Business Strategies Flashcards
Learn the different types of strategies within a business as well as what types of industrial analysis there are
What is a strategy
A long term plan of action used to achieve a businesses vision and mission
List the four main types of business strategies
Integration
Intensive
Diversification
Defensive
Discuss the threat of/barriers of new entrants to the market
If the barrier to enter the market is low then it is easy for new businesses to enter the market or industry
New competition can quickly/easily enter the market if it takes minimal time/money to enter the market
Discuss the power of suppliers in porter’s five forces model
A business must assess the power suppliers have in influencing prices.
The powerful suppliers are the less control a business has over them.
Low amount of suppliers increases the power of available suppliers
Discuss the power of buyers in porter’s five forces model
Assess how easy buyers/customers can drive prices down
Conduct market research to gather more information about buyers
If buyers can do without a businesses product they have more power to determine the prices and terms of sale
