MGMT344 QUESTIONS AND ANSWERS A+ GRADED .Buy Quality Materials!
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Course
MGMT344
Institution
MGMT344
MGMT344 QUESTIONS AND ANSWERS A+ GRADED .Buy Quality Materials!
purpose of strategic analysis
- revel threats and opportunities
- challenge and move away from outdated strategies
- help create effective new strategies
Strategic Management Definition
- setting objectives for an organisation
...
MGMT344 QUESTIONS AND ANSWERS A+ GRADED
.Buy Quality Materials!
purpose of strategic analysis
- revel threats and opportunities
- challenge and move away from outdated strategies
- help create effective new strategies
Strategic Management Definition
- setting objectives for an organisation
- planning and implementing the necessary changes
- measuring the outcomes
corporate-level strategy definition
The big-picture plan for a company that has multiple businesses or products. It's about
deciding what types of businesses the company should be involved in and how to
manage them all together.
Business-level strategy definition
Focuses on how to compete successfully in particular markets/industries.
Functional strategies definition
Specific to individual departments or functions within the organisation and are designed
to support business level strategies
Henry Mintzberg 5ps of strategy
plan, ploy, perspective, pattern, position
Purpose of Henry Mintzbergs framework
Provides a comprehensive understanding about strategy so organisations can develop
more robust strategies that are better suited to their environments.
Strategic perspective definition
Involves long-term planning and high level decision making that sets the overall
direction for the organisation.
Responsibility of strategic perspective
Board of directors, top management, CEO
Operational Perspective definition
Deals with the day to day activities required to run an organisation effectively.
Responsibility of operational perspective
middle managers, lower management, e.g. supervisors
Corporate-level strategies
- diversification
- synergy creation
business-level strategies
- cost leadership
- differentiation
- innovation
functional strategies
- resource development
- developing marketing campaigns
The 5 key perspectives in strategy
, environment-led, proactive, reactive, resource-led, deliberate and emergent
Environment-led strategy
Adapting to external opportunities and threats. Organisations need to scan external
environment to identify the opportunities/threats.
Resource-led strategy
Leverage firm's unique capabilities and resources to gain competitive advantage and
create new market opportunities.
Reactive strategy
Respond to external pressures and changes as they arise. Focus on defending and
maintaining market share.
Proactive strategy
Actively seek out new business opportunities rather than wait for them to come.
Emphasise innovation in products/services
Deliberate and emergent strategy
combine deliberate planning with flexibility to adapt to unforeseen
changes/opportunities. Self-directed action by lower level managers.
strategy development definition
Typically combines deliberate and emergent elements. Deliberate is strategic planning
and emergent is logical incrementalisation.
4 main roles of strategic management
Formulating strategy, communicating, co-ordinating and learning
Disadvantages of strategic planning
critics argue:
- often confused with budgeting
- inflexible due to annual cycle
- can be detached from operational reality
logical incrementalisation
To make gradual changes rather than large radical changes. Adapting gradually based
on continuous learning and feedback.
stakeholder map y-axis
attention
stakeholder map x-axis
power
stakeholder map - key players
- major investors
- proactively develop
stakeholders - sleeping giants
- passive investors
- if unsatisfied, raise their attention levels and become key players
stakeholders - gladflies
- community group
- actively provide information
- view as potential allies
stakeholders - irrelevants
- maintain awareness as power or attention may arise in the future
- requires least effort
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