BST

Question 1

What is the purpose of a mission statement?

Answer 1

A written communication to internal and external stakeholders to set the direction of the organisation

Question 2

What four features should a mission statement include?

Answer 2

Purpose
Strategy
Polices
Values

Question 3

Which factors (and model) should be used to critique objectives?

Answer 3

Specific
Measurable
Achievable
Relevant
Timely

Question 4

Which model should be used to evaluate stakeholders power/interest?

Answer 4

Mendelows matrix

Question 5

Which model should be used to explain the competitive advantage of an industry/country?

Answer 5

Porters diamond

Question 6

What are the five factors included in porters diamond?

Answer 6

Demand conditions
Related/supporting industries
Factor conditions
Strategy, structure and rivalry
Competitive advantage

Question 7

Which factors (and model) should be used to evaluate the opportunities and threats of an industry?

Answer 7

Political
Economic
Social
Technologic 
Ecological
Legal

Question 8

Which model should be used to evaluate how attractive an industry is?

Answer 8

Porters five forces

Question 9

What are porters five forces?

Answer 9

Threat of new entrants 
Bargaining power of suppliers
Threat of substitutes
Bargaining power of customers
Competitive rivalry

Question 10

What is the purpose of porters value chain analysis?

Answer 10

Identifies the primary activities which help the company achieve a competitive advantage and support activities

Question 11

What are the four relevant ‘generic strategies’ an organisation can take to achieve a competitive advantage?

Answer 11

Cost leader
Cost focus (niche)
Differentiator
Differentiation focus (niche)

Question 12

Which model should be used to evaluate a product portfolio and which two factors does it compare?

Answer 12

The BCG matrix

Market growth and market share

Question 13

Name the four sectors in the BCG matrix

Answer 13

HH star
HL problem child
LH cash cow
LL dog

Question 14

Which models should be used to discuss the expansion of an organisation, and what do they measure?

Answer 14

Ansoffs matrix - measures existing/new markets against existing/new products

Lynchs matrix - measures internal/external development against domestic/international expansion

Question 15

Which factors (and model) should be used to analyse marketing strategies?

Answer 15

4 P’s

Price
Product
Promotion
Place

Question 16

Define market research

Answer 16

The systematic gathering, recording, and analysing of data for the marketing of goods/services

Question 17

What are the advantages of desk and field research?

Answer 17

Desk: cheap, reliable

Field: specific, timely

Question 18

What is a cost driver?

Answer 18

Any factor which changes the cost of an activity

Question 19

What is a value driver?

Answer 19

An activity that gives worth to a product, service or brand.

Question 20

What are the five primary activities of the value chain?

Answer 20

Inbound logistics
Operations
Outbound logistics
Marketing & Sales
Aftercare service

Question 21

What are the secondary activities in the value chain?

Answer 21

Firm infrastructure
HR
Technology
Procurement