Untitled
46 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which case study focuses primarily on a company's strategic shift towards becoming a privately held entity?

  • Uber in 2018
  • Dell Inc (B)—Transforming the Company
  • Apple at Fourty
  • Dell Inc (A)—Going Private (correct)

Which case study allows analysis of platform business model's rise and impact on global commerce?

  • Wal-Mart Stores
  • Costco Wholesale Corporation in 2018
  • SpaceX: Disrupting the Space Industry
  • Alibaba Group: The Rise of a Platform Giant (correct)

Which case involves analysis of gene editing technology and its potential application in combating a global health crisis?

  • Charles Schwab
  • Tesla, Inc.
  • Coca-Cola
  • Ending HIV?Sangamo and Gene Editing (correct)

Which of the following cases would best facilitate a discussion on strategies for disrupting established industries through technological innovation?

<p>SpaceX: Disrupting the Space Industry (B)</p> Signup and view all the answers

Which case study could be used to best understand the operational strategies of a company during a period of significant transformation, following its privatization?

<p>Dell Inc (B)—Transforming the Company (C)</p> Signup and view all the answers

Which of the following best describes the primary focus of 'Strategic Management: An Integrated Approach'?

<p>Presenting a cohesive framework for analyzing, formulating, and implementing strategies to achieve organizational goals. (B)</p> Signup and view all the answers

Considering the scope of 'Strategic Management: An Integrated Approach', what would be the LEAST relevant topic covered?

<p>Determining the optimal dividend payout ratio for shareholders. (C)</p> Signup and view all the answers

In the context of strategic management, what is the significance of adopting an 'integrated approach'?

<p>It promotes the alignment and coordination of different organizational functions to achieve a unified strategic direction. (B)</p> Signup and view all the answers

Which stakeholder group's perspective is MOST likely to be emphasized when using a strategic management approach?

<p>Shareholders expecting a return on their investment. (A)</p> Signup and view all the answers

A company using 'Strategic Management: An Integrated Approach' is considering a new market. What is the MOST important factor they should evaluate?

<p>The alignment of the market opportunity with the company's core competencies and strategic goals. (D)</p> Signup and view all the answers

How might a company effectively utilize case studies, as presented in 'Strategic Management: An Integrated Approach', for strategic decision-making?

<p>By critically evaluating different strategic approaches and applying relevant lessons to their own organizational context. (A)</p> Signup and view all the answers

What role do internal resources and capabilities play in the strategic management process described?

<p>They should be leveraged and developed to create a competitive advantage. (D)</p> Signup and view all the answers

Which of the following scenarios requires the MOST significant adaptation of a company's existing strategic management approach?

<p>The emergence of a disruptive technology that fundamentally alters the industry landscape. (C)</p> Signup and view all the answers

What is the primary focus of strategic leadership in the context of strategy making?

<p>Managing the process to achieve competitive advantage. (A)</p> Signup and view all the answers

Why might a content provider like Cengage Learning remove content from its publications?

<p>To comply with evolving rights restrictions. (D)</p> Signup and view all the answers

In the process of creating digital learning materials, what is one potential limitation related to third-party content?

<p>Third-party content may be suppressed due to electronic rights. (C)</p> Signup and view all the answers

What factor most likely determines whether suppressed content will affect the 'overall learning experience'?

<p>Whether the suppressed content materially affects learning. (D)</p> Signup and view all the answers

Considering copyright regulations, what action is generally prohibited regarding Cengage Learning's copyrighted material?

<p>Duplicating the material in whole or in part without permission. (B)</p> Signup and view all the answers

How do Just-in-Time (JIT) systems primarily contribute to efficiency?

<p>By eliminating waste and reducing inventory holding costs. (B)</p> Signup and view all the answers

Which aspect of human resource strategy would most directly contribute to increased efficiency within an organization?

<p>Focusing on employee training and skill development. (A)</p> Signup and view all the answers

How does a superior information system contribute to a firm's overall efficiency?

<p>By facilitating better coordination and control of a firm's activities. (B)</p> Signup and view all the answers

What is the primary goal of implementing reliability improvement methodologies within an organization?

<p>To reduce the likelihood of product malfunctions or breakdowns. (A)</p> Signup and view all the answers

How does 'quality as excellence' differ from 'quality as reliability'?

<p>Quality as excellence emphasizes superior attributes and features, while reliability focuses on minimizing defects. (D)</p> Signup and view all the answers

What is typically the most significant challenge organizations face when pursuing innovation?

