Business Strategy

Question 1

SWOT

Answer 1

Strengths weaknesses opportunities and threats

Question 2

PEST

Answer 2

Political economical social and technological factors

Question 3

SMART

Answer 3

Specific
Measurable
Archivable
Relevant
Time-limited

Question 4

Ansoff Matrix

Answer 4

Options available when considering new opportunities for sales growth. Market development, Diversification,Narket penetration and Product development

Question 5

Decision tree

Answer 5

A method of considering all the options aviable and the chances of them occurring using a diagram

Question 6

Force field analysis

Answer 6

Kurt Lewis idea of weighting potential advantages and disadvantages of a decision before a choice is made, giving a numerical scare from 1 to 10 to each force.

Question 7

Scenario planning

Answer 7

Group of senior managers begin by identifying a limited number of possible outcomes or situations, called scenarios. Then they discuss different strategies based of the scenarios

Question 8

Blue ocean Strategy

Answer 8

Business should aim to identify and work in a market place free of competitors instead of competing other companies, they could make the competition irrelevant

Question 9

Core competencies

Question 10

Porter’s 5 forces model

Answer 10

Buyers power: power they can exert on the producing industry and price
Suppliers power: power they can exert on their buyers through price quantity and quality
Barries of entry: the ease in which other companies can enter a market and compete with existing companies
Threat of substitution: availability for purchases of alternatives
Competitive rivalry : based on the other 4 factors to determine the level of competition in an industry