14 - Strategy Poster - Business Studies AQA A Level
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Course
14 - Strategy
Institution
AQA
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New A-Level Biology
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14 - Strategy
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KEY TERMS RISK & FEASIBILITY outlines w
Planned Strategy - a plan made around the corporate
ANALYSIS OF INTERNAL AND EXTERNAL must assess risk as strategic decisions are - plan B
objectives consciously planned by the directors that FACTORS long-term and high risk helps res
expect their senior managers to implement the internal factors inc: skills, motivation, quality, can use sensitivity analysis - looks at each Limitations:
strategy finances etc assumption the strat relies on and predicts can't plan
Emergent Strategy - attempting to achieve corporate external inc: politics, economy, social or the success of the strat if the assumptions expensive
objectives in a way that is responsive to changing environmental factors, competition, tech change possible c
market and competitive circumstances, and is therefor Tools to use to do this: must consider how stakeholders would = must decide
a fusion of strategic and tactical choice SWOT Analysis react to the strategy - could use its effects wou
Strategic Drift - occurs when the strategy pursued Porter's 5 forces stakeholder mapping Crisis Manage
by a business no longer fits with the environment Balanced Scorecard Model feasibility - do you have the resources and unexpected sit
around it. skills necessary? if no cont
Contingency Plan - a plan B incase plan A fails decisions
best achi
REVISION QUESTIONS
1. the success of a strategy rests as much on implementation as decision PLANNING PROCESS LEADERSHIP
making because a change in strategy often means creating irreversible 1. Senior Managers set out the long-term corp objectives should take overall responsibility
change in the business so each stage of the plan needs to be based on the mission delegate where necessary
implemented correctly and decisions must be careful at each stage 2. Analyse the external and internal position of the business create a clear and inspiring vision - s
2. Sony would benefit more from an emergent approach when managing - identify strengths and weaknesses, identify ops and an example
the PS4 Console because technology is a constantly changing motivate and engage employees -
environment as new tech is advancing all the time and they have a threats (SWOT) create a positive and rewarding cultu
highly competitive market against the Xbox consoles so will need to 3. Develop possible strategies - evaluate each one and paternalistic or democratic leadership
build a strategy based on new innovations and high promotion that can choose style - employee involvement helps
fit changing customers 4. Plan implementation - outline functional objectives, the confidence in change
3. consequences of strategic drift resources needed etc
an increase in operating costs and the decline of innovation and market 5. Set up processes for monitoring and evaluating the
adaptability. strategy WHAT TO CONSIDER FIRST
a decline in competitive advantage
4. large multinational companies need to their owners to have a strong How well the business manages chan
control so that each company from each location knows the core values plan and organise resources
and strategy of the business and there is a consistent clear goal Strategy = plan for achieving corporate objectives leadership, communication,
5. a plc may struggle to have a good corporate governance because their organisational structure
shares are sold on the stock market so anyone with enough money can
become a shareholder and they might juts be interested in getting a IMPLEMENTING
short term return and are not invested in the future of the business PLANNING STRATEGY STRATEGY
6. contingency planning may be of value to Primark because they need to
have a backup plan for situations such as the pandemic because their
clothing is only sold in store
DIFFICULTIES TO OVERCOME FIRST
lack of resources - heavy investment means less working RISK & UNCERTAINTY
14 - Implementing
capital
managers at all levels need to understand -
more factors to consider = more problems
will always be risks and unknowns Strategy
miscommunication can occur hard to judge feasibility - need lots of
managers need to be strong and clear so employees info, resources and skills NETWORK ANALY
embrace the strategy hard to chose between strategies
accurate forecasting can be hard external environment is continually
changing structure and culture can be difficult changing - strategies can be based on the DIFFICULTIES IMPLEMENTING identifies the most efficient and cost effe
lack of flexibility = if environment changes the strategy current environment STRATEGY way of completing a complex project
becomes irrelevant internal environment can change aka: Critical Path analysis
stakeholders - hard to keep all happy
ISSUES WITH PLANNED STRATEGIES and justify decisions HOW TO CALCULATE AND NAVIGATE
= Planned before action is taken to implement DISADVANTAGES Earliest Start Time:
costly & time consuming - easy to get wrapped up in relies on estimates EST - always calculate first, work from l
trying to create the 'perfect plan' time consuming to EST where two connections meet - EST
will gradually become out of date
Time Management & CPA amend and construct highest figure
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