Unit 1 Flashcards
(8 cards)
1
Q
Strategy & Governance
A
2
Q
Strategic Process Overview
A
Chapt 9
3
Q
What is strategic management process
A
It is the continuos process of assessing an organization’s :
- Vision, mission and values
- Formulating strategies
- Implementing strategies
- Evaluating the organization’s performance
** to help achieve its overall objective (mandate)
4
Q
What is the overall strategic objective of organizations
A
- All
To provide sustainable value to its stakeholders. Also called mandate. - For profit
Maximising owners wealth while maintaining good relationship with its key stakeholders - NPO/ Govt
Maximize value provided to users and clients subject to funding and maintaining good relationship with its supplier, employees & community
5
Q
Steps to strategy formulation
A
- Identify target (ideal customers)
- Understand their customer value propositon
Meaning, why they should buy the organization’s product and not competitor’s
6
Q
What are the 3 levels of strategy
A
Corporate - What business is the organization in
Business - What is the ciustomer value proposition
Function - How the organization can support the business and corporate strategy
7
Q
Cost Behaviour & Job Costing
A
Chapt 5
8
Q
A
