Introduction to Strategic Management
This term describes the process of defining an organization's strategy and making decisions on allocating resources to pursue this strategy.
What is strategic management?
The first step in the strategic decision-making process.
What is identifying the problem or opportunity?
These are the firm’s ability to integrate, build, and reconfigure internal and external competences to address rapidly changing environments.
What are dynamic capabilities?
This is a human-centered approach to innovation that draws from the designer's toolkit.
What is design thinking?
This term refers to the process through which a company changes its structure, strategies, operational methods, technologies, or organizational culture.
What is organizational change?
One of the five competitive forces that shape strategy.
What is the threat of new entrants?
This tool is used for analyzing internal strengths and weaknesses, and external opportunities and threats.
What is SWOT analysis?
A company known for its dynamic capabilities.
What is Apple Inc.?
One of the phases of the design thinking process.
What is empathize?
A model used for managing organizational change.
What is Kotter’s 8-Step Change Model?
This concept refers to a unique capability that provides a firm competitive advantage and is critical to its long-term success.
What is core competency?
This term refers to the alignment between an organization's resources, capabilities, and the external environment to achieve strategic goals.
What is strategic fit?
These capabilities enable firms to innovate, adapt to changes, and seize new opportunities faster than competitors.
What are dynamic capabilities?
This approach can be applied to strategic management by fostering innovation, solving complex problems creatively, and developing user-centric strategies.
What is design thinking?
This change management approach focuses on identifying what works well in an organization.
What is Appreciative Inquiry?
This view suggests that a firm's unique resources and capabilities are the primary sources of competitive advantage.
What is the resource-based view?
This type of planning helps organizations anticipate and prepare for potential future events by considering various possible scenarios and their implications.
What is scenario planning?
This framework stands for Valuable, Rare, Inimitable, and Non-substitutable.
What is the VRIN framework?
In the context of design thinking, this involves observing and interviewing users in their real-life context to gain deep insights into their needs and behaviors
What is ethnography?
This strategic planning framework stands for Strengths, Opportunities, Aspirations, and Results.
What is the SOAR framework?
This strategy involves creating a new, uncontested market space that makes the competition irrelevant.
What is Blue Ocean Strategy?
The role of ethics in this process ensures that decisions are socially responsible and aligned with the organization’s values.
What is strategic decision making?
During the COVID-19 pandemic, this company leveraged its dynamic capabilities to rapidly scale its operations and meet the surge in demand for remote communication tools.
What is Zoom?
This is crucial in design thinking as it helps to understand the user's experiences, challenges, and needs.
What is empathy?
This aspect of an organization plays a critical role in providing vision, direction, and support during the change process.
What is leadership?