Strategic Management at Universität Mannheim

Flashcards and summaries for Strategic Management at the Universität Mannheim

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Study with flashcards and summaries for the course Strategic Management at the Universität Mannheim

Exemplary flashcards for Strategic Management at the Universität Mannheim on StudySmarter:

What is a family firm 

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Hidden Champions

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Innovation management: Innovation

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Innovation definition (Business studies) 

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The object of innovation: Product innovation

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The object of innovation: Process innovation 

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The object of innovation: Marketing innovation

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The object of innovation: Organizational innovation 

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Innovation Management: Disruptive Innovation 



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Innovative thinking: Rearrange & shifting out thinking, so we can 

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Innovative thinking: Reverse brainstorming 

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Strategic risk modeling 

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Exemplary flashcards for Strategic Management at the Universität Mannheim on StudySmarter:

Strategic Management

What is a family firm 

One or several families own collectively >50% of a firm and exert influence on its strategic course via the board or owner-management in a manner that is potentially sustainable across generations.

Strategic Management

Hidden Champions

  • Family: Privately held or family-controlled.
  • Small: Revenue < 5 billion €
  • Hidden: Not well known in public 
  • Champion: Market leader on its continent or among the top 3 worldwide 


Strategic Management

Innovation management: Innovation

  • Latin: innovare - to renew
  • Creative destruction
  • Thinking outside the box
  • Leaving the realms of "the known & stable" towards "the unknown & uncertain"
  • Innovations with merits can yield profits and competitive advantages
  •  Allow market-entrants to challenge market-incumbents 

Strategic Management

Innovation definition (Business studies) 

In business studies "innovation" describes the implementation of a new or significantly improved product (good or service), process, a new marketing method, or a new organizational method

Strategic Management

The object of innovation: Product innovation

A product innovation is the introduction of a good or service that is new or significantly improved with respects to its characteristics or intended uses. This includes significant improvements in technical specifications, components and materials, incorporated software, user-friendliness or other functional characteristics.

Strategic Management

The object of innovation: Process innovation 

A process innovation is the implementation of a new or significantly improved
production or delivery method. This includes significant changes in techniques,
equipment and/or software.

Strategic Management

The object of innovation: Marketing innovation

A marketing innovation is the implementation of a new marketing method involving
significant changes in product design or packaging, product placement, product
promotion or pricing.

Strategic Management

The object of innovation: Organizational innovation 

An organizational innovation is the implementation of a new organizational method in
the firm’s business practices, workplace organization or external relations.

Strategic Management

Innovation Management: Disruptive Innovation 



Disruptive innovation
• Disruptive innovation shifts products towards simplicity & affordability
(disruptive innovation is not neccesarily a technological breakthrough).
• Great disruptive innovations allow entrants to come into and challenge
the industry.
• They are very dangerous to market leaders & established companies
which have to cover fixed costs from prior investments with their
contribution margins (David vs. Goliath effect).
• Paradox: Should you…
a.) listen to your customers to make your product better?
b.) start a worse and simpler products that none of your existing
customers will buy?

Strategic Management

Innovative thinking: Rearrange & shifting out thinking, so we can 

a.) solve a complex issue,
b.) by thinking simpler & more effective,
c.) and by using the existing brain ability.


How? Directing attention to key issues via framing.

Strategic Management

Innovative thinking: Reverse brainstorming 

• Define your topic and goal.
• Reverse the goal, e.g. by asking: “How can I
possibly serve the customer most badly?”
• Use classical brainstorming to generate and note
ideas.
• Reverse the generated ideas.
• Evaluate the ideas. Can you see a potential
solution or attributes of a solution among them?

Strategic Management

Strategic risk modeling 

• Sensitivity analysis
• Scenario analysis
• Monte Carlo simulation

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Strategic and International Management

Management

FSK Englisch

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