3.1 Business objectives and stratergy

Question 1

What is a mission statement?

Answer 1

It describes a business purpose, objectives and summarises its present operations

Question 2

What are the four functions of the ansoffs matrix?

Answer 2

Market penetration
Market development
Product development
Diversification

Question 3

Ansoffs matrix diagram

Answer 3

Question 4

What is ansoffs matrix?

Answer 4

A marketing planning model that helps a business determine its product and market strategy

Question 5

What does SWOT stand for?

Answer 5

Strength- Internal
weakness- Internal
Opportunities- External
Threats- External

Question 6

What is SWOT analysis?

Answer 6

Helps a business assess its competitive strength and the nature of its external environment

Question 7

What does PESTLE stand for?

Answer 7

Political
Economic
Social/cultural
Technology
Legal
Ecological

Question 8

What is pestle sued for?

Answer 8

Strategic decision making

Question 9

What are porters 5 forces?

Answer 9

Threat of substitute products
Bargaining power of buyers
Threat of new entrants
Bargaining powers of suppliers
Intensity of rivalry within the industry