<p>The high upfront costs associated with innovation projects. (D)</p> Signup and view all the answers

Which of the following strategies is most effective for reducing the failure rate of innovation?

<p>Implementing rigorous project selection and risk management processes. (B)</p> Signup and view all the answers

How does a company's leadership best demonstrate a commitment to superior customer responsiveness?

<p>By fostering a customer-centric culture throughout the organization. (D)</p> Signup and view all the answers

What is the most direct way for a company to understand and anticipate evolving customer needs?

<p>Actively seeking and analyzing customer feedback. (C)</p> Signup and view all the answers

What defines 'Value Innovation' as a strategic approach?

<p>Creating greater differentiation while simultaneously lowering costs. (A)</p> Signup and view all the answers

Which factor most likely motivates Cengage Learning's reservation to remove content?

<p>Restrictions related to content rights. (D)</p> Signup and view all the answers

What can be inferred about the content included with the acknowledgment section?

<p>It includes contributions from various individuals and institutions. (B)</p> Signup and view all the answers

Why might some third-party content be suppressed from the eBook?

<p>To comply with electronic rights agreements. (C)</p> Signup and view all the answers

What is the primary implication of the copyright notice on the use of the content?

<p>The content is protected against unauthorized reproduction. (C)</p> Signup and view all the answers

How does the list of names and affiliations relate to the overall quality and credibility of the content?

<p>It suggests that the content has been reviewed and contributed to by experts in the field. (B)</p> Signup and view all the answers

What is the most likely reason for including an acknowledgements section in the material?

<p>To give credit to individuals and institutions that contributed to the work. (B)</p> Signup and view all the answers

Considering the context, what is the significance of noting the specific edition (Copyright 2020)?

<p>It specifies the version of the content, which may have undergone revisions. (C)</p> Signup and view all the answers

What broad impact the rights restrictions have on distribution of Cengage Learning's content?

<p>They may limit how the material can be used or distributed. (C)</p> Signup and view all the answers

Which part of a strategic management framework focuses on creating value through specific activities within a company?

<p>Functional-level strategy (B)</p> Signup and view all the answers

A company deciding whether to expand by acquiring a competitor or diversifying into a new industry is primarily addressing which type of strategy?

<p>Corporate-level strategy (B)</p> Signup and view all the answers

What is the primary focus of 'external analysis' in strategic management?

<p>Identifying potential opportunities and threats in the business environment (A)</p> Signup and view all the answers

Which of the following is most closely related to 'internal analysis'?

<p>Evaluating a company's resources and capabilities (C)</p> Signup and view all the answers

What is the main goal of 'strategic leadership'?

<p>Managing the strategy-making process for competitive advantage (D)</p> Signup and view all the answers

A company is considering expanding its operations into a new country. What type of strategy is it employing?

<p>Global Strategy (D)</p> Signup and view all the answers

When a company decides to outsource one of its business functions to a third-party provider, which type of strategy is it employing?

<p>Strategic Outsourcing (D)</p> Signup and view all the answers

What does 'corporate governance' primarily concern?

<p>The system of rules, practices, and processes by which a company is directed and controlled (A)</p> Signup and view all the answers

A company diversifies by acquiring a business in a completely unrelated industry. What type of strategy is this?

<p>Unrelated Diversification (A)</p> Signup and view all the answers

A company merges with one of its direct competitors. This is an example of?

<p>Horizontal Integration (D)</p> Signup and view all the answers

Flashcards

Strategic Management

A comprehensive approach to formulating and implementing strategies to achieve organizational goals.

Strategic Management (Alternative Definition)

The art and science of crafting, implementing, and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives.

Testing Effect Principle

Involves actively recalling information from memory instead of passively rereading material.

Knowledge Management

The discipline that includes the creation, secure storage, exchange, and wise application of knowledge assets.

Signup and view all the flashcards

Knowledge Management System

A planned and systematic approach to build and manage the knowledge assets of an organization.

Signup and view all the flashcards

Integrated Approach

A set of choices and actions designed to improve a firm's competitive position and achieve its strategic objectives.

Signup and view all the flashcards

Situational Analysis

Analyzes the internal and external factors affecting a business to maximize strengths and opportunities, and minimize weaknesses and threats.

Signup and view all the flashcards

Planning

The process of developing and implementing plans to achieve specific goals, aims and objectives.

