Exam (elaborations)
Business Acumen
- Course
- Institution
Exam of 7 pages for the course Business Acumen at Business Acumen (Business Acumen)
[Show more]
Content preview
BUSINESS ACUMEN QUESTIONS WITHVERIFIED ANSWERS BY EXPERTS
v Key Competencies for Comp Professionals - Financial Management, HR Management, Resource
Management
Financial Management Competencies - 1. funding
2. ROI of programs
3. budget for programs
4. cost benefit thinking
5. expendetures
6. Cost effective approaches
7. procurement & contracting
8. performance plans
HR Management Competencies - 1. Assess current and future staffing needs based on goals and budget.
2. Ensure staff are selected, developed, appraised and rewarded
3. Take corrective action
4. Understand basic org design principles
Resource Management Competencies - 1. Determine sources and collect data to facilitate decisions
2. Partner with internal staff and external consult/vendors
3. Use efficient and cost effective approaches to integrate technology
What sets apart top performers - The ability to tie the key competencies together, distill key messages
and make impactful decisions
Business acumen skills and behaviors - 1. Mission, vision, values. Understanding the purpose of your
organization, how it creates value, how it makes money
2. Business strategy. Understandings your customers competition and competitive advantage
3. Organizational culture. Understanding the culture and subcultures of the organization
4. HR strategy. Ability to speak about your area of expertise and collaborate with others
Business acumen for the comp professional - Demonstrate influencing and negotiation skills, be an
expert with data, navigate regulatory challenges
, The importance of business acumen - Contributions to organizational success, engaging with executive
leadership, self improvement and career development
Contributions to organizational success - Understand the financial and strategic context of your
organization, influence the organizations bottom line and financial results
Engaging with executive leadership - Represent the perspective of your area of expertise and articulate
its role in business outcomes, align with the company's mission and financial priorities
Self-improvement and career development - Better understand connections between you and wider org
opportunities for cooperative value creation, understand business disciplines and what is critical to their
success, Display confidence and decisiveness, be a better leader, inspire and excite others
Why organizations are in business - Purpose is reflected in mission, vision, values, strategy, profit model
Mission - The intention or purpose of the business, answers why are we in business?
Vision - What organization wants for the future, who we are and where we are heading
Values - Guiding principles and or beliefs, how we work and who we are. What kind of organization we
want to create in pursuit of our vision
Strategy - Goals directions to achieve goals and policies to support. How we are going to compete and
achieve our mission and what makes us different
Profit model - Plan for how organization generates revenue, why customers are willing to pay
Competitive strategy - Broad framework of principles that guide day to day decisions affecting business.
Primary focus of competitive strategy - Operational excellence, product/service leadership, customer
intimacy
Operational excellence - Price/cost-based strategy, combo of price, quality, dependability, ease of
purchase, minimizing Waze, rewarding efficiency
Product/service leadership - Innovation based strategy, product development, market exploitation, best
products, better ideas, commercialize faster
Customer intimacy - Solution-based strategy, creating results for customers by building bonds to build
loyalty
Market position - Star: high market share high growth potential, use cash, sustained growth, high profit
Question mark: low market share hi market growth, use cash ability to generate profit is unknown
because low market share
Dog: Low market share low market growth, uses cash from other segments
Cash cow: hi market share low market growth, cash used to develop businesses and other segments,
such as question mark's
Business life cycle - Start up, growth, mature, decline
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller knowledgeNest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now