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 |
The three organisational terms/objectives? | Long, medium & short. |
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 |
Internal stakeholders of company consist of who? | - Employees
- Manager
- Owners |
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 |
Tariff expressed as percentage of the value of the traded commodity. | Advolarem Tariff |
A tariff expressed as a fixed sum per unit at a traded commodity. | Specific Tariff |
Advolarem & Specific together. | Compound Tariff |
World Trade Org. (1995)
Service controls exercised by industry regulators & international bodies? | - Non-discrimination
- Reciprocity
- Binding & enforceable commitments
- Transparency
- Safety valves |