business strategy Flashcards
swot use and definition (after that action plan)
SWOT, helps businesses/individuals assess internal S & W and identify O&T.
should be done regularly as it helps in strategic decision making by identifying key factors that affect success.
swot stands for?
S-internal advantages like strong brand, loyal customers, unique product
W-internal limitations compared to competitors like poor customer service, outdated tech, financial struggles
O-external factors that can benefit a business like market trends, new tech, partnerships
T-external challenges that could harm a business like competition, econ downturns, regulations
pestle definition and use
PESTLE, helps businesses understand external factors impacting operations and decision making.
It helps businesses adapt to changes and strategies by informing external influences.
pestle example
Government regulations controlling trade policies, import and export tariffs, labor laws impact FB, ex tariffs on imported materials can increase production costs while stricter labor laws may require brands to ensure ethical working conditions in their supply chains.
Social trends like sustainability or diversity affect FB strategies, social trends influence brands to embrace change to meet needs of customers. FB must be aware of trends to stay relevant and produce sustainable and commercial offers. With increasing demand for sustainability and more diversity, FB must adjust or even have O to use these trends as a brand strategy
ansoff matrix
Market penetration (business sells more of its existing products to current market by using strategies;promotions, competitive pricing, increase brand awareness),
product development (creates new products or improve existing ones to same customer base),
market development (selling existing products to new markets like expanding to new locations),
diversification (launch new products in new markets with unrelated as the riskiest as it enters an entirely new market with new product with no prior experience in the market [not connected to brand DNA] and needs heavy research and marketing), kl related LV trunks
ansoff matrix
- Market penetration: existing products to existing customers
- Market development: existing products for new customers (in a new market)
- Product development: new products for existing customers
- Diversification: new products and new customers
Bcg def
BCG matrix evaluate product portfolio, optimize growth profitability, prioritize investment in ?☆ manage 🦴 $𓃔 .
bcg ?
☆(products or business unit with highest market share and growth, requiring significant investment)
$𓃔 (product with high market share, low growth market, generating stable profits)
? (low market share in high growth market, high potential yet requires investment to grow)
🦴(low market share and growth market, unprofitable and low-return investments, consider stop)
vrio
value (if resource helps company exploit O or neutralize T in market & add value to company)
rarity (if resources are unique compared to competitors),
imitability (if recourse difficult and costly to replicate by competitors),
organization (if company is organized and capable of using its V,R,I,O resources
to achieve sustainable competitive advantage).
kpi, and use, and good if?
KPI- Key Performance Indicator, track performance of business or project towards goals.
good kpi follows the SMART objectives (specific, measurable, achievable, relevant, time constraint)
important for business to make data driven decisions, align efforts with goals, and improve overall performance.
mission vision
Mission statement, short, clear statement defining business purpose, goals, and core values. Used to communicate organization’s purpose and direction to people involved in the business (employees, customers, stakeholders). vision outlines future goals and aspirations.
