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Questions and Answers

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 Signup and view all the answers

Define a company's mission

It's generic purpose in accordance with the values or expectations of the stakeholders Signup and view all the answers

Define a company's vision

It's desired future state, what the company could become Signup and view all the answers

Define a company's objectives

The general statements of the position to be achieved Signup and view all the answers

What are general objectives

Goals that the company intends to achieve in the long term that affect the org as a whole Signup and view all the answers

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 Signup and view all the answers

The different objectives must be in agreement

True (A) Signup and view all the answers

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. Signup and view all the answers

In addition to financial gains value creation also includes...

customer satisfaction, innovation, and overall positive impact on society Signup and view all the answers

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 Signup and view all the answers

What are the four main sources of value creation

Efficiency, Innovation, Quality and Customer response Signup and view all the answers

What are the 2 sources of differentiation advantage

Exclusivity factors controlled by the company and Signage and Reputation Signup and view all the answers

How do you analyse demand

Market Research Signup and view all the answers

Define economies of scale

Cost advantages that a business can achieve as a result of an increase in its scale of production or operation. Signup and view all the answers

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