Environments Flