Summary
Summary Strategy and Organisation - Exam content week 1
- Course
- Institution
Strategy and organisation - week 1 summary
[Show more]
1 review
By: Kurioso • 4 year ago
Seller
Follownickythelosen
Reviews received
Content preview
Study content week 1General information
1. What is the difference between competitive strategy and corporate
strategy?
a. Corporate strategy the overall strategy of a diversified firm
consisting of multiple business units; competitive strategy the
strategy of an individual business unit or a single-business firm
2. What is a core competence?
a. “The collective learning in the organization, especially how to
coordinate diverse production skills and integrate multiple streams
of technologies”: bundles of capabilities
3. What is strategic planning?
a. The act of developing detailed plans, goals, and budgets for the
different parts of a firm on the basis of formal and elaborate
analyses performed by planning staff
4. What is logical incrementalism?
a. The act of first establishing a broad strategic direction for a firm,
and then finetuning that direction through small, incremental
actions
5. What is an organizational culture?
a. A system of shared beliefs, assumptions, norms, values, and/or
symbols
6. What type of firm is a “defender”?
a. A firm with a stable set of products/customers, one main technology,
a focus on cost efficiency, and standardized work processes
7. What is organizational inertia?
a. The inability or unwillingness of employees to change
Strategy → the long-term plan/direction for an organization
Why do we need a strategy? → to know how to use resources.
Asymetric information (agency)
Cognitive limitation (bounded rationality)
Irrational behavior
Time limitation
Reduce uncertainty
Structure and organization
o You need a planning in order to establish your:
strategic goals
How to reach the goal → start from the end! (all this together is part of
your strategy)
What is strategy about?
How to outperform competitors
How to use your resources
Which (foreign) markets to enter?
How to develop new products
How to create synergies
With which firms to cooperate
, How to realize organizational change
How to stimulate entrepreneurship
How to deal with environmental changes
Aspects of strategic management
Content of strategy (wk 1, 2)
o What is a good (i.e., profitable) strategy
Process of strategy (wk 3, 4, 6)
o How do strategies come into being?
Context of strategy (wk 5)
o Does the content or process of strategy depend on the type of
organization, the industry, the international environment etc?
Content of the lectures: schedule of schools
Classifying the 12 schools
1. Strategy formulation (process) (focus on intended strategy):
a. Design, planning and vision schools
b. Design school: strategy formulation as a conception
i. Process, CEO formulates a clear, simple and unique strategy
(SWOT), strategy formulation is separated from
implementation
c. Planning school: strategy formulation as formal process
i. CEO responsible, but the process supported by strategic
planning staff, a hierarchy of detailed strategies, action
programs, objectives and budgets at the corporate, business
unit & functional level
d. Vision school: strategy formulation as providing direction
i. Top management ‘only’ develops a broad strategic direction,
room for lower-level contributions
2. Strategic analysis (content)
a. Positioning and resource based schools
b. Positioning school: outside-in
c. Resource based school: inside-out
3. Strategy formation (process) (focus on unplanned/implicit part of strategy)
a. Entrepreneur, power, cognitive & cultural schools
b. Entrepreneurship school: strategy stems from creative acts
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller nickythelosen. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.84. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
56326 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now