What are the benefits of Corporate Level Strategy?

1. Increased Profitability and Market Share 2. Effective Portfolio Management 3. Cost Leadership 4. Resource Allocation 5. Alignment with Mission and Values 6. Proactivity and Strategic Decision-Making 7. Competitive Advantage 8. Improved Decision-Making 9. Clarity and Focus 10. Adaptability and Flexibility

What are the key aspects of Business Level Strategy?

1. Target Market 2. Competitive Advantage 3. Positioning

What is Cost Leadership strategy?

A strategy focused on being the low-cost producer in an industry for a given level of quality.

What is Differentiation strategy?

Aiming to produce unique goods and services that appeal to consumers.

What is Focused Cost Leadership strategy?

Targeting a niche group of customers and fulfilling their needs better than competitors at lower prices.

What is Focused Differentiation strategy?

Targeting a niche group of customers with specially tailored products or services.

What is Indicated Strategy?

Integrating both cost leadership and differentiation strategies to serve customers who value both low price and differentiated features.

What is the importance of integrating Business Level Strategy in an organization?

Facilitates differentiation from competitors, guides decision making, enhances focus, supports long-term planning, and facilitates growth.

What are the types of Functional Level Strategy?

1. Marketing Strategy 2. Financial Strategy 3. Operational Strategy 4. Human Resource Strategy 5. Information Technology Strategy 6. Sales Strategy 7. Research and Development Strategy

What are the benefits of Functional Level Strategy?

1. Improved Operational Efficiency 2. Enhanced Competitive Advantage 3. Optimal Resource Allocation 4. Increased Coordination and Synergy 5. Adaptability to Market Changes 6. Alignment with Overall Strategy

What are Integration Strategies?

Strategies that involve gaining ownership or control over distributors, suppliers, or merging with other firms.

What is Forward Integration?

Gaining ownership or increased control over distributors or retailers.

What is Backward Integration?

Seeking ownership or increased control of a firm’s suppliers.

What is Horizontal Integration?

Acquiring or merging with other firms operating at the same level of the value chain in the same industry.

An agreement that unites two existing companies into one new company.

What is an Acquisition?

When one company outright takes over the operations of another company.

What is Internal Expansion?

Using a company's own tools and resources to expand, often involving increasing production or developing new products.

What is Cost Leadership in Porter’s Generic Competitive Strategy?

Aiming to be the lowest-cost producer in the industry to gain market leadership.

What is Differentiation in Porter’s Generic Competitive Strategy?

Making a clear distinction of the product or service from that offered by competitors.

What is Cost Focus strategy?

Producing cost-effective products for a small demographic or niche market.

What is Differentiation Focus strategy?

Creating unique products for a small demographic to maximize efforts.

What are the advantages of Porter’s Generic Competitive Strategies?

Provides a clear framework for gaining competitive advantage, offers flexibility, and helps identify areas for improvement.

What are the disadvantages of Porter’s Generic Competitive Strategies?

Can be difficult to implement in competitive markets, may not suit businesses without resources for economies of scale.

What is the difference between Strategy Formulation and Strategy Implementation?

Formulation focuses on effectiveness and is an intellectual process, while implementation focuses on efficiency and is operational.

What are Annual Objectives?

Desired milestones an organization needs to achieve for successful strategy implementation.

What is the purpose of Objectives in strategy implementation?

To serve as guidelines for action, provide legitimacy, set performance standards, motivate employees, and guide organizational design.

What are Policies in strategy implementation?

Specific guidelines, methods, and procedures established to support and encourage work toward stated goals.

What is Resource Allocation?

Distributing an organization’s assets across products, regions, and segments according to priorities.

What are the benefits of Resource Allocation?

Maximizes resource efficiency, improves project outcomes, prevents bottlenecks, enhances team productivity, boosts flexibility, and ensures better budgeting.

What are common challenges of Resource Allocation?

Resource shortages, overburdened team members, conflicting priorities, unpredictable changes, lack of visibility, budget limitations, unclear resource needs, and lack of flexibility.

What is Conflict in an organizational context?

Disagreement between two or more parties on one or more issues.

What are approaches for managing and resolving conflict?

1. Avoidance 2. Defusion 3. Confrontation

What is the Functional (Centralized) organizational structure?

Groups tasks by business function, promoting specialization and efficient use of managerial talent.

What is the Divisional (Decentralized) organizational structure?

Organizes divisions by geographic area, product, customer, or process.

What is a Strategic Business Unit (SBU)?

Separate divisions of a parent company that operate in different industries and market sectors.

What is a Matrix organizational structure?

A complex design that depends on both vertical and horizontal flows of authority and communication.

What are the four Production/Operations issues?

1. Restructuring/Re-engineering 2. Manage Resistance to Change 3. Decide Where and How to Produce Goods 4. Employee Stock Ownership Plans (ESOPs)

STRAMA Flashcards

Student preview

44 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is Strategy Formulation?

Back

The process of offering proper direction to a firm, setting long-term goals to exploit strengths and encash opportunities.

2.

FLASHCARD QUESTION

Front

What are the types of Corporate Level Strategy?

Back

1. Portfolio Management

2. Expansion/Growth

3. Retrenchment/Turnaround

4. Stability

5. Combination/Mixed

6. Geographic

7. Competitive

3.

FLASHCARD QUESTION

Front

What is Portfolio Management in Corporate Level Strategy?

Back

Deciding to invest in, hold, harvest, or divest certain business units.

4.

FLASHCARD QUESTION

Front

What is the goal of Expansion/Growth strategy?

Back

To grow and expand the company by exploring new markets, introducing new products, or increasing production capacity.

5.

FLASHCARD QUESTION

Front

What does Retrenchment/Turnaround strategy involve?

Back

Pulling back and consolidating resources to survive difficult times, including cost-cutting and restructuring.

6.

FLASHCARD QUESTION

Front

What is Stability strategy?

Back

Maintaining the status quo and focusing on what the company does well, avoiding risky ventures.

7.

FLASHCARD QUESTION

Front

What is Combination/Mixed strategy?

Back

Using a mix of different strategies to address various parts of the business.

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