6.1

Question 1

What is an internal organisational audit?

Answer 1

Identifies strengths an weaknesses of a business before decisions are made

Question 2

What is an external business environmental audit?

Answer 2

Examines all external factors that might have an impact on a business
lgeal, ethical, political, social, environmental and technological factors

Question 3

What is competitor analysis?

Answer 3

Study on a businesses competitors by investigation of issues
Find strengths and weaknesses so strategies can be formed to improve competitive advantages

Question 4

What is stakeholder analysis?

Answer 4

Info gained from studying stakeholder interests and potential conflict between stakeholder groups
Can be used to create strategies that will enable businesses to better meet different needs
Vital for a businesses long-term survival

Question 5

What are the 4 factors in the Ansoff’s matrix?

Answer 5

Market penetration
Market development
Product development
Product/market diversification

Question 6

What is market penetration?

Answer 6

Existing products are sold into existing markets
Low risk

Question 7

What is market development?

Answer 7

Existing products are sold into new markets.
Moderate risk

Question 8

What is product development?

Answer 8

New products are sold into existing markets.
Relatively risky as budget is needed

Question 9

What is Product/market diversification?

Answer 9

New products are sold into new markets
Riskiest strategy