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What are the key principles of awareness, interest, action, conversion, and advocacy?

Awareness is when the target audience is made aware of the product. Interest involves engaging the audience and making them interested in the product. Action is the point when the audience decides to purchase the product. Conversion is the stage when the audience makes a purchase or conversion. Advocacy is the point where the audience becomes a fan and recommends the product to others.

What are the two main ways of achieving cost leadership?

The two main ways of achieving cost leadership are: increasing profits by reducing costs while charging industry average prices and increasing market share by charging lower prices.

How do organisations achieve a fit between the seven elements of the McKinsey 7S model?

Effective organizations achieve a fit between the seven elements of the McKinsey 7S model. A change in one element will affect all the others. For example, a change in HR-systems (internal career plans and management training) will have an impact on organizational culture (management style).

Which of the following are NOT factors that contribute to political process strategies?

Access to the internet (C) Signup and view all the answers

The command mode of strategy is generally more distinct in large organisations operating in stable environments.

False (B) Signup and view all the answers

One disadvantage of directive planning is that its dependence on historical data may result in strategies that are very similar to those of competitors.

True (A) Signup and view all the answers

What are the four main characteristics of strategy developed through logical incrementalism?

The four main characteristics of strategy developed through logical incrementalism are environmental uncertainty, general goals, experimentation, and coordinating emergent strategies. Signup and view all the answers

Intended strategic planning takes the form of systemised step-by-step procedures.

True (A) Signup and view all the answers

What are the three categories of grand strategies?

The three categories of grand strategies are growth, decline, corporate combination strategies. Signup and view all the answers

What are the three types of integration strategies?

The three types of integration strategies are backward vertical integration, forward vertical integration, horizontal integration. Signup and view all the answers

The emphasis in strategy content is on the advantages and strengths of each strategy.

True (A) Signup and view all the answers

In strategic change processes, most organizations focus their efforts on the hard S’s, Strategy, Structure and Systems.

True (A) Signup and view all the answers

What is the purpose of portfolio analysis?

The purpose of portfolio analysis is to help organisations decide which products and services should be emphasized and which should be phased out, based on objective criteria. Signup and view all the answers

What are the three main characteristics an organisation should have to be considered successful in today’s competitive world?

The three main characteristics an organisation should have to be considered successful in today’s competitive world are that they innovate as a way of life, they compete on value, not on price, and they achieve leadership in related niche markets. Signup and view all the answers

What is the key decisive factor determining stakeholders’ acceptance or rejection of a particular strategy?

The key decisive factor determining stakeholders’ acceptance or rejection of a particular strategy is the amount of return. Signup and view all the answers

What three key elements should an organisation consider when evaluating the acceptability of a strategy?

When evaluating the acceptability of a strategy, organisations should consider the three Rs of acceptability which are risk, return, and stakeholder reactions. Signup and view all the answers

The purpose of strategic analysis is to assess current state.

True (A) Signup and view all the answers

When evaluating strategy, it is crucial that organisations identify possible areas where they could improve, as this helps prevent making the same mistakes or getting the same outcome twice.

True (A) Signup and view all the answers

The emphasis in value system analysis is for organizations to create a synergy relationship.

True (A) Signup and view all the answers

When evaluating the feasibility of a strategy, it is important to consider whether the organisation can obtain the required resources.

True (A) Signup and view all the answers

What are the three Rs of acceptability?

The three Rs of acceptability are risk, return, and stakeholder reactions. Signup and view all the answers

What six questions does Sage suggest asking when evaluating the content and direction of a strategic plan?

Sage suggests asking these six questions: Does your plan connect your vision and mission to your vision? Is your plan realistic? Is your plan integrated? Is your plan balanced? Is the plan complete? Is the document clear? Signup and view all the answers

What are the key elements to consider when performing research regarding a strategy?

The key elements to consider when performing research regarding a strategy are the characteristics of the market, the competitive position of the organisation, the cost and investment structure of the organisation, the financial status of the organisation, and diversification consequences. Signup and view all the answers

Flashcards

Strategic Management

The process of developing and implementing a strategy to achieve organizational goals.

Strategy

A plan of action designed to achieve a long-term or overall goal.

Levels of Strategy

Different hierarchical levels of strategic planning within an organization (e.g., corporate, business, functional).