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Less than a paragraph about the company's purpose
-revenue goals -profit goals -profit margin goals (% of every dollar left over for profit) |
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where the company wants to be in the future: provides firm with focus |
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what the company needs to reach the vision |
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how a firm will achieve its goals |
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Uses environmental analysis and industry analysis |
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• Technological • Economic • International • Political/Legal • Social/Cultural |
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• Power of customers • Barriers o Startup costs o Political/legal • Substitutive o Margarine for Butter • Power of suppliers • Internally you want to compare to other firms. You want to compete and compare against firms of equal size to your company. |
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-SWOT -Core Competencies -Resources |
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How mundane jobs are getting done within a firm. o Hiring/firing o Management skills o Staying on task o Etc |
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determining how well the firm is progressing |
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(Wal-Mart) what can they do to keep prices low? |
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(Best Buy) focus efforts into narrower product group |
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how can the firm be different? creating unique products in order to raise prices
(Apple) |
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focus on very narrow segment of market with a particular product or product line
(electric bottle opener - for elderly) |
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trying to enter into a new portion of the market |
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improving upon existing products or creating new products |
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trying to create a new market with a new product |
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market development/product development |
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entering a new market with an improved or new product |
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2 companies become 1 but control is shared |
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one company takes over the other and wants to dictate all terms. Most don't succeed (divorce rate is higher than people) |
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two or more companies work together on a single or continuing product (ex: epson makes parts for IBM) |
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o Avoid direct competition -Direct competition leads to competition based on price -Leads to copy cat products o Judo Strategy -Compete with firms of similar size -Little fish avoid the big fish o Product Differentiation o Creating new markets -Jumping into a market that a firm previously had not been involved in -Ex: have share of elderly market for toothbrushes. There is an “untouched” part of market that has dentures and don’t need a toothbrush. Firm can develop a denture brush. |
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not directly related to a firm's product (Human Resources) |
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budgeting and budget analysis |
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Want to be able to keep good people Benefits Incentive programs |
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properties of a good goal |
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Achievable Time frame (Forces people to focus) Something that raises the bar (but not too much) Measurable Specific |
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MissionVisionStrategic GoalsUnit GoalsTeam GoalsIndividual Goals |
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ways for a firm to stay focused |
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-prevention (small and major problems) -awareness -evaluation (makes sense of causal factors found in awareness phase) -feasible solution (problem solving) -selection (decide which solution to use) |
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what makes key people key |
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-have credibility (pilot programs and training programs -have power (expertise and resources) |
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o Used to motivate o Very specific Ex: Ross’s suit. Needed 20 new clients totaling $100,000,000. o Reward can vary o Is very tangible reward |
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-%change -%sales -Ratio analysis |
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three major problems firms face |
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new competitors new products (ipod to walkman) complacency |
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80% of revenues come from 20% of our top customers... 20% of problems from 80% of our customers |
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