Samenvatting Fundamentals of Strategy

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ISBN-13 9781292209067
144 Flashcards en notities
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Samenvatting 1:

  • Fundamentals of Strategy
  • Gerry Johnson, Richard Whittington, Kevan Scholes, Duncan Angwin, Patrick Regnér
  • 9781292209067
  • 4th

Samenvatting - Fundamentals of Strategy

  • 1.2 What is strategy?

  • What is strategy?
    Strategy is the long-term direction of an organization.
  • What is strategy?
    The long-term direction of an organisation
  •  What is strategy for?

    To define and express the purpose of an organisation.
  • 1.2.1 Defining strategy

  • What are the different definitions of strategy?
    • The determination of the long-run goals and objectives and the adoption of courses of action and the allocation of resources necessary for carrying out these goals.
    • Competitive strategy is about being different. It means deliberately choosing a different set of activities to deliver a unique mix of value.
    • Strategy is a firm's theory about how to gain competitive advantages.
    • Strategy is a pattern in a stream of decisions.
    • Strategy is the long-term direction of an organization.
  • What are the 3 elements of the definition of strategy?
    1. Long-term
    2. Direction
    3. Organization
  • Explain the three horizons framework.
    It suggests that organizations should think of themselves as comprising 3 types of business or activity, defined by their "horizons" in terms of years. Main point is that managers need to avoid focusing on short-term issues. 
    • Horizon 1 businesses need defending and extending, expectation is that they will be flat or decline in terms of profit. 
    • Horizon 2 businesses are emerging activities that should provide new sources of profit.
    • Horizon 3 possibilities, for which nothing is sure. Might generate profit a few years from now.
  • 1.2.2 The purpose of strategy: mission, vision, values and objectives

  • What is the core of a strategists job?
    It is defining and expressing a clear and motivating purpose for the organization.
  • What should the purpose of an organization state?
    1. How does the organization make a difference?
    2. For whom does the organization make that difference?
  • In what 4 ways can an organization's purpose be defined?
    1. Mission statement - aims to provide employees and stakeholders with clarity about what the organization is fundamentally there to do
    2. Vision statement - is concerned with the future the organization seeks to create
    3. Corporate values - communicate the underlying and enduring core 'principles' that guide an organization's strategy and define the way that the organization should operate. 
    4. Objectives - statements of specific outcomes that are to be achieved.
  • 1.2.3 Strategy statements

  • What should be the main themes of the strategy statement?
    1. The fundamental goals (mission, vision or objectives)
    2. The scope or domain of the organization's activities
    3. The advantages or capabilities the organization has to deliver all of the above.
  • Explain the scope and the advantage part of the strategy statement.
    • Scope - refers to: customers, geographical location and extent of internal activities
    • Advantage - describes how the organization will achieve the objectives it has set for itself in its chosen domain.
  • A strategy statement should be no longer than 35 words long.
  • 1.2.4 Levels of strategy

  • At what 3 different levels can strategies exist inside an organization?
    1. Corporate level strategy - concerned with the overall scope of an organization and how value is added to the constituent businesses of the organizational whole.
    2. Business-level strategy - about how the individual businesses should compete in their particular markets.
    3. Functional strategies - concerned with how the components of an organization deliver effectively the corporate- and business-level strategies in terms of resources, processes and people
  • 1.3 The exploring strategy framework

  • Explain the Exploring Strategy Framework
    It includes:
    •    Understanding the strategic position of an organization
    •    Assessing strategic choices for the future 
    •    Managing strategy in action
  • Why is the exploring strategy framework not linear but circular?
    Because often choices have to be made before the strategic position is clear and none has priority over the other.
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Samenvatting 2:

  • Fundamentals of strategy
  • Gerry Johnson, Kevan Scholes, Richard Whittington
  • 9781408221198 of 1408221195
  • 2009

Samenvatting - Fundamentals of strategy

  • 1 Introducing Strategy

  • Strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations

  • Strategic decisions are likely to 

    • be complex in nature
    • be made in situations of uncertainty
    • affect operational decisions
    • require an integrated approach
    • involve considerable change
  • 3 levels of strategy: corporate, business and operational level

