Summary: Strategy
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Read the summary and the most important questions on Strategy
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1 What is strategy?
This is a preview. There are 3 more flashcards available for chapter 1
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When is a decision strategic? And its value?
Definition: adecision is strategic if it isinvestigated orannounced as part of theoptimal strategy Standalone value : of just thedecision Interaction value : if they need to becoordinated Coordination is not by chance
Strategy = set of decisions announced or investigated by strategist -
What is not strategy?
Operational effectiveness
Benchmarking
Marketing
Not sufficiently integrated
SWOT analysis
Bad tradeoffs
Mistaking goals for strategy
Fuzzy and fluffy -
What is the essence of strategy?
Choosing to perform activities differently thanrivals do
Tradeoffs: they create the need for choice and purposefully limit what a company offers -
2 Value creation & Value capture
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How is WTP determined?
- calculated based on engineering data (B2B)
- estimate based on historical data (regression analysis
* structural estimation demand (and supply)
* hedonic pricing equations
-Estimate based on survey data for new products and services
* choice analysis (conjoint analysis)
* indifference analysis -
What are the drivers of capturing enterprise value?
Margin, sales growth & resource utilization -
What are the fundamental metrics?
Sales
EBITDA: earnings before int, tax, dep & amor
EBIT
NOPAT: net operating profit after tax
NOPLAT: less adjusted taxes
ROIC = NOPLAT / Y
NOPLAT / Sales = margin
Sales / Y = resource utilization -
What is invested capital?
Represents the cumulative amount the business has invested in its core operations; primarily property, plant, and equipment and working capital (Koller)
= Fixed assets + inventory + trade receivables - current liabilities
= equity + non current liabilities - cash -
How is free cash flow determined?
NOPLAT - Net Investments
Or
EBITDA - Taxes - Investments
Enterprise value = sum of discounted cash flows plus discounted terminal value, can also be expressed as a multiple of EBITDA -
Give overview of strategy and drivers of enterprise value
Here. First arrow is situated above 2nd arrow -
How to calculate ROIC? And margin? And resource utilization?
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