Average Process
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Strategic Leadership
executive's use of power & influence to direct activities of others when pursuing an organisation's goal
Power
strategic leader's ability to influence the behaviour of other organisational members
Position power
authority
Informal power
persuasion to influence others
Upper-echelons Theory
framework that views organsiational outcomes as reflections of value of members of the top-management team
Level 1 of Leadership Pyramid
Highly Capable Individual: productive contributions, motivation, talent, knowledge, skills
Level 2 of Leadership Pyramid
Contributing Team Member: individual capability, acheives team objectives
Level 3 of Leadership Pyramid
Competent Manager: efficient, effective, does things right
Level 4 of Leadership Pyramid
Effective Leader: does the right things
Level 5 of Leadership Pyramid
Executive: willpower, humility
Strategy formulation
the choice of strategy (where & how to compete)
Strategy implementation
organisation, coordination, integration, execution of strategy (how work gets done)
Corporate strategy
Where to compete (industry, markets, geography)
Business strategy
How to compete (cost-leadership, differentiation, value innovation)
Functional strategy
how to implement a chosen business strategy
Corporate executives
responsible for setting overarching strategic objectives & allocating scarce resources
SBUs
standalone divisions of a larger conglomerate, each with its own prfoit- & loss responsibility
Business functions
accounting, finance, human resources, manufacturing, marketing, customer service
Strategic management process
process to formulate & implement strategy (strategic planning, scenario planning, strategy as planned emergence)
Top-down strategic planning
rational, data-driven strategy process through which top-management attempts to program future success
Scenario planning
top management envisions different what-if scenarios to anticipate plausivle futures to derive strategic responses
Black Swan Events
highly impropable but high-impact events
Dominant strategic plan
strategic option that top managers decide most matches the current reality & which is then executed
Illusion of control
tendency by people to overestimate their ability to control events
Intended strategy
outcome of a rational & structured top-down strategy plan
Unrealized strategy
unpredictable events
Realized strategy
combination of intended & emergent strategy
Emergent strategy
unplanned strategic initiative bubbling up from the bottom of the organisation
Strategic initiative
any activity a firm pursues to explore & develop new products & processes, new markets or new ventures
Autonomous actions
strategic initiatives undertaken by lower-level employees in response to unexpected situations
Serendipity
random events, pleasant surprises & accidental happenstances with profound impact on a firm's strategic initiatives
Resource-allocation process
the way a firm allocates resources based on predetermined policies
Planned emergence
combination of top-down strategic intent & bottom-up emergent strategies
Stakeholders
organisations, groups & individuals that affect or are affected by a firm's actions
External stakeholders
customers, supplier, alliance partners, creditors, unions, communities, governments, media
Internal stakeholders
employees, stockholders, board members
Stakeholder strategy
integrative approach to managing a diverse set of stakeholders effectively to gain & sustain a competitive advantage
Stakeholder Impact Analysis
tool to recognize, prioritize, & address needs of stakeholders
Corporate Social Responsibility (CSR)
economic responsibilities, legal responsibilities, ethical responsibilities, philanthropic responsibilities