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Benchmarking: Ana Maria Bahamon Arias 4700274
Benchmarking: Ana Maria Bahamon Arias 4700274
4700274
BENCHMARKING
Benchmarking, or goal setting, allows a company to assess the
opportunities they may have for improving a number of areas in their
supply chain. These areas include productivity, inventory accuracy,
shipping accuracy, storage density, and bin-to-bin time.
Real life is hard to understand, arbitrary and often unfair. A person in
real life is rarely empowered, frequently feeling as though their life is
purposeless and essentially at the mercy of the fates. But a game is
empowering.
BLUE OCEANS STRATEGY
Red oceans s are all the industries in existence today – the known
market space. In red oceans, industry boundaries are defined and
accepted, and the competitive rules of the game are known.
Here, companies try to outperform their rivals to grab a greater share
of existing demand. As the market space gets crowded, profits and
growth are reduced. Products become commodities, leading to
cutthroat or ‘bloody’ competition. Hence the term red oceans.
Blue oceans, in contrast, denote all the industries not in existence
today – the unknown market space, untainted by competition. In blue
oceans, demand is created rather than fought over. There is ample
opportunity for growth that is both profitable and rapid.
In blue oceans, competition is irrelevant because the rules of the game
are waiting to be set. A blue ocean is an analogy to describe the wider,
deeper potential to be found in unexplored market space. A blue ocean
is vast, deep, and powerful in terms of profitable growth.
ANA MARIA BAHAMON ARIAS
4700274
BUSINESS MODEL CANVAS
The Business Model Canvas or BMC model is a graphic representation
of a number of variables that show the values of an organization. The
Business Model Canvas can be deployed as a strategy tool for the
development of a new organization. Furthermore, it also analyses the
(business) situation of an existing business.
It was developed by the Swiss business model guru Alexander
Osterwalder and management Information Systems professor Yves
Pigneur. They defined nine categories for the Business Model Canvas
which they refer to as the building blocks of an organization.
1. Key partners
2. Key activities
3. Key resources
4. Value propositions
5. Customer relationships
6. Channels
7. Customer segments
8. Cost structure
9. Revenue streams
EMPOWERMENT
You can play it, you can get better at it, and if you do then you will
accomplish. You will plant that virtual garden, save a princess or score
a triple word score because of your own ability and nothing else. You
will win.
The levers of play within that world are simpler than reality, and so the
path to accomplishment is clearer than reality. You therefore feel that
you have a chance of winning in a game in a way that you do not get in
life. You get to engage in heroics, or to be in charge, to do things that
you could not normally do and overcome scenarios that you would not
normally overcome.
ANA MARIA BAHAMON ARIAS
4700274
PARETO PRINCIPLE
In any ‘normal’ situation it is found that approximately 20% of items
account for 80% of the effect. The 80/20 rule. EG With 100 products there
are likely to be 20 best selling products which account for 80% of the
profit. Also there will be about 20 products (not necessarily the same 20)
which account for about 80% of the profit. 20 of the products will
account for about 80% of the customer complaints.
RISK ANALYST
Risk analysis is the process of identifying and analyzing potential issues
that could negatively impact key business initiatives or critical projects
in order to help organizations avoid or mitigate those risks.
Measures the risk of loss, including financial, insurance and hazardous
waste risks, and political/economic issues impacting company
operations.
SENIOR MANAGERS
Senior managers (typically used in large organizations with multiple
layers of management) have responsibilities and authority broader in
scope than a front-line manager. Senior managers are usually
positioned to move into a director or general manager position.
STRATEGY
An ongoing programme of activity which is designed to help an
organisation or an individual achieve goals and objectives. A corporate
strategy can be evaluated on six basic criteria: Internal consistency;
Consistency with the environment; Appropriateness in the light of
available resources; An acceptable degree of risk; An appropriate time
horizon; Feasibility of the strategy.
TOTAL QUALITY MANAGEMENT (TQM)
Describes a management approach to long-term success through
customer satisfaction. In a TQM effort, all members of an organization
participate in improving processes, products, services, and the culture
in which they work.
ANA MARIA BAHAMON ARIAS
4700274
VISION
Vision is top management's dream of what they want the organization
to be. It should not be confused with strategy, which is the large-scale
plan the company follows to make the dream happen.
REFERENCE
https://es.blueoceanstrategy.com/what-is-blue-ocean-strategy/
https://www.hrinz.org.nz/Site/Resources/Knowledge_Base/Glossary_of_
Management_Terms.aspx
https://dl.acm.org/citation.cfm?id=226700
https://www.toolshero.com/strategy/business-model-canvas/
https://www.pearson.ch/download/media/9781405881357_Glossary_ML_I
nt.pdf