Strategic Planning and Business Models Quiz

A description of how a company creates value for its customers and other stakeholders, including its activities, revenue sources, and cost structures.

The benefits a company offers to its customers.

The set of actions a company performs to deliver its value proposition, including its resources, partnerships, and processes.

How a company generates revenue from its value proposition, including its pricing strategy and revenue streams.

The costs associated with delivering the value proposition, including operational, marketing, and administrative expenses.

The key players involved in delivering the value proposition, including customers, suppliers, partners, and employees.

Similar companies may operate with the same fundamental business model but employ different strategies to compete.

A business model that focuses on reducing food waste by connecting food retailers with consumers and organizations that need food.

Analyzing market growth, customer needs, competitors, technological trends, and other factors to form a strategy. It involves deep thinking and research, often taking more time and effort.

Innovation or change arising from immediate needs and circumstances, often within a team or organization.

Strategic plans often combine deliberate, proactive steps with reactive actions, adapting to changing situations.

The Starbucks Frappuccino was a spontaneous innovation, created by employees in California, driven by the need for a refreshing drink in hot weather.

Dina Campion, a Starbucks employee in California, and her team created the Frappuccino by observing local trends and adapting to the customer need for a refreshing summer drink.

A concise statement that describes the company's purpose, including who they are, what they do, and why they exist.

A mission statement that clearly identifies the company's products and services, targeted markets, customer needs, and competitive advantage.

Core values act as a moral compass that guides employees in their actions, decisions, and behaviors.

Core values help employees understand the company culture and guide their behavior in pursuing the company's vision and mission.

A long-term aspirational goal that defines the company's desired future state.

A concise and memorable statement that captures the essence of the company's purpose and values. It should be clear, concise, and inspire employees.

A strategic decision-making process that requires both long-term goals and short-term actions.

A statement outlining an organization's desired future state, describing what it hopes to achieve in the long term. It provides direction and inspiration for its actions.

A concise description of how an organization plans to achieve its vision. It outlines its primary activities and how it intends to create value.

A set of fundamental principles or beliefs that guide an organization's decisions and behaviors. Values often reflect the core principles of an organization.

A guiding principle for IKEA to make sustainable lifestyles accessible for the majority. It emphasizes affordable products designed for everyday use.

IKEA's mission is to offer well-designed, functional home furnishing products at affordable prices.

IKEA's core values guide their actions and decisions, encompassing principles like caring for people and planet, and creating meaningful products.

IKEA's plant-based meatball alternative demonstrates their commitment to sustainable initiatives, aligning with their values.

IKEA's commitment to sustainable practices, influencing their product development and operations.

Performance goals that convert a vision and mission into measurable targets, providing direction for action and progress assessment.

Objectives that aim for ambitious targets, pushing boundaries while remaining within the organization's capabilities.

Individuals or groups that have a vested interest in a company's success and can influence its decisions.

Refers to the different levels of power and influence that stakeholders have on a company's operations.

A governing body of a company that is elected by shareholders to represent their interests.

Members of a company's board of directors who are not employees of the company.

The importance of having a board of directors composed of individuals who are not beholden to company management.