Summary Advanced Management and Marketing (ME-21306).
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advanced management and marketing bmo 21306 wageningen university and research period 3 bbc summary management and marketing summary management and marketing summary advanced management and marketing business and consumer sciences summary advanced managem
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Wageningen University (WUR)
Advanced Management and Marketing
Advanced Management and Marketing (BMO21306)
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Samenvatting Wageningen University Research
Vaknaam: Advanced management and marketing
Vakcode: WUR BMO-21306
Igor Hoogendoorn
Samenvatting gemaakt in studiejaar 2019/2020
(gehaald met 8,5)
Inhoud
1 Management part............................................................................................................................ 2
1.1 Lecture 1: (chapter 1) introducing strategy ............................................................................ 2
1.2 Chapter 2: the business environment ..................................................................................... 7
1.3 Chapter 3: industry and sector analysis ................................................................................ 11
1.4 Lecture 4 (chapter 4): how can companies use qualities and what are their skills .............. 17
1.5 Management chapter 5: stakeholders and culture ............................................................... 23
1.6 Chapter 6: choices – business strategy and models.............................................................. 31
1.7 Chapter 7: corporate strategy and diversification ................................................................ 35
1.8 Chapter 8: strategy in action ................................................................................................. 40
2 Marketing part............................................................................................................................... 46
2.1 Marketing introduction ......................................................................................................... 46
2.2 Lecture 2 (chapter 3): market segmentation ........................................................................ 49
2.3 Lecture 3: measurement theory and factor analyses ........................................................... 53
2.4 Chapter 6: perceptual maps and MDS .................................................................................. 58
2.5 Chapter 7: diffusion and forecasting ..................................................................................... 64
2.6 Chapter 6: conjoint analysis .................................................................................................. 69
1
,1 Management part
1.1 Lecture 1: (chapter 1) introducing strategy
This course focuses on advanced themes in management and marketing
• Object: the problem of managers: decision-makers in a complex setting, appointed to solve
open ended, multi-faceted problems
Contents
• What is strategy for?
• Purpose of strategy; key terms
• Levels of strategy
• Fundamentals of strategy (FoS)-framework
What is strategy for?
Strategy: the determination of the long-run goals and objectives of an enterprise and the adoption of
courses of action and the allocation of resources necessary for carrying out these goals
o The long term direction of an organisation
o How to gain competitive advantages
Strategic decisions are likely to:
• Be complex in nature
• Be made in situation of uncertainty
• Require an integrated approach (thus inside and outside an organisation)
• Involve considerable change
Defining strategy
• The long-term → 3 horizons
• Direction → follow objectives or an emerging coherent pattern
• Of the organisation → firms as discrete entities or relates internal and external persons
2
,Defining strategy of Tesla
• Long term → 3 horizons
• Direction → from e-cars to diverse solar power offerings
• Of an organisation → co-founder CEO Eberhard fired by Elon Musk. External funders and
media crucial
Purpose of strategy; key terms
What is strategy for?
• To define and express the motivating purpose of an organization to stakeholders
• Four ways to define an organisation’s purpose:
o Mission statement
o Vision statement
o Statement of corporate values
o Statement of objectives
3
, Mission statement:
• To provide employees and stakeholders with clarity about what the organisation is
fundamentally there to do
• The overriding purpose of the organization
• What would be lost if the organisation did not exist?
• How do we make a difference?
Vision statement
• A vision statement is concerned with the future the organisation seeks to create
• Desired future state of the organisation, what do we want to achieve?
• Spotify: to become the operating system of music
Statements of values
• The underlying and enduring core principles that guide an organisation’s strategy and define
the way that the organisation should operate
• Values do NOT change with circumstances
• ‘’train a lot, without putting the body at risk’’
Statement of objectives
• Statements of specific outcomes that are to be achieved
• Often financial; market-based; competitive advantage; triple bottom line
• Lose 5 kilos by sept. 1st, and run the NY-marathon next year
Strategy statements
• Scope: domain of the organisation’s activities
o Refers to three dimensions:
- Customers
- Geographical location
- Extend of internal activities → vertical integration
• Advantage:
o How the organisation will achieve the objectives set regarding its chosen scope
- Commercial → competitive advantage
Three main themes of strategy statements: (ideally in 35 words)
• The fundamental goals (mission, vision, objectives) of the organisation
• The scope or domain of the organisation’s activities
• The particular advantages or competitive superiority
Example strategy statement IKEA
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