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MANA 4322-EXAM 1 (Ch. 1-5)
Organizational Strategy- D. Long MAYMESTER
57
Management
Undergraduate 4
05/20/2013

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Term
Definition of strategic management
Definition
consisting of analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages.
Term
Four key attributes of strategic management:
Definition
1.directed at overall org. goals 2. includes multiple stakeholders, incorporates short-term as well as long-term perspectives; and recognizes trade-offs between effectiveness and efficiency
Term
three major processes of strategic management
Definition
strategy analysis, strategy formulation, and strategy implementation
Term
three primary participants in corporate governance
Definition
stockholders, management, board of directors
Term
strategy:
Definition
the ideas, decisions, and actions that enable a firm to succeed.
Term
competitive advantage
Definition
a firm's resources and capabilities that enable it to overcome the competitive forces in its industry
Term
operational effectiveness
Definition
performing similar activities better than rivals
Term
effectiveness synonym
Definition
doing the right thing
Term
efficiency synonym
Definition
doing things right
Term
ambidexterity
Definition
to both align resources to take advantage of existing product markets as well as proactively explore new opportunities
Term
intended strategy
Definition
strategy in which organizational decisions are determined only by analysis
Term
realized strategy
Definition
a combination of deliberate and emergent strategies
Term
4 strategy analysis steps
Definition
Analyzing organizational goals and objectives; Analyzing the external environment of the firm; Assessing the internal environment of the firm; Assessing a Firm's intellectual assets
Term
Four steps of Strategy Formulation
Definition
Formulating Business-Level Strategy; Formulating Corporate-Level Strategy; Formulating international Strategy; Entrepreneurial Strategy and Competitive Dynamics
Term
Four steps of Strategy Implementation
Definition
Strategic control and corporate governance; Creating effective organizational designs; Creating a learning organization and an ethical organization; Fostering cor[p0rate entrepreneurship
Term
Triple bottom line
Definition
assessment of a firm's financial, social, and environmental performance
Term
Three types of critical leaders
Definition
local line leaders; executive leaders; internal networkers
Term
5 reasons that visions fail
Definition
Don't walk the talk; irrelevance; not the holy grail; too much focus leads to missed opportunities; an ideal future irreconciled with present
Term
5 requirements for meaningful objectives
Definition
measurable; specific; appropriate; realistic; timely
Term
two frameworks for analyzing the external environment:
Definition
the general environment and the competitive environment.
Term
Six segments of the general environment
Definition
demographic, sociocultural, political/legal technological, economic, and global
Term
3 processes (inputs) to develop an environmental forecast
Definition
scanning, monitoring, and gathering competitive intelligence
Term
environmental scanning
Definition
surveillance of a firm's extarnal environment to predict environmental changes and detect changes already under way
Term
how to spot trends (4)
Definition
listen; pay attention; follow trends online; go old school
Term
environmental monitoring
Definition
firm's analysis of thte external environment that tracks the evolution of environmental trends, sequences of events, or streams of activities.
Term
environmental forecasting
Definition
the development of plausib le projections about the direction, scope, speed, and intensity of environmental change
Term
What does Scenario Analysis draw on?
Definition
economics, psychology, sociology, and demographics
Term
Key trends in Demographics
Definition
aging population; rising affluence, changes in ethnic composition; geographic distribution of population; greater disparities in income levels
Term
Key trends in Socioculture
Definition
more women in the workforce; increase in temporary workers; greater concern for fitness; greater concern for environment; postponement of family formation
Term
Key trends in Political/Legal
Definition
tort reform; ADA of '90;
Term
Key trends in the technological environment
Definition
genetic engineering; emergence of internet technology; computer aided design; pollution/ miniaturization of computing technologies; wireless communications' nanotechonlogy
Term
Key trends in economic environment
Definition
interest rates; currency exchange rates; emergence of the Indian/Chinese economies; risks associated with terrorism
Term
Six sources of entry barrier
Definition
economies of scale, product differentiation, capital requirements, switching costs, access to distribution channels, cost disadvantages independent of scale
Term
Cost disadvantages of independent of scale derive from:
Definition
proprietary products, favorable access to raw materials, government subsidies, favorable government policies
Term
5 Primary Activities of the value chain
Definition
inbound logistics; operations; outbound logistics; marketing and sales; service
Term
4 Support Activities
Definition
general administration; Human resource management; technology development; procurement
Term
Resource based view of the firm combines what two perspectives?
Definition
an external analysis of the industry and its competitive environment.
Term
Three types of Firm Resources
Definition
Tangible resources; intangible resources; organizational capabilities
Term
Four strategies that promote product uniqueness
Definition
Physical Uniqueness; Path dependency; Causal Ambiguity; Social Complexity
Term
Four factors that explain why managers and employees maintain their profits
Definition
employee bargaining power; employee replacement cost; employee exit costs; manager bargaining power
Term
Two views in which to evaluate a firm:
Definition
financial ratios and a broad stakeholder view
Term
Balance scorecard:
Definition
provides a quick view to managers: a method of evaluating a firm;s perfornace using perfomance measures from the customers' internal, innovation and learning, and financial perspectives.
Term
Four perspectives of the Balanced Scorecard
Definition
customer perspective; internal business perspective; innovation and learning perspective; financial perspective
Term
limitations of the balance score card
Definition
lack of a clear strategy; limited or ineffective executive sponsorship; too much emphasis on the financial measures rather than the non-financial measures; poor data; inappropriate links of scorecard measures to compensation; inconsistent or inappropriate terminology
Term
what is the primary means of wealth generation in today's economy?
Definition
knowledge
Term
What is the foundation of intellectual capital?
Definition
human capital
Term
definition of intellectual capital
Definition
difference between book value and market value
Term
3 ways companies develop value in terms of intellectual capital
Definition
human capital; social capital; Knowledge (both explicit and tacit)
Term
Six areas a diverse company can improve effectiveness and CA
Definition
cost; resource acquisition; marketing; creativity; problem-solving; organizational flexibility
Term
two primary types of mechanisms through which social capital will flow:
Definition
closure relationships and bridging relationships
Term
Three levers used to motivate:
Definition
unification lever, people lever, network lever.
Term
What is the heart of strategic management?
Definition
how firms compete with each other and how they attain and sustain competitive advantages
Term
Three basic strategies:
Definition
Cost leadership; differentiation; niche (Focus)
Term
profit pool
Definition
the total profits in an industry at all points along the industry's value chain
Term
Industry life cycle stages:
Definition
introduction; growth; maturity; decline
Term
Introduction stage 7 steps:
Definition
new products; poorly defined market; unspecified product features; low sales growth; rapid technological change; operating losses; a need for financial support
Term
three turnaround strategies
Definition
asset and cost surgery; selective product and market pruning; piecemeal productivity improvements
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