17 Questions
Define strategy
The model or plan that integrates an organisations main objectives policies and sequence of actions into a coherent whole
What are the 3 levels of Strategy
Corporate strategy, Competitive Strategy and Functional Strategy
Define value proposition
The product, service or benefit provided to the customer
Define a company's values
A set of principles, beliefs, norms and commitments that give meaning to what the company stands for, what it wants to achieve and how it tries to do this
Define a company's mission
It's generic purpose in accordance with the values or expectations of the stakeholders
Define a company's vision
It's desired future state, what the company could become
Define a company's objectives
The general statements of the position to be achieved
What are general objectives
Goals that the company intends to achieve in the long term that affect the org as a whole
What are operational objectives
Specific measurable goals that are designed to support the overall gaols of the company - set objectives for the different units to makes the general objectives operational
The different objectives must be in agreement
True
Define value creation
Value creation refers to the process of generating additional value for stakeholders, customers, and the organization itself through various activities, products, or services. It is a fundamental concept in business and economics, emphasizing the idea that successful businesses contribute more value than the resources they consume.
In addition to financial gains value creation also includes...
customer satisfaction, innovation, and overall positive impact on society
Define corporate governance
The relationship between the company's management, its shareholder and other stakeholders. Relates to the distribution of power among the different stakeholders
What are the four main sources of value creation
Efficiency, Innovation, Quality and Customer response
What are the 2 sources of differentiation advantage
Exclusivity factors controlled by the company and Signage and Reputation
How do you analyse demand
Market Research
Define economies of scale
Cost advantages that a business can achieve as a result of an increase in its scale of production or operation.
Test your knowledge of business strategy and company values with this quiz. Learn about the three levels of strategy, value proposition, company values, mission, and vision.
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