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ML, superwoman.


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Janel A. Mason


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[Front]


The characteristics of strategic decision?
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Strategic management > Strategic decisions. - Strategic Issues that require top management decisions - Issues that require large amounts of organisations resources - Issues which affect the organisations long-term prosperity - Issues which are future orientated - Issues with multi-functional consequences - Issues requiring consideration of the organisations external environment

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The characteristics of strategic decision?
Strategic management > Strategic decisions. - Strategic Issues that require top management decisions - Issues that require large amounts of organisations resources - Issues which affect the organisations long-term prosperity - Issues which are future orientated - Issues with multi-functional consequences - Issues requiring consideration of the organisations external environment
Levels of decision making?
Strategic - Strategic resource planning Tactical - Project selection & capacity planning Operational - Resources constrained project scheduling & resource allocation
Features of strategic decisions?
- Change - Integration - Disintegration - Risk - Operational - Tactical - Uncertainty - Complication - Complicity - Relationship - Partners
Things to consider in external strategic planning?
- Political - Economy - Climate - Technology - Media - Fashion - Competition - Legal
Eight steps to successful change?
1. Establish a sense of urgency 2. Create a guiding coalition 3. Develop a clear shared vision 4. Communicate the vision 5. Empower people to act on the vision 6. Create short term wins 7. Consolidate & build on the gains 8. Institutionalise the change
Things to consider in internal strategic planning?
- Structure - Culture - Human Resources - Profit & Cash flow - Management - Physical assets
Some general organisational objectives?
- Customer loyalty - Market leadership - Commitment to employees - Leadership capacity - Global citizen
The FIVE P's of strategy?
- Plan - Perspective - Ploy - Position - Pattern
The FOUR factors that are crucial for organisation positioning?
- Environment - Opportunities - Capability - Stake holders expectation - Historical or cultural influences
In regards to the organisation environment - what is STEEPLED?
- Social (income, labour, attitude of public towards work/leisure) - Technological (emerging tech, people's attitude) - Economic (tax, inflation, major/minor industry) - Environmental (sustainability, plants. wildlife, recycling/disposal) - Political (governmental structure, stability of parties involved, international agreements) - Legislative (unions and laws for employment) - Ethical (reputation, impact) - Demographic (diversity, age, gender, population shifts)
What are the risk to consider with rivalry companies?
- Supplier power - Buyer power - Threat of new entrants - Threat of substitutes
Two different market scope?
- Niche market - Total market
Stakeholder expectations - what's the corporate social responsibility?
- Market - Ethics - Sustainability - Resources - Goal - Long term - Sincerity - Responsibility
External stakeholders of company consist of who?
- Suppliers - Society - Customers - Creditors - Government - Shareholders
Strategy format to consider in strategic choices?
- What is our aspiration? - Where will we play and where we will not - How will we win - Which capabilities need to be in place - What management systems must be established
What factors of strategy in action(strategic implementation)
- Suitability - Acceptability - Feasibility
TWO types of strategy in action?
Intended strategies (formal planning & decision making based on environment, planning systems, developed by managers) Emergent strategies (decision made within organisation over time, in response to the market place factors)
The four use of benchmarking?
1. Internal - large corporation to compare within organisation. 2. Competitor - Competitive industry - key areas of organisation. 3. Functional - Comparison of high functional performance. Customer supplies, etc. 4. Generic - Business processes, transfer of knowledge across industry
The process of benchmarking?
1. PLAN 2. SEARCH 3. OBSERVE 4. ANALYSE 5. ADAPT
Advantages of benchmarking?
- Improvement in process - Improved quality and productivity - Provides opportunity to learn from other - Inspires creativity - Places focus on change
Disadvantages of benchmarking?
- Doesn't really measure effectiveness - Often treated as a solo activity - Often a certain level of complacency - Change of using the wrong method of benchmarking - Can foster mediocrity
Devising metric of performance.
Feeback - (info, new ideas, expertise & customer feedback) Input - (materials, components, labour, research and development) Processing - (production lines, assembly lines, management and skills) Output - (end product, customer satisfaction and employee satisfaction) - Measured success by: 1. Quantity 2. Quality 3. Cost 4. Time
Basic SLA element?
- Overall objectives - Description of services - Performance standards - Compensation/service credits - Critical failure
What is SMARTER.
Specific Measurable Attainable Relevant Time based Educated Responsible
Performance monitoring & review types?
- Continuous monitoring - Periodic monitoring and review - Post completion review
The balanced scorecard.
Business requirements - General - Technical - Contract management - Customer service & support - Marketing - Sales - Vendor rating (out of 100)
The business excellence model (EFQM)
ENABLERS - Leadership > people > strategy > partnerships & resources. RESULTS - People results - Customer results - Society results - Business results
The DMAIC Cycle & what is it used for/to identify?
Define Measure Analize Improve Control Enhancing command chain. To improve supply chain quality.
Pricing strategies.
High entry price > over time > price skimming Low entry price > over time > penetration pricing
The cycles of competition
- Hyper competitive - Multipoint competition
World Trade Org. (1995) Service controls exercised by industry regulators & international bodies?
- Non-discrimination - Reciprocity - Binding & enforceable commitments - Transparency - Safety valves