MGMT344 QUESTIONS AND ANSWERS A+ GRADED .Buy Quality Materials!
0 view 0 purchase
Module
MGMT344
Institution
MGMT344
MGMT344 QUESTIONS AND ANSWERS A+ GRADED .Buy Quality Materials!
Henry Mintzberg's Five P'S for Strategy
PLAN= consciously intended course action
PLAY= specific manoeuvre to outwit opponents
PATTERN = pattern in a stream of actions
POSITIONS= position in relation to the organisation's e...
MGMT344 QUESTIONS AND ANSWERS A+ GRADED
.Buy Quality Materials!
Henry Mintzberg's Five P'S for Strategy
PLAN= consciously intended course action
PLAY= specific manoeuvre to outwit opponents
PATTERN = pattern in a stream of actions
POSITIONS= position in relation to the organisation's environment
PERSPECTIVE = the organisation's shared mindset
Strategic management is
- Setting objectives for the organisation, planning and implementing the necessary
changes and measuring the outcome.
- Setting the direction and scope of an organisation :
o Over the long term
o To achieve advantage
- By:
o Configuring its resources
o To adapt to a changing environment
o To meet the needs of markets
Strategic Perspective
- integrates multiple disciplines
- organisation wide
- big picture - defines the context
- higher ambiguity and uncertainty
- non-routine, non-programmable, unique, creative
Operational Perspective
- Discipline Specific
- operationally specific
- with a defined context
- lower ambiguity
- more amenable to systematic approaches
Corporate Level Strategy
- is concerned with the overall scope of an organisation and how value is added to the
constituent businesses of the organisational whole.
-Corporate-level strategy issues include geographical scope, diversity of products or
services, acquisitions of new businesses, and how resources are allocated between the
different elements of the organisation.
Business - Level Strategy
,- is about how the individual business should compete in their particular markets
-Business-level strategy typically concerns issues such as innovation, appropriate scale
and response to competitors' moves.
Operational Strategy
concerned with how the components of an organisation deliver effectively the corporate-
and business-level strategies in terms of resources, processes and people
For example, Vice Media had to keep raising external finance to fund its rapid growth:
its operational strategy is partly geared to meeting investment needs.
4 key perspectives in Strategy
ENVIRONMENT-LED PERSPECTIVE
- based on adapting to external opportunities and threats
- enter attractive markets and niches
- manage portfolios of businesses and products
RESOURCE-LED PERSPECTIVE
- based on exploiting unique and valuable resources
- create new markets and niches
- enter markets in which the firm's resources give it advantage
- manage portfolios of resources and competences
PROACTIVE STRATEGY
- emphasis on new markets or new products/services
- constant search for new strategic position
- advocated even for public sector/not-for-profit
REACTIVE STRATEGY
- emphasis on protecting market share on margins
- global markets and information flow render this often unsuccessful
Emergent Strategy
- a flexible approach is needed for an unpredictable world.
- makes good use of autonomous action by lower level - managers
Strategy Development Processes
- Typically combine some emergent and some deliberate elements:
- Mostly Deliberate: Strategic Planning
• Mostly Emergent: Logical incrementalism
- Participation and activities vary according to decision significance and urgency:
• Immediate actions (e.g. corporate acquisition)
○ Project teams, task-forces, meetings
• Longer term strategic shifts (e.g. growth opportunities, understanding competition)
Strategy workshops and on going strategic conversation.
Who 'does' strategy in business?
- The CEO and top management teams
- Board of directors
, - Strategic planners
- Middle managers
Strategy consultants
4 main roles in Strategic planning systems
• Formulating strategy
○ Often using analytical approaches, encouraging long term view etc.
○ This aspect is what MGMT344 focuses on most
• Learning
○ Challenge and discovery through participation in the process
• Coordinating
○ for example business and corporate level strategies
○ A forum for negotiation, and compromise
• Communicating plans, objectives, milestones
○ Hence, implementing.
Emergence in Strategy Processes
trategies emerge on the basis of a series of decisions, which a pattern becomes clear
over time.
This explains an organisation's strategy, not as a 'grand plan', but as a developing
'pattern in a stream of decisions'18 where top managers draw together emerging
themes of strategy from lower down in the organisation, rather than direct strategy from
the top.
Managing Stakeholders
- individuals or groups that
- have an interest, claim or stake in an organisation
Power-Interest Matrix
- HIGH POWER- HIGH INTEREST:KEY PLAYERS
○ Example : major investors, major funding agency
○ Likely blockers or facilitators of a strategy
- HIGH POWER - LOW INTERESTS: KEEP SATISFIED
○ Example: passive investors
○ If unsatisfied, raise their interest levels and become key players
- LOW POWER - HIGH INTEREST: KEEP INFORMED
○ Example : community group
○ Actively provide information
○ Avoid alienating - view as potential allies
- LOW POWER - LOW INTEREST MINIMAL EFFORT
Benefits of Effective Governance
- lower cost of capital due to access to capital markets
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 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 SUPERGRADES01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.15. You're not tied to anything after your purchase.
