Business Strategy Flashcards
What is Business Strategy?
Scope of organisation over long term which achieves advantage for organisation
- Identifying resources to achieve goal
- to meet needs of markets & fill stakeholder expectations
Why don’t strategies normally change?
Stakeholders
Costs
Internal Environment
Value Chain Analysis
Resources Capabilities Analysis
Describe Internal & External (Business Strategy)
Internal:
- Strengths & Weaknesses
External:
- Opportunities & Threats
What is Value Chain Analysis?
Identifies what it’s doing well to determine how to improve performance - Utilisation
What is Resources Capabilities Analysis?
Study about the potential of a company
- Highlights tools within business that it could use for opportunity
Ways to improve immediate environment
- Efficiency (cost)
- Differentiation
- Better Experience
What is a sub-strategy?
Nested under general business strategy e.g Covid Strategy
What is an IT Strategy (Tech)
Determining most appropriate tech infrastructure
hardware, network, software apps
What is an IS strategy (Info)
Determines most appropriate processes & resources to ensure INFORMATION provision supports business strategy
flow of info
What activities are within Value Chain Analysis?
Support
Primary
What does SWOT stand for (SWOT Analysis)?
Strength
Weakness
Opportunities
Threats
