As
As
As
D.Future-oriented.
F.Long-term implications.
H.Organisation-wide impact.
3.Strategy evaluation is necessary because it provides essential information about the effectiveness of a
company's current strategy and allows for improvements if necessary .
4.The five stages of the process are goal-setting, analysis, strategy formation,
5.Four basic elements to create a tactical strategic management plan includes; situational analysis,
strategy development, strategy execution, and strategy evaluation .
6.The strategy level that is with the social and public issue is the corporate level. Its the main form of
strategy within a firm and it deals with issues affecting a company as a whole.
I. Uncertain. This levels strategy is by nature uncertain since they are cultivated
and the fact that they involve all many different moving parts.
II. Complex. This is because they apply to all the departments within the company,
III. Long term. The implementation of corporate strategy takes much longer;
therefore, it aims at the long term other than the short term goals.
7.A.Proactive planning means taking the initiative to plan in advance, schedule important events and
prepare for success
the company “proactively.” Meaning, rather they are active in terms of seeking
out new opportunities for the company and dealing with any threats of problems
objectives.
8.The five stages of the process are goal- setting, analysis, strategy formation,
9.Here is a list of seven factors that influence business ethics in every workplace:
A.Culture
C.Legislation
F.Social Pressures
to maximise profit.
B.Evolutionary:The evolutionary approach to strategy is based on the view that the organisation is
operating within an economic environment that is ever
changing.
C.Processual: The processual view is that the business environment is messy and largely
acknowledgement that decision-makers cannot act with pure reason and that only a
Chapter Two
1.Direct stakeholders are involved in the team’s activities and can change the project’s
direction. Your team, managers, product owners, and others are direct stakeholders.
Individuals or groups that care more about the outcome of your project — rather than
customers and suppliers. They aren’t involved in your activities, but they have
2.Once you have the long list of people and organizations that are affected by your work.
Some of them may have the power either to block or advance. Some may be interested in
what you are doing, others may not care. This is where the Power-Interest grid comes in
stakeholders based on their power and interest in the project. When you plot your
stakeholders on a power/interest grid, you can determine who has high or low power to
affect your project, and who has high or low interest. People with high power need to be
kept satisfied, while people with high interest need to be kept informed. When a stakeholder
has both, make sure you manage her expectations very closely.
3.the following seven points illustrate the importance of a vision statement.
organization’s purpose and direction, and to deter those who cannot from
organization
into objectives in such a way that cost, time, and performance parameters can
attitude and outlook . It usually is broad in scope for at least two major reasons.
First, a good mission statement allows for the generation and consideration of a
individuals and groups of persons who have a special stake or claim on the
company.
divergent views among managers cannbe revealed and resolved through this
process.
C. A Customer Orientation
than developing a product and then trying to find a market, the operating
some ventures and broad enough to allow for creative growth, 3) distinguish
both current and prospective activities,,and 5) be stated in terms sufficiently clear to be widely
understood throughout the organization.
customers
d.A Declaration of Social Policy
the highest levels of an organization. For this reason, social policy affects the
outsiders that they conduct business in a socially responsible way. The mission
What are the firm’s major products? 3.Markets: Geographically, where does the
for survival, growth, and profitability: Is the firm committed to growth and
aspirations, and ethical priorities of the firm? 7. Self-concept: What is the firm’s
firm?
8.Vision and mission statements differ in three main aspects: audience, purpose,
Audience
Purpose
A mission statement has more specific, realistic goals that everyone
A vision statement declares ambitious goals that might be impossible but are
Time period
Mission statements explain what the company is doing right now, and what
it plans to do in the next few years, to achieve its goals. Many mission
statements give a particular year the business plans to meet its goals.
Vision statements don’t always have a defined time period, but they will be
aimed toward the future. Because they cover big, abstract goals like
more.
9.Characteristics of Objectives
It must be understandable.
Multiplicity – It deals with different number and different types of objectives w.r.t.
Reality – Objectives can be official and operative. Official objectives are those which
Quality – Objectives can be good or bad on the basis of its capability to provide specific
1.Corporate level strategies are the ‘big picture’ plans organisations employ to reach their
overarching objectives. These strategies usually span beyond one business unit or
product line and focus instead on overall company goals such as growth, stability, and
profitability.
3.Horizontal growth is the expanding of a firm's activities into other geographic regions and/or
by increasing the range of products and services offered to current markets. Vertical
because of the attractiveness of other industries rather than because they support
Con Does not increase the company size. Does not increase the company
External Growth Strategy Pro Increase the worth of the company Immediate
be effective in its activities because it will make effective decisions. Conversely, lack
of stability within an organization leads to the organization's failure since the decisions
measures. A SWOT analysis will take cold hard facts, like financial data, but these must
be interpreted by the analyst who determines the strengths, weaknesses, opportunities and
Benefits:SWOT analysis very beneficial tool for small businesses that are looking to expand.
Portfolio analysis is generally used by investors and fund managers, but it can also
be used by businesses to determine their own investments; for example, it can be used to
performance.
the best course of action moving forward.Itattempts to answer two similar, but different questions:
• How much of our time and money should we spend on our best products
• How much of our time and money should we spend developing new
8.There are four most often cited reasons for diversification: the internal capital
market, agency problems, increased interest tax shield and growth opportunities.
activities that set and steer the direction of an individual business unit. These
activities will generally include how to gain a competitive advantage and create
customer value in the specific market the business unit operates in.
customers have that it will satisfy 3.) how those needs will be
satisfied.
distinctive customer needs that they can serve with one of the
business-level strategies.
price
features
market to focus on
Focused low-cost – competing not only through price but by also selecting a
differentiation
12.Cost Leadership Minimal investment in technology could result in processobsolescence; firm misses
change in customers’ needs due to cost-only focus; competitors imitate strategy.
Differentiation Customers decide price differential between low cost producer anddifferentiator is too
large; too many features offered; product’smeans of differentiation no longer provides value to
customers;customer learning (experience) may change their perception of thevalue of differentiation;
counterfeit products displace the firm’sofferings
Focused Cost Leadership &Focused Differentiation Beyond the general risks noted for the low-cost
leader and thedifferentiator, focus strategies have the following risks:Competitor “outfocuses” the
focuser by defining a narrowersegment; a firm competing on an industry-wide basis may decidethat the
segment served by the focus strategy firm is attractive anddecides to pursue that segment; the needs of
customers within thenarrow segment may become more similar to all customers in themarket, reducing
or eliminating the advantages of a focus strategy.
Integrated Cost Leadership/Differentiation Product features not sufficiently valued by customers;
product is not sufficiently differentiated; product is too expensive to competewith low-cost leader’s
products.
13.
effective and SMART (Specific, Measurable, Attainable, Realizable and Time-bound) plans
IV.The firm could come up with product or line extensions, new and
Reengineering (BPR) has been around for a little over a decade and even
though it has gone through some permutations it still has a lot to offer
17.Even though the modular structure and network structure share most of their
characteristics, it is essential to note that they have some differences. One of the
the other hand, units of a network organizational structure are entirely independent of each other;
hence, the organization is more flexible compared to a modular organization.
4. Improved self-governance.
19. seven s model is a tool that analyzes firm’s organizational design by looking at seven
key internal elements: strategy, structure, systems, shared values, style, staff and
skills, in order to identify if they are effectively aligned and allow organization to
2. The customer perspective:an increasing realization of the importance of customer focus and
4. Learning and Growth perspective This perspective includes employee training and corporate cultural
attitudes related to both individual and corporate self-improvement.