Signup and view all the flashcards

Efficiency

Performing activities at a lower cost than rivals, leading to a competitive advantage.

Signup and view all the flashcards

Reliability

Systematic actions to boost the consistency and dependability of products or services.

Signup and view all the flashcards

Innovation

Introducing new products, processes, or ways of doing things.

Signup and view all the flashcards

Customer Responsiveness

Tailoring products and services to specific customer needs.

Signup and view all the flashcards

Low-Cost Strategy

A business-level strategy focused on minimizing costs.

Signup and view all the flashcards

Differentiation

Making a product different by offering great quality, reliability and features.

Signup and view all the flashcards

Value Innovation

Creating superior value by simultaneously lowering costs & increasing differentiation.

Signup and view all the flashcards

Six Sigma

Reducing defects and variations to achieve higher quality and efficiency.

Signup and view all the flashcards

Materials Management

Managing the flow of materials to optimize efficiency.

Signup and view all the flashcards

Just-in-Time Systems

Receiving materials only when needed to reduce inventory costs.

Signup and view all the flashcards

Strategic Leadership

Leading the strategy-making process to gain a competitive edge.

Signup and view all the flashcards

External Analysis

Identifying external factors to recognize potential opportunities or threats.

Signup and view all the flashcards

Internal Analysis

Evaluating a company's resources to gain insight into competitive advantage

Signup and view all the flashcards

Functional-Level Strategies

Achieving competitive advantage through strategies at the functional level.

Signup and view all the flashcards

Business-Level Strategy

The plan to gain competitive advantage in a specific market.

Signup and view all the flashcards

Strategy and Technology

How strategy adapts due to technology innovation and change.

Signup and view all the flashcards

Strategy in the Global Environment

Adapting strategies for success across different countries.

Signup and view all the flashcards

Horizontal Integration

Expanding by acquiring competitors or related businesses.

Signup and view all the flashcards

Vertical Integration

Gaining control of your inputs, outputs, or both.

Signup and view all the flashcards

Strategic Outsourcing

Using third-party vendors to increase organizational flexibility, efficiency and effectiveness.

Signup and view all the flashcards

Airborne Express

A company which focuses on express shipping and delivery services.

Signup and view all the flashcards

Charles Schwab

A brokerage firm offering discount stock trading and financial services.

Signup and view all the flashcards

Coca-Cola

A multinational beverage corporation known for its carbonated soft drinks.

Signup and view all the flashcards

Uber

A transportation network company offering ride-hailing services.

Signup and view all the flashcards

Dell Inc.

A multinational technology company that develops, manufactures, sells, and supports personal computers and other related products.

Signup and view all the flashcards

Strategy-Making Process

Managing the processes involved in creating and executing strategic plans.

Signup and view all the flashcards

Competitive Advantage

Gaining an advantage over competitors through strategic actions.

Signup and view all the flashcards

Content Removal Right

A process where Cengage Learning can remove content due to rights restrictions.

Signup and view all the flashcards

2020 Copyright

Copyright owned by Cengage Learning in 2020; content cannot be copied or duplicated without permission.

Signup and view all the flashcards

Acknowledgments Section

Acknowledgement of contributions from various individuals and institutions.

Signup and view all the flashcards

Suppressed Content

Content that may be removed from the eBook due to electronic right issues.

Signup and view all the flashcards

Referenced Universities

Institutions such as Oregon State University and University of North Carolina at Wilmington.

Signup and view all the flashcards

Content Reviewers

People (ex. Bruce Fern) that reviewed the content.

Signup and view all the flashcards

Cengage Learning

A company that owns the copyright of the book.

Signup and view all the flashcards

Purpose of Acknowledgments

To give credit to all who contributed to a book.

