Strategic Management an der Technische Hochschule Ingolstadt | Karteikarten & Zusammenfassungen

Lernmaterialien für Strategic Management an der Technische Hochschule Ingolstadt

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What is effectiveness?    

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It is the capacity to achieve goals. 

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What is marketing?    

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It is the process between buyers and sellers.

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What are the two possible ways of achieving superior performance?

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corporate strategy and business strategy

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How does production create value?

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Production creates value by physically transforming products that are less valued by consumers into products that are more valued by consumers (turning coffee beans and milk into cappuccinos, for example)

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What is strategy? How do we describe it?

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Strategy describes where a firm is competing, how it is competing, and the direction in which it is developing.

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What is efficiency?    

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It is the optimum use of resources to achieve your goals.

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What is profit?

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Profit = revenue - cost

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How do you achieve effectiveness and efficiency?

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First you have to set a goal and show the team what can be achieved when they are efficient and effective. Then you have to show them how they can be efficient and effective. You also have to control their work and give them incentives to work hard.

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How can companies deal with a change of the external factors?

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They have to innovate.

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What is the purpose of strategy?

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It is to achieve superior performance.

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What does the firm "consist" of?    

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  • goals & values
  • resources & capabilities
  • structure & systems (effective implementation)
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What approach towards business competition should be used?

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Trying to be unique and different from competitors. 

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Beispielhafte Karteikarten für deinen Strategic Management Kurs an der Technische Hochschule Ingolstadt - von Kommilitonen auf StudySmarter erstellt!

Q:

What is effectiveness?    

A:

It is the capacity to achieve goals. 

Q:

What is marketing?    

A:

It is the process between buyers and sellers.

Q:

What are the two possible ways of achieving superior performance?

A:

corporate strategy and business strategy

Q:

How does production create value?

A:

Production creates value by physically transforming products that are less valued by consumers into products that are more valued by consumers (turning coffee beans and milk into cappuccinos, for example)

Q:

What is strategy? How do we describe it?

A:

Strategy describes where a firm is competing, how it is competing, and the direction in which it is developing.

Mehr Karteikarten anzeigen
Q:

What is efficiency?    

A:

It is the optimum use of resources to achieve your goals.

Q:

What is profit?

A:

Profit = revenue - cost

Q:

How do you achieve effectiveness and efficiency?

A:

First you have to set a goal and show the team what can be achieved when they are efficient and effective. Then you have to show them how they can be efficient and effective. You also have to control their work and give them incentives to work hard.

Q:

How can companies deal with a change of the external factors?

A:

They have to innovate.

Q:

What is the purpose of strategy?

A:

It is to achieve superior performance.

Q:

What does the firm "consist" of?    

A:
  • goals & values
  • resources & capabilities
  • structure & systems (effective implementation)
Q:

What approach towards business competition should be used?

A:

Trying to be unique and different from competitors. 

Strategic Management

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Eine der Strategic Management Zusammenfassungen auf StudySmarter | Technische Hochschule Ingolstadt

Business environment has two environments. 

Factors of internalfactors of external 
1.Mission statement & objectiveseconomic: inflation, recession 
2. Organizational structuresociety: companies need to adapt to its environment 
3. Human resourcestechnology: developing rapidly and and very influential on a business p
4. Corporate cultureecology:

Competition

Publics: social media bloggers on 

Internal environment-

Right internal environment helps employees to perform at their best = happy customer


Strategic Management

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