  • corporate strategy

    overall purpose and scope of the organisation, and how value is added to the constituent businesses of the organisational whole

  • business strategy

    how the individual businesses should competer in their particular markets -> competitive strategy

  • operational strategy

    how the component parts of an organisation deliver effectively the strategies in terms of resources, processes and people

  • strategic management

    • organisation-wide, holistic
    • conceptualisation of issues
    • creating new directions
    • developing new resources
    • ambiguous/uncertain
    • long term orientation
  • operational management

    • routinised
    • techniques and actions
    • managing existing resources
    • operating within existing strategy
    • operationally specific
    • day to day issues
  • 3 horizons for strategy

    1. extend and defend core business
    2. build emerging buisinesses
    3. create viable options
  • strategy statements

    three main themes:

    • the fundamental goals (mission, vision objectives) of the organization
    • the scope or domain of the organisation's activities
    • the particular advantages or competitive superiority
  • mission

    the overriding purpose of the organization 

    (what business are we in?)

  • vision (or strategic intent)

     

    desired future state of the organization

    (what do we want to achieve?)

  • objectives

    statements of specific outcomes that are to be achieved (often financial)

  • scope

    domain of the organization's activities

     

    refers to three domains

    • customers
    • geographical location
    • extend of internal acitivities  -> vertical integration
  • advantage

    how the organization will achieve the objectives set regarding its chosen scope

     

    commercial -> competitive advantage

  • exploring strategy includes understanding the trategic position of an organization, assessing strategic choices for the future and managing strategy in action

  • 2 The Environment

    1. Macro -> what broad factors impact almost all firms?
      - PESTEL
      - scenarios
    2. Meso -> what are (changes in) the competitive forces (of your industries)
      - Porter's five forces model
      - industry life cycle
      - comparative industry structure analysis
    3. Micro -> What dominates the inner layer of the business environment?
      - strategic groups
      - market segments
      - blue ocean thinking
  • PESTEL

    • Political
    • Economic
    • Sociocultural
    • Technological
    • Environmental
    • Legal

    what environmental factors are affecting the organisation?

    which of these are the most important at the present time? In the next few years?

     

  • Macro: PESTEL

    • it categorizes societal influences into six main types
    • the focus should be on their future impact
    • the prioritised key drivers of change have differential impact on industries, markets, and companies
    • assumes that the combined impact of some factors will be more important than other factors
  • Macro: Building scenarios

    • identify the (opposing) key drivers
      'the macro-environmental factors that are likely to have a high impact on the success or failure of a strategy'
    • develop scenario 'stories'
      = plausible alternative views of how the business environment might develop in the future, based on the key drivers for change about which there is a high level of uncertainty
    • identify impacts -> firm contingency plans
  • Meso: Static industry structure

    Porter's Five Forces Model on the industry

    • to determine the attractiveness of an industry
    • affects the way individual companies compete
    • influences decisions on product/market strategy

    management questions:

    • which industries should we enter or leave?
    • what influence can we exert on the industry
    • how are competitors differently affected?
  • Threat of Potential entrants (high), inverse to barries to entry (low)

    • scale and experience
    • acces to supply and distribution channels
    • expected retaliation
    • legislation or government action
    • differentiation
  • the power of buyers/suppliers

    • are buyers/suppliers concentrated?
    • what are the costs of switching (by suppliers/buyers)
    • does backward/forward vertical integration exist?
  • Meso: Dynamic industry structure
    The comparative five forces analysis
     

    why?

    • Erosion of competitive advantage
      - Changes in five forces
      - competitors overcoming adverse forces
    • cycles of competitive response
      - when slow: long periods of established pattern of competition -> built imitation barriers
      - when fast: hyper competition, constant disequilibrium and change -> sequence of short-lived moves
  • Micro: to differentiate customers

    Blue Ocean Thinking

    Find new market spaces where competition is minimised -> find strategic gaps

     

  • Strategy canvas compares competitors according to their performance on CSFs, to develop strategies, based on creating new market spaces

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Samenvatting 3:

  • Fundamentals of strategy
  • Gerry Johnson, Richard Whittington, Kevan Scholes
  • 9780273757252 of 0273757253
  • 2nd ed.

