MGT 8803 Final, MGT8803 FINAL
Study online at https://quizlet.com/_6viwd3
1. 3 factors that ef- 1) organization level (more heirarchy better with more stability)
fect planning of 2) degree of uncertainty (more uncertain, shorter planning horizon)
organization 3) length of future commitments (planning horizon should be as long as length
of longest commitment by management
2. 4 functions of 1) planning: business goals
management 2) organizing: allocating resources
3) leading: coordinating and directing
4) controlling: observe and analyze metrics to ensure completion of task
3. 4 types of plans 1) strategic: broad plans with missions and goals
2) functional: related to areas of biz that support strategic plans
3) operational/tactical: narrow focus of specific activities
4) contingency: handles risks and what-ifs
4. business strate- Goal directed actions to achieve superior performance and develop competitive
gy advantage
5. creating compet- 1) cost leadership: underprice competition but retain higher profit margin
itive advantage 2) differentiation: charge higher premium than competitors for better value
3) focus (segmentation): market niches -- goes well with differentiation
6. competitive pari- When 2 or more firms in the same industry perform at the same level
ty
7. firm's business Results of prior choices processes and relationships that are unique to the firm
model that help explain performance along with strategy
8. components of a 1) markets service served: selection of markets firm chooses to compete in
business model 2) firm infrastructure: development of core competencies to create competitive
advantage
3) economic model and how revenues are generated and sources of cost
, MGT 8803 Final, MGT8803 FINAL
Study online at https://quizlet.com/_6viwd3
9. core competen- Unique capabilities and resources that enable the firm to deliver and support a
cies value proposition to its customer
10. activity map Diagnostic tool that can be used to understand how an organization connects its
value prop to the activities that enable the organization to create a competitive
advantage
- Darker circles represent foundations of the business model
- Lighter circler show how strategy is implemented through clusters of tightly
linked activities
- Useful for strengthening strategic fit and assessing source and strength of
competitive advantage
11. levels of strategy 1) corporate level strategy: what businesses company will vest in and what they
will do + sets grand strategies
2) business unit level strategy: competitive strategy is developed (small firm --
biz and corp function as one // large firm -- each of biz units develop their own
buisness unit level strategy)
3) functional level strategy: activities of different functional areas to help achieve
overall biz strategy
12. grand strategies 1) growth strategy: organization attempts to increase level of its operations to
(business strate- increase revenue and profitability
gies) 2) stability strategy: absence of significant change -- maintaining market share
(small firm -- reduces risk and defends position // large firm -- use in comb of
other strategies while pursuing expansion for others)
3) renewal strategy: defensive strategy -- reducing in size or seeking stability (re-
trenchment: short run strategy for minor performance problems // turnaround:
for more serious issues like bankruptcy)
13. 4 ways firms 1) concentration: focusing on core business and increasing volume of products
grow offered or number of markets served
2) diversification: growth via different industry -- determined at corp level
, MGT 8803 Final, MGT8803 FINAL
Study online at https://quizlet.com/_6viwd3
3) vertical integration: growing by gaining control of either firm inputs or outputs
4) horizontal integration: growing by combining with a competitor
14. AFI framework 1) analysis: vision, mission, values, external and interal analysis
2) formulation: corporate, business, and functional strategy
3) implementation: structure, culture, processes, capabilities, tech, governance,
and business ethics
15. strategic man- 1) identify organization's mission, obj, and strategies
agement process 2) analyze external environment
3) evaluated internal resources
^^ SWOT analysis
4) managers formulate strategies
5) implementation of strategies
6) managers evaluate results
16. vision statement Expression about what the organization ultimately wants to accomplish
17. strategic intent Staking out of a desired leadership position in the industry -- focus on future and
attainment of ambitious, challenging goals
18. strategic plan- - confirm mission, vision, core values
ning process - deviated from purpose and vision?
- is vision aspirational?
- our strategic intent clear and effectively communicated to employees and stake-
holders?
