Company Strategies at FOM Hochschule für Oekonomie & Management

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Study with flashcards and summaries for the course Company Strategies at the FOM Hochschule für Oekonomie & Management

Exemplary flashcards for Company Strategies at the FOM Hochschule für Oekonomie & Management on StudySmarter:

VISION AND MISSION STATEMENT

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SO WHAT IS THE ORIGIN OF STRATEGY?

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STRATEGIC GOALS
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Exemplary flashcards for Company Strategies at the FOM Hochschule für Oekonomie & Management on StudySmarter:

POLICIES

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PROGRAMS

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Similarities between warfare and business

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THE THREE CORE ELEMENTS OF STRATEGY ARE
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A SUCCESSFUL STRATEGY REQUIRES

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HOW DO WE FORMULATE THE CORRECT STRATEGY? THAT IS, WHAT IS THE ROAD MAP?

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MORE FORMALLY: HOW DOES A GOOD STRATEGY COME TO LIVE?

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BUY, SQUEEZE AND REPEAT
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FOR THE IMPLEMENTATION TO BE DONE WELL, IT REQUIRES:

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Exemplary flashcards for Company Strategies at the FOM Hochschule für Oekonomie & Management on StudySmarter:

Company Strategies

VISION AND MISSION STATEMENT
mission statement drives the company. It focuses on today and what the organization does. It is what you do/the core of the business, and from it come the objectives and finally, what it takes to reach those objectives. It al so shapes your company’s culture. Mission statement questions look like: •What do we do? •Whom do we serve? •How do we serve them? Asolid mission motivates a team to advance toward a common goal, because they started at the same place and they are working together to reach the same end -goal. On the other hand, a weak mission —or no mission at all —can have the opposite effect. A vision statement gives the company direction. It focuses on tomorrow and what the organization wants to become. It is the future of the business, which then provides the purpose. The vision statement is about what you want to become. It’s aspirational. Vision statement questions look like: •What are our hopes and dreams? •What problem are we solving for the greater good? •Who and what are we inspiring to change? The vision statement promotes growth, both internally and externally. A strong vision helps teams focus on what matters the most for their company. It also invites innovation. A purpose -driven company envisions success as a whole, because they know what success means for their company. On the flip side, a lack of vision is a road to nowhere for a business. Imagine this: stagnation, outdated p rocesses, moving without purpose, feeling uninspired. Can a company even survive without a clear vision? You know the answer to that one.

Company Strategies

SO WHAT IS THE ORIGIN OF STRATEGY?
DEFINITIONS OF STRATEGY HAVE THEIR ROOTS IN THE MILITARY AND WARFARE WHICH DEFINES ITSELF IN TERMS OF DRAFTING A PLAN OF WAR, SHAPING INDIVIDUAL CAMPAIGNS AND, WITHIN THESE, DECIDING ON INDIVIDUAL ENGAGEMENTS AND SKIRMISHES WITH THE ENEMY

Company Strategies

STRATEGIC GOALS
STRATEGIC GOALS STATE WHAT IS TO BE ACHIEVED AND WHEN (BUT NOT HOW)

Company Strategies

POLICIES
POLICIES SET THE GUIDELINES AND LIMITS FOR PERMISSIBLE ACTION IN PURSUIT OF THE STRATEGIC GOALS

Company Strategies

PROGRAMS
PROGRAMS SPECIFY THE STEP -BY STEP SEQUENCE OF ACTIONS NECESSARY TO ACHIEVE MAJOR OBJ ECTIVES AND THE TIMETABLE AGAINST WHICH PROGRESS CAN BE MEASURED

Company Strategies

Similarities between warfare and business
CREATING UNIQUE MARKET NICHES BASED ON THE FIRST MOVE ADVANTAGE AND DISCOVERING A UNIQUE TECHNOLOGY AS WELL AS PRODUCT AND PROCESS INNOVATION CAN GRAB AN UNQUESTIONABLE MARKET SHARE THAT COMPETITORS CANNOT WEAKEN ACCORDINGLY, WARFARE, WHETHER BUSINESS OR MILITARY, BECOMES A SERIES OF BATTLES WHEREBY THE CLEVEREST, THAT IS THE ONE WITH THE BEST STRATEGY THAT IS BEST IMPLE MENTED, WINS JUST LIKE IN WARFARE THEN, THERE ARE COMMON ELEMENTS IN SUCCESSFUL BUSINESS STRATEGIES

Company Strategies

THE THREE CORE ELEMENTS OF STRATEGY ARE
1. SIMPLE, CONSISTENT LONG -TERM GOALS 2. PROFOUND UNDERSTANDING OF THE COMPETITIVE ENVIRONMENT 3. OBJECTIVE APPRAISAL OF RESOURCES (SWOT)

Company Strategies

A SUCCESSFUL STRATEGY REQUIRES
1. FORMULATING THE CORRECT STRATEGY 2. CORRECTLY IMPLEMENTING THE STRATEGY 3. EVALUATING THE RESULTS 4. REVIEW, REVISE AND REPEAT

Company Strategies

HOW DO WE FORMULATE THE CORRECT STRATEGY? THAT IS, WHAT IS THE ROAD MAP?
YOU NEED TO KNOW THREE THINGS: 1. WHERE YOU ARE? 2. WHERE DO YOU WANT TO GO? 3. HOW WILL YOU GET THERE?

Company Strategies

MORE FORMALLY: HOW DOES A GOOD STRATEGY COME TO LIVE?
1. WHAT IS THE COMPANY ́S MISSION AND VISION 2. A SOLID, WELL THOUGHT -OUT SWOT ANALYSIS . THAT IS: •WHAT ARE THE EXTERNAL OPPORTUNITIES AND THREATS? •WHAT OUR INTERNAL STRENGHTS AND WEAKNESSES? 3. WHAT ARE OUR LONG TERM OBJECTIVES? ( I.E., WHERE DO WE WANT TO GO?) 4. WE ALSO NEED TO GENERATE ALTERNATIVE STRATEGIES ( I.E., WHAT HAPPENS IF WE HAVE A FLAT TIRE? BLOW A GASKET?) 5. THEN WE CHOOSE THE OPTIMAL STRATEGY AND IMPLEMENT IT

Company Strategies

BUY, SQUEEZE AND REPEAT
LOAD THE COMPANY WIT H DEBT DUE TO THE LE VERAGED BUY OUT AND THEN CUT COSTS TO THE BONE TO SQUEEZE EVERYTHING OUT OF THE COMPANY ONCE EVERY OUNCE OF JUICE HAS BEEN SQUEEZED OUT, DISCARD THE COMPANY USUALLY BY BREAKING IT UP AND SE LLING THE PARTS TO THE BEST BIDDER (NOTE: IN MOST CASE S, THE PARTS ARE WORTH MORE THAN THE WHOLE) EXAMPLE: KRAFT HEINZ MERGER WITHOUT ANY MONEY LEFT IN R&D

Company Strategies

FOR THE IMPLEMENTATION TO BE DONE WELL, IT REQUIRES:
•STRATEGY -SUPPORTIVE CULTURE •EFFECTIVE ORGANIZATIONAL STRUCTURE •PROPER ALLOCATION OF NEEDED AND RELEVANT RESOURCES •MOTIVATE EMPLOYEES –MAKE THEM PART OF THE SUCCESS OR FAILURE (E.G., PROFIT SHARING )

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