Signup and view all the flashcards

Study Notes

  • Strategic Management is written by Charles W. L. Hill, Melissa A. Schilling, and Gareth R. Jones
  • Edition 13e
  • Strategic leadership involves managing a company's strategy-making for competitive advantage

Overview

  • A strategy is a set of related actions to attain a goal
  • Superior financial performance is the ultimate goal
  • A competitive advantage occurs if strategies result in superior performance

Strategic Leadership

  • Manages strategy-making for competitive advantage
  • The strategy-making process selects and implements a set of strategies to reach an advantage
  • Formulation involves selecting strategies
  • Implementation involves putting them into action

Strategic managers

  • Their choices guide an organization
  • Improved performance at T-Mobile was the result of choices John Legere made

Strategic Manager Types

  • General managers bear responsibility for overall performance
  • Functional managers supervise a function
  • At the corporate level individuals include the CEO and senior staff
  • Business unit managers translate intent from the corporate level for individual businesses
  • Functional managers oversee operations

The Strategy-Making Process

  • Many writers emphasize strategy is the outcome of a formal, planned process
  • Strategies often emerge without prior planning

Model of the Strategic Planning Process

  • Select the corporate mission and main goals
  • Analyze the external environment Analyze the internal environment
  • Select strategies congruent with vision/goals
  • Implement strategies

Mission Statement

  • Crafting the statement provides the framework
  • It has four main components:
  • The mission (reason for existence)
  • The vision (desired future state)
  • Key values for the organization
  • Major goals

Mission Definition

  • Business definition should be customer oriented
  • Ask who is being statisfied, what is being satisfied and how are customers needs being satisfied?
  • These are distinctive competencies

Vision Definition

  • The vision defines the desired future state
  • It articulates what the company wants to achieve

Values Definition

  • The values state how managers/employees should conduct themselves
  • They help to achieve the mission

Goals

  • Well-constructed goals should be precise and easy to measure

External & Internal Analysis

  • External Analysis identifies threats and opportunities
  • Internal Analysis reviews the resources, capabilities, and competencies

SWOT Analysis

  • Compare strengths, weaknesses, opportunities and threats
  • Identify strategies in the external environment
  • Build on strengths, correct weaknesses, and capitalize on opportunities
  • Formulate strategies at the functional, business, global and corporate level

Implementation

  • To execute a strategic plan
  • Actions must be aligned at the corporate, business, and functional levels
  • Organizational structure, culture, and talent must be deployed
  • Managers design governance for ethical action

The Feedback Loop

  • Strategic planning is ongoing and never ends
  • Strategy must be monitored to confirm a competitive advantage is created
  • Re-affirm existing strategies and goals or suggest changes

Strategy as an Emergent Process

  • Company strategies are rarely the result of a systematic plan
  • Successful ones are not the result of well-thought plans
  • Many result from "serendipity," in which good outcomes unexpectedly surface

Types of Strategy

  • Deliberate strategies exist because strategic leaders are mindful of the future before creating those strategies
  • Emergent Strategies are made of unplanned responses

Strategic Planning in Practice

  • It helps managers to make better decisions
  • Managers shouldn't only act within their industry
  • Instead, they should look to the future for guidance

Strategic Decision Making

  • Use information to make a plan
  • Some cognitive biases can result in poor decisions

Cognitive Biases and Decision Making

  • Humans can't absorb and process information effectively
  • Decisions tend to fall back on rules of thumb, or heuristics
  • Decisions tend to fall back on rules of thumb, or heuristics that lead to errors
  • Cognitive biases cause managers to make those poor strategy decisions

Techniques for Improving Decision Making

  • Devils advocacy requires an analysis of a generated plan
  • Dialectic inquiry requires a thesis plan with an analysis and consideration of flaws with a debate
  • The outside view requires past initiatives/plans which are reviewed

Strategic Leadership

  • Strategic leadership entails utilizing leadership and enthusiasm
  • Seven key characteristics are the foundations of strong strategic leaders

Qualities of a Strategic Leader

  • Strong leaders should have vision, eloquence, and consistency
  • Strong leaders should articulate their business model
  • Commitment: strong leaders demonstrate commitment by actions and words and often lead by example
  • They are well informed, have willingness to delegate and empower, and have sound/astue use of power

Intelligence

  • It is being aware of ones own mood, emotions and drives
  • Be able to control or redirect disruptive impulses
  • Passion in their work
  • Understand the feellings/viewpoints of subordinates
  • Be social and friendly

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Related Documents

Strategic Management: An Integrated Approach PDF

More Like This

Untitled
110 questions

Untitled

ComfortingAquamarine avatar
ComfortingAquamarine
Untitled
6 questions

Untitled

StrikingParadise avatar
StrikingParadise
Untitled Quiz
18 questions

Untitled Quiz

RighteousIguana avatar
RighteousIguana
Untitled Quiz
50 questions

Untitled Quiz

JoyousSulfur avatar
JoyousSulfur
Use Quizgecko on...
Browser
Open
Browser
Browser