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Ward -- Chapter 12
Terms in this set (32)
The ability to anticipate, envision, maintain flexibility, and empower others to create strategic change as necessary.
Change brought about as a result of selecting and implementing a firm's strategies.
Top Management Team
Composed of the individuals who are responsible for making certain the firm uses the strategic management process, especially for the purpose of selecting and implementing strategies.
Heterogeneous Top Management Team
Composed of individuals with different functional backgrounds, experience, and education.
Internal Managerial Labor Market
Consists of a firm's opportunities for managerial positions and the qualified employees within that firm. Represent future promotion or transfer opportunities for managerial positions within the firm.
External Managerial Labor Market
The collection of managerial career opportunities and the qualified people who are external to the organization in which the opportunities exist. Represent the collection of managerial career opportunities outside of a manager's current firm.
Determining Strategic Direction
Involves specifying the vision and the strategy or strategies to achieve this vision over time.
Refers to the knowledge and skills or a firm's entire workforce.
Involves relationships inside and outside the firm that help in efforts to accomplish tasks and create value for stakeholders.
Is a tool firms use to determine if they are achieving an appropriate balance when using strategic and financial controls as a means of positively influencing performance.
Transformational Leadership Style
The most effective leadership style used by strategic leaders. Encourages followers to exceed expectations and place the organization about self interests.
Industry structure, rate of market growth, number and type of competitors, nature and degree of political/legal constraints, degree to which products are differentiated.
Size, age, organizational culture, availability of resources, patterns of interaction among employees.
Manger's tolerance for ambiguity, commitment to the firm and its desired strategic outcomes, interpersonal skills, level of aspiration, degree of self-confidence.
Internal CEO Succession
A homogeneous top management team generally results in a stable strategy. A heterogeneous top management team generally results in a stable strategy with continued innovation.
External CEO Succession
A homogeneous top management team often results in changes in both top management team membership and strategy. If the top management team is heterogeneous, strategic change is likely.
Motivates employees through the company's heritage, but the envisioned future encourages employees to go beyond their expectations and requires significant change and progress.
Serves as a guide to the firm's strategy implementation, including motivation, leadership, employee empowerment, and organizational design.
Those capabilities of the firm around which a competitive advantage may be built. Relate to an organization's functional skills, such as manufacturing, finance, marketing, and research and development.
Represents a set of complex ideologies, symbols, and core values that is shared throughout an organization that influences the way that it conducts business.
Enabling employees to be self-directed in the pursuit of entrepreneurial opportunities.
Encouraging the pursuit of new ideas, experimentation, and creative processes that will find new ways to add value.
Promoting the willingness of both employees and the organization to accept risk in the pursuit of new market opportunities.
Being a market leader rather than a market follower by anticipating the market's future needs and being the first to satisfy them
Taking actions that enable the firm to consistently and significantly outperform the competition.
The formal, information-based routines and procedures used by managers to maintain or alter patterns in organizational activities to help strategic leaders.
Represent those control systems that focus on the content of actions rather than on outcomes.
That focus on short-term financial outcomes -- or results; rather than on the appropriateness of strategic actions that have been taken.
Concerned with growth, profitability, and risk from shareholders' perspective.
Concerned with the value customers perceive to be created by the firm's products.
Internal Business Processes
Concerned with the priorities for various business processes that create customer and shareholder satisfaction.
Learning and growth
Concerned with creating a climate that supports change, innovation, and growth.
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