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24 Cards in this Set
- Front
- Back
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What is corporate strategy? |
it describes a company's overall direction in terms of its general attitude toward growth and the management of its various businesses and product lines |
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what is business strategy? |
it usually occurs at the business unit or product level. it emphasizes improvement of the competitive position of a corporation's products or services in the specific industry |
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what is functional strategy? |
it is the approach taken by a functional area to achieve corporate and business strategies by maximizing resource productivity. It is concerned with developing and nurturing a distinctive competence to provide a competitive advantage. |
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Marketing's Goal for 2015 |
To implement a product development strategy in order to enter blue oceans of new markets and engineer unique ways to bring advertisements to users |
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Marketing's Resources |
Google Glass. Finalize testing on beta versions, outsource manufacturing to cut costs, configure distribution networks such as Best Buy and Frys. |
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Marketing's Measures |
Return on Investment will measure profitability at the end of quarters. Inventory Turnover Ratios will measure how long it's in inventory before it's bought. |
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Finance's Goal |
To increase revenues from both advertising and hardware products |
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Finance's Resources |
Production of new, innovative products for the blue ocean |
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Finance's Measures |
comparing quarterly reports to previous ones to compare profits of the company as a whole and profits of each product |
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What does Six Sigma mean to Jack Welch? |
"quality program that improves your customers' experience, lowers your costs, and builds better leaders" |
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Why is Six Sigma perceived as difficult? |
"industry experts" overcomplicate the simplicity of Six Sigma |
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What does successful implementation of Six Sigma lead to? |
building customer loyalty, improving operational efficiency, improving design process, develop great leaders |
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Why does Welch say Six Sigma is "the blood of the company"? |
It's a part of the entire company and each employee should implement six sigma |
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How does GE use Six Sigma to improve performance? |
implemented 6 practices into people management 1) elevate HR to a position of power 2) encourage candor 3) create effective mechanisms 4) stick to principles 5) treat the middle 70% of employees like the heart and soul of company 6) design a clear and concise organization chart and make it as flat as possible with no room for confusion |
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One Strength of Six Sigma |
It is statistically proven to improve sales, stock value, and employee growth in companies that successfully implement it.
GE saved $8 billion the first 3 years of implementing six sigma. |
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One Weakness of Six Sigma |
It requires a significant amount of statistical data gatherings and analysis. It's complicated and time consuming. It's difficult for smaller companies to implement and sustain it. |
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Google's burning issue that Six Sigma can fix? |
Google always wants to improve it's search engine because "great isn't good enough" |
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What does the balance scorecard revolve around? |
vision and strategy |
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what are the 4 components of a balance scorecard? |
financial customer learning & growth internal business processes |
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each component has 4 things to fill in |
objective measure target initiatives |
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Google's Financial scorecard |
objective: revenue growth
measure: revenue is measured through advertisements so we need to increase the ad revenue
target: increase the internet users who would see the ads
initiatives: offer ad management services to advertisers, ad agencies, and publishers |
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Google's Customer scorecard |
objective: customer satisfaction
measure: evaluate how google's products are doing in sales each quarter
target: improve customer loyalty by the end of the year
initiatives: customers need to rate google 1-10 on how well their needs are met, and feedback of why they gave that rating |
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Google's Internal Business Processes scorecard |
objective: become the best search engine
measure: number of times users use Google
target: enhance search engine to be faster and better quality results
initiatives: improve comprehensiveness, quality of responses from .25 seconds to .15 |
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Google's Learning and Growth scorecard |
objective: global strategy
measure: find new ways to expand into global markets
target: improve modern businesses with the use of Google apps, help customers with no knowledge of programming to create their own apps
initiatives: launch google shared spaces, use android to help customers with programming, create a gadget that allows users to connect with real people to find their searches |