19. mission state- How organization intends to achieve its vision and responsibilities towards the
ment organization's key stake holders
Companies with mission statements that clearly capture aspirations financially
outperform their peers by a wide margin
Customer oriented: provide flexibility for managers in terms of how to satisfy
needs or reacting to a changing environment
, MGT 8803 Final, MGT8803 FINAL
Study online at https://quizlet.com/_6viwd3
20. strategic goals Goals specific to each of the disciplinary areas of the business -- marketing,
product development, financial, and HR, research, sustainability -- achieving these
goals will also help achieve financial goals
21. industry life cycle 1) development
2) introduction
3) growth
4) maturity
5) decline
22. 4 levels of resid- 1) clear enough future: when current env trends and comp behavior are clear
ual uncertainty enough and outcomes are likely
2) alternative futures: one of a few or 2 discrete scenarios -- can't identify which
will come to pass but have prob around each
3) range of futures: range of plausible futures identified -- actual outcomes may
lie anywhere within a range
4) true ambiguity: number of dimensions of uncertainty will interact occasionally
to create env that is impossible to predict
23. scenario plan- 1) identify multiple future scenarios
ning 2) develop strategic plans to address scenarios
3) create strategic options (through implementation or alternative plans)
4) execute a dominate strategic plan
5) repeat
breaks info into the knowable and unknowable
24. strategy as Where strategy is often the result of actions that are taken by managers through-
planned emer- out the organization
gence
25. strategic think-
ing
Study online at https://quizlet.com/_6viwd3
1. 3 factors that ef- 1) organization level (more heirarchy better with more stability)
fect planning of 2) degree of uncertainty (more uncertain, shorter planning horizon)
organization 3) length of future commitments (planning horizon should be as long as length
of longest commitment by management
2. 4 functions of 1) planning: business goals
management 2) organizing: allocating resources
3) leading: coordinating and directing
4) controlling: observe and analyze metrics to ensure completion of task
3. 4 types of plans 1) strategic: broad plans with missions and goals
2) functional: related to areas of biz that support strategic plans
3) operational/tactical: narrow focus of specific activities
4) contingency: handles risks and what-ifs
4. business strate- Goal directed actions to achieve superior performance and develop competitive
gy advantage
5. creating compet- 1) cost leadership: underprice competition but retain higher profit margin
itive advantage 2) differentiation: charge higher premium than competitors for better value
3) focus (segmentation): market niches -- goes well with differentiation
6. competitive pari- When 2 or more firms in the same industry perform at the same level
ty
7. firm's business Results of prior choices processes and relationships that are unique to the firm
model that help explain performance along with strategy
8. components of a 1) markets service served: selection of markets firm chooses to compete in
business model 2) firm infrastructure: development of core competencies to create competitive
advantage
3) economic model and how revenues are generated and sources of cost
, MGT 8803 Final, MGT8803 FINAL
Study online at https://quizlet.com/_6viwd3
9. core competen- Unique capabilities and resources that enable the firm to deliver and support a
cies value proposition to its customer
10. activity map Diagnostic tool that can be used to understand how an organization connects its
value prop to the activities that enable the organization to create a competitive
advantage
- Darker circles represent foundations of the business model
- Lighter circler show how strategy is implemented through clusters of tightly
linked activities
- Useful for strengthening strategic fit and assessing source and strength of
competitive advantage
11. levels of strategy 1) corporate level strategy: what businesses company will vest in and what they
will do + sets grand strategies
2) business unit level strategy: competitive strategy is developed (small firm --
biz and corp function as one // large firm -- each of biz units develop their own
buisness unit level strategy)
3) functional level strategy: activities of different functional areas to help achieve
overall biz strategy
12. grand strategies 1) growth strategy: organization attempts to increase level of its operations to
(business strate- increase revenue and profitability
gies) 2) stability strategy: absence of significant change -- maintaining market share
(small firm -- reduces risk and defends position // large firm -- use in comb of
other strategies while pursuing expansion for others)
3) renewal strategy: defensive strategy -- reducing in size or seeking stability (re-
trenchment: short run strategy for minor performance problems // turnaround:
for more serious issues like bankruptcy)
13. 4 ways firms 1) concentration: focusing on core business and increasing volume of products
grow offered or number of markets served
2) diversification: growth via different industry -- determined at corp level
, MGT 8803 Final, MGT8803 FINAL
Study online at https://quizlet.com/_6viwd3
3) vertical integration: growing by gaining control of either firm inputs or outputs
4) horizontal integration: growing by combining with a competitor
14. AFI framework 1) analysis: vision, mission, values, external and interal analysis
2) formulation: corporate, business, and functional strategy
3) implementation: structure, culture, processes, capabilities, tech, governance,
and business ethics
15. strategic man- 1) identify organization's mission, obj, and strategies
agement process 2) analyze external environment
3) evaluated internal resources
^^ SWOT analysis
4) managers formulate strategies
5) implementation of strategies
6) managers evaluate results
16. vision statement Expression about what the organization ultimately wants to accomplish
17. strategic intent Staking out of a desired leadership position in the industry -- focus on future and
attainment of ambitious, challenging goals
18. strategic plan- - confirm mission, vision, core values
ning process - deviated from purpose and vision?
- is vision aspirational?
- our strategic intent clear and effectively communicated to employees and stake-
holders?
19. mission state- How organization intends to achieve its vision and responsibilities towards the
ment organization's key stake holders
Companies with mission statements that clearly capture aspirations financially
outperform their peers by a wide margin
Customer oriented: provide flexibility for managers in terms of how to satisfy
needs or reacting to a changing environment
, MGT 8803 Final, MGT8803 FINAL
Study online at https://quizlet.com/_6viwd3
20. strategic goals Goals specific to each of the disciplinary areas of the business -- marketing,
product development, financial, and HR, research, sustainability -- achieving these
goals will also help achieve financial goals
21. industry life cycle 1) development
2) introduction
3) growth
4) maturity
5) decline
22. 4 levels of resid- 1) clear enough future: when current env trends and comp behavior are clear
ual uncertainty enough and outcomes are likely
2) alternative futures: one of a few or 2 discrete scenarios -- can't identify which
will come to pass but have prob around each
3) range of futures: range of plausible futures identified -- actual outcomes may
lie anywhere within a range
4) true ambiguity: number of dimensions of uncertainty will interact occasionally
to create env that is impossible to predict
23. scenario plan- 1) identify multiple future scenarios
ning 2) develop strategic plans to address scenarios
3) create strategic options (through implementation or alternative plans)
4) execute a dominate strategic plan
5) repeat
breaks info into the knowable and unknowable
24. strategy as Where strategy is often the result of actions that are taken by managers through-
planned emer- out the organization
gence
25. strategic think-
ing
