Business Analysis Frameworks Quiz

Business Foundations 2024 Curriculum

• A comprehensive guide to strategic implementation and evaluation
• Curriculum for 2024 business foundations
• Includes content on business strategy, strategic analysis tools, digital transformation, sustainability, and performance measurement
• Topics covered in themes 1-4, and lecture 1-11.

Theme 1 - Foundations of Business Strategy

• Lecture 1 - Introduction to Business Foundations

  • Strategy and strategic management are defined
  • Key elements of strategy include internal resources and capabilities (e.g., skills, resources) and external environment analysis (e.g., identifying opportunities and threats)
  • Strategic awareness includes understanding the interplay between internal resources and external environment
  • Proactive adaptation is essential for staying ahead of competitors
  • Strategic thinking comprises analysis, forecasting, and innovative problem-solving

• Topic 1: Defining Strategy and Strategic Management

  • Strategy is a process aligning internal resources with external environment to achieve long-term goals
  • Strategic management includes planning, execution and adaptation of strategies

• Topic 2: Levels of Strategy

  • Corporate strategy focuses on overall direction and scope of the organization (e.g., industries & markets served), diversifying & vertical integration, and portfolio management
  • Competitive strategy focuses on achieving competitive advantage within a specific market or business unit (e.g., targeted customer segments and value propositions) using frameworks like Porter's cost leadership and differentiation
  • Functional strategies operationalize corporate and competitive strategies within specific departments (e.g., marketing, operations, and finance)

• Topic 3: Strategic Frameworks and Tools

  • SWOT analysis evaluates internal strengths & weaknesses and external opportunities & threats
  • PESTEL analysis assesses the macro-environmental factors
  • Porter's Five Forces analyzes industry competition
  • BCG Matrix evaluates business units based on market share and growth

• Topic 4: Value Creation and Business Models

  • Value Creation in business strategy encompasses delivering value to customers, stakeholders & society
  • A business model defines the structure for value creation, delivery & capture
  • Key components include customer segments, value proposition, channels, revenue streams, key resources, key activities, key partnerships, & cost structure
  • Value chain analysis is used to identify key activities in creating value and competitive advantage
  • Business model canvas is a framework for designing, analyzing & communicating business models

• Topic 5: Digital Transformation and Sustainability

  • Digital transformation involves integrating digital technologies into all aspects of business
  • Key approaches for implementing transformation include technology adoption & customer experience, operational efficiency improvements, and driving innovation through digital capabilities.
  • Sustainability embodies meeting current needs without compromising future availability of resources. Organizations focus on environmental responsibility, social responsibility, and ethical governance
  • Interconnectedness is a key theme, meaning digital transformation and sustainability are linked concepts

• Additional Topics

  • Strategic analysis tools, specifically the resource-based view (RBV) of the firm & its key concepts–firm resources, sustained competitive advantage, the VRIN framework, & sources of inimitability (e.g., historical conditions, social complexity)
  • Lecture 7 focuses on the digital transformation journey, highlighting aspects of technological disruption and impacts on consumer behavior & operational innovation.
  • Case studies (e.g., Oticon, Danske Bank, Netflix) provide real-world examples of successful and unsuccessful digital transformation scenarios.
  • Lecture 8 on performance measurement and control discusses the importance of financial resources, scarcity, and opportunity cost, core questions for resource allocation, and relevant vs. irrelevant costs

Theme 2 - Value Creation and Business Models

• Lecture 3 - Introduction to Value Creation

  • Goods-dominant logic (GDL) focuses on value-in-exchange, where value is embedded in goods or services during transactions
  • Service-dominant logic (SDL) emphasizes value-in-use where value is co-created through interactions between producers & consumers
  • Comparing GDL and SDL
  • Value Configurations (Value Chain, Value Shop, Value Network) are described. Characteristics for each described.

• Topic 2: Three Value Configurations

  • Value chain transforms inputs into outputs through various interconnected stages
  • Value shop leverages resources for solving specific customer problems
  • Value networks foster connections to create value through interactions amid members

• Topic 3: Introduction to Business Models

  • Business models are the foundation for understanding how organizations create, deliver, and capture value in diverse contexts (economic, social, cultural)

• Topic 4: Value Proposition Design

  • Value proposition design focuses on crafting offerings that address customer needs (functional, social, & emotional)

Theme 3 - Digital Transformation and Sustainability

• Lecture 5 - Big Data Foundations

  • Big Data encompasses large, complex datasets that traditional tools cannot manage effectively
  • Key characteristics include volume, velocity, variety, veracity, and value
  • Understanding Big Data analytics frameworks (descriptive, diagnostic, predictive, prescriptive) is crucial
  • Big Data lifecycle
  • Strategic use of Big Data involves extracting actionable insights, enabling improved decision making and fostering innovation

• Topic 5: Strategies for Overcoming Barriers to Digital Transformation

  • Strategies include modernizing legacy systems, enhancing cultural adoption, improving communication, and addressing financial issues to reduce organizational resistance.
  • Importance of a proactive approach, including detailed analysis and documentation

Theme 4 - Strategic Implementation and Evaluation

• Lecture 8 - Performance Measurement and Control

  • Financial resources are discussed from a strategic perspective, emphasizing the necessity of efficient allocation and management of these resources.
  • Key financial ratios (e.g., profitability, liquidity, and gearing ratios) are explained, alongside their significance for performance evaluation.
  • The three financial statements are examined—the balance sheet, profit and loss account, and cash flow statement

• Topic 2: Regulatory Frameworks in Finance

  • Regulatory frameworks pertaining to financial management are described (e.g., company acts, accounting standards, stock exchange regulations, and tax compliance). The necessity of adhering to regulations for transparency and accountability is highlighted

• Topic 3: Three Main Financial Statements

  • Balance sheet, profit and loss account, and cash flow statement are detailed, with their components, uses, and implications

• Topic 4: Financial Information Ratios

  • Key financial ratios illustrating profitability, liquidity, gearing, and investor performance are described

• Topic 5: Challenges in Financial Management

  • Profitability, liquidity, and solvency while managing stakeholder expectations and market dynamics

Theme 5 - Strategic Implementation and Evaluation

• Lecture 11: Strategy Implementation and Evaluation
  • Strategy creation approaches (Planning, visionary leadership, emergent)
  • Strategic change & the planning gap
  • Strategic evaluation criteria (feasibility, desirability, & appropriateness)