creative thinking

• creative thinking is the ability to come up with unique but original solutions
• the Delphi technique is where there are experts who are geographically separated but come together to interact and work on a common project. Its main aim is to avoid the negative group dynamics and open manipulation of facilitators to filter the info
• creative thinking and problem solving:

  new product

  pros:

  1. increase variety of products
  2. open new market

  cons:

  1. needs capital
  2. might not take off

  relaunching existing product

  pros:

  1. diff flavour
  2. already in a market

  cons:

  1. expensive to advertise
  2. might not make a difference
• value chain analysis which aims to add value for customer so they can be internal and external
• Political

  Economic

  Ethical

  Social

  Technological

  Legal

  environmental
• resource-based approach is a technique in which we use when the business wants to find out which resources are strategic importance in business
• our strategic management= top management which takes place and then has decisions and actions that are taken in response
• balanced score card:

  financial perspective:

  1. net income
  2. expense
  3. revenue
  4. cash flow

  customer perspective:

  1. Brand strength
  2. market share
  3. customer satisification

  internal process:

  1. orders
  2. quality control
  3. cycle time

  learning:

  1. employee skill
  2. employee education
  3. employee satisification
• decision tree is a diagram that shows the possible outcomes and making complex decisons
• TQM stands for total quality management in which the business believes there is a success if the members focus on improving qualities
• ethical is the standards of what is right and wrong in a business
• appraisal is an estimate of firm values that facilitates sales