, directors, and managers in making corporate decisions. Good corporate governance can reduce the risk of unethical and illegal activities. Quality governance can't guarantee ethical behavior. |
| The Role of Decision Making Lapses: | 1) Theories about ourselves 2) Theories about other people 3)Theories about the world Potential biases sorted into three sets of theories, that we may hold about the conditions under which we make decisions! |
| Ethnocentrism: | Belief in the superiority of ones own ethic group or more broadly, the conviction that ones own national group or cultural characteristics are normal |
Created by:
bargjr