Samenvatting - Fundamentals of strategy

  • 1 introducing strategy

  • welke 3 levels van strategie heb je?

    corporate, business, operationeel

  • three levels of strategy?
    cororate
    business
    operational
  • wat zijn de 3 elementen van strategic management?

    positie, choise, action

  • corporate strategy?
    overall purpose and how value is added
  • wat zijn de 5 krachten vh 5 krachten model?

    threat of entry en substitutess, power of suplliers, en buyers, competive rilvalry

  • business strategy?
    how to compete
  • welke 3 lagen zitten om organisatie?

    competitors en markets, industry/sector, macro enviironment

  • operational strategy 
    resources, processes and people
  • 5 fases van industry life cycle

    development, high growth, shake out, meturity, decline stage

  • three horiszons for strategy
    Horizon 1> extend and defend core business
    Horizon 2> build emerging businesses
    Horizon 3> create viable options
  • verschil strategic groups en markt segments

    strategic groups zijn organisaties in industrie en marktsegments de directe klanten

  • The mission:
    the overriding purpose of the organisation
  • wanneer gebruik je een canvas met critical succes factors?

    als je wil weten welk segment je moet verbeteren

  • The vission:
    Desired future state of the organisation
  • wat is een resoure based view?

    superior performance is explained by its distinctiveness of capabilities

  • wat zijn de 4 soorten resources?

    physical, financial, human, intelluctualcapital

  • costefficientie door

    scale, supply costs, product/procss design, experience

  • sustain door

    complexity, culture en history, caus vd ambiguty,

  • primaire activiteiten

    inbound logistics, operations, outboun logistics, marketing en scales, service

  • support activities

    procurement (resource en inputs krijgen),  technoclogische ontwik, human ressource management, infrastructuur.

  • value network helpt bij

    make or buy beslissing, partnering

  • value adding by parenting

    envisioning, coaching/ facilitating , providing services en resources.

  • wat zijn de 3 parenting roles?

    portfolio manager, synergy manager parental developer

  • wat is strategische positie? 

    invloed environment, eigen capabilities en stakeholders 

  • 4 factoren strategische positie

    omgeving, cultuur, doel, capabilities 

  • key drivers for change are

    environmental factors 

  • Porters generic strategies gaan over

    scope en advantage --> cost en differentiatie 

  • Ansoff gaat over 

    producten en markten 

  • Wat zijn de strategische methodes? 

    organic development = winst inversteren, mergers en acquisities = fusies, strategic alliances= van afspraken tussen bedrijven tot joint ventures. 

  • joint ventures =

    samen een 3e bedrijf 

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Laatst toegevoegde flashcards

 What is strategy for?

To define and express the purpose of an organisation.
What is strategy?
The long-term direction of an organisation
What are the 2 requirements for cost-based strategies?
  1. A business's cost structure needs to be lowest cost (i.e. lower than all competitors)
  2. Low costs should not be pursued in total disregard for quality.
What are the 4 key cost drivers that help deliver cost leadership?
  • Input costs
  • Economics of scale - important when there are high fixed costs. Increasing scale reduces average costs of operation.
  • Experience -  cumulative experience gained by an organisation leads to reduction in unit costs.
  • Product/process design
What is the cost leadership strategy
The cost-leadership strategy involves becoming the lowest-cost organisation in a domain of activity.
What are the 3 means of achieving competitive advantage?
  1. Having structurally lower costs than your competitor.
  2. Having products that are differentiated from competitor's products or services that are so valued by customers that it can charge higher prices that cover the additional costs of differentiation.
  3. Focusing either on a narrow or a broad scope
What is competitive advantage?
Competitive advantage is about how a company, business unit or organisation creates value for its users both greater than the costs of supplying them and superior to that of rivals.
What is competitive strategy?
Competitive strategy is concerned with how a company, business unit or organisation achieves competitive advantage in its domain of activity.
What are the 3 main themes around business strategy?
  • Generic strategies
    - Cost leadership
    - Differentiation
    - Focus
    - Hybrid
  • Interactive strategies
    - Hypercompetitive strategy
    - Game theory
  • Business models
    - Value creation
    - Value configuration
    - value capture
What is a strategic business unit (SBU)?
A strategic business unit supplies goods or services for a distinct domain of activity.