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Business > Business environments C1 *G11 > Flashcards

Business environments C1 *G11 Flashcards

1
Q

Environmental scanning definition *3

A

The process of obtaining information*
about possible events*
that may have an impact on the business’s performance*

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2
Q

Purpose of environmental scanning *4

A

*identify possible challenges and opportunities in a constantly changing environment
*info gained > flexible strategies > help bs respond quickly to crisis/opportunity
*help understand impact of bs decisions on competitive position and sustainability
*understand pace and nature of things taking place

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3
Q

What is the definition of crisis

A
  • a quick and unexpected change
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4
Q

Trends definition

A

Changes that occur over a period of time

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5
Q

Continuous environmental scanning elements *4
[vira fights iya ent]

A

*vision/mission
*formulate a strategy
*implementation of strategy
*evaluation of control

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6
Q

What must an entrepreneur look at before deciding to start a business *4

A

*viability of products
*strength of competitors
*size of potential market
*stability of resources

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7
Q

Explain the vision (environmental scanning)

A

Business considers where the business wants to go* then formulates a mission* to give direction to the goals*

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8
Q

External business environments *2

A

Macro
Market

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9
Q

Macro environmental scanning tool *2

A

PESTLE

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10
Q

Market environmental scanning tool

A

Use porters model

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11
Q

Internal business environment

A

Micro environment

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12
Q

Micro environmental scanning tool

A

SWOT

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13
Q

Explain market and environment *3

A

*Market - outside elements that can affects the business
*limited control
*influence>control

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14
Q

Explain macro environment

A

Elements the business has no control over (PESTLE)

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15
Q

Micro environment problem solving techniques *4

A

*SWOT
*Environmental scanning
*Resource-based approach (RBA)
*Value chain analysis

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16
Q

Explain RBA *3

A

*approach used to assess the strategic assets
*based on the idea that the efficient
application of useful resources helps determine competitive advantages

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17
Q

Explain value chain analysis *2

A

*analyze the costs of component parts
with the aim of reducing those costs
*thereby increasing product value

18
Q

Strengths definition

A

Factors within the business that add value to its performance

19
Q

Examples of possible strengths
*Min 5 Max 8

A

*competitive price
*location
*unique products patents (know how)
*work skills
*business culture
*good marketing and strong brand
*access to financing and other resources
*operational efficiency (good quality)

20
Q

Explain competitive price as a strength

A

prices differentiates itself > customers more likely to support

21
Q

Explain patents as a strength

A

Registered unique products can give a business exclusivity to a product > limited potential competition

22
Q

Explain good marketing as a strength

A

Positive associations = higher sales

23
Q

Explain a skilled workforce as a strength

A

Employees knowing how to perform > less wastage + more productivity

24
Q

Explain access to finance (and other resources) as a strength

A

Sufficient capital= easier to obtain resources

25
Q

Explain weaknesses

A

Areas internally where the business is weak and affects the success of the business

26
Q

Explain opportunities

A

External factors that present the opportunity to outperform competitors

27
Q

Explain threats

A

External factors that hamper growth and success

28
Q

Explain the elements of a balanced score card perspectives *4

A

Financial perspective
Customer perspective
Internal process perspective
Learning/growth perspective

29
Q

Explain porters six forces model

A

strategic business tool that helps
evaluate the competitiveness and
attractiveness of a market

30
Q

What are the 6 forces

A
  1. Threat of new competitors
  2. Impact of complementary products
  3. Power of buyers
  4. The power of suppliers
  5. Threat of substitute products
  6. Current competitors
31
Q

Explain attractive markets (P6F) *5

A

High level barriers to enter
Low competition levels
Few substitute products
Weak supplier bargaining power
Weak buyer bargaining power

32
Q

Explain unattractive markets (P6F) *5

A

Low barriers to enter
High levels of competition
Many substitute products
Striping supplier bargaining power
Strong buyer bargaining power

33
Q

Explain threat of new entrants in a market (P6F)

A

how easy it is for a competitor to enter the current market

34
Q

Explain rivalry among existing competitors (P6F)

A

Business has to compete aggressively to gain and maintain its market share

35
Q

Explain threat of substitutes (P6F)

A

Bs threatened when there’s substitutes that have better quality and price > customers switch

36
Q

Explain bargaining power of suppliers (P6F)

A

*high bargaining power = suppliers can sell for a higher price and/or lower price as there’s no one else to go to

37
Q

Explain bargaining power of buyers

A

*high power = buyer can demand lower prices and higher quality
*can lower profits

38
Q

Explain complementary products (P6F)

A

Something complementary can increase the demand for the demand of original product

39
Q

Elaborate on understanding the pace nature of changes taking place *2

A

*crisis > change not anticipated > no contingency plan
*trend > forewarned to adapt current strategies > deal with change

40
Q

Location should *5

A

*be easily accessible to TM
*be close to raw material source
*fit in the market
*have security
*be in close proximity to complementary businesses

41
Q

Balanced score card *3

A

a management system that provides feedback on both internal business processes* and external outcomes* to continuously improve strategic performance and results*

Business (26 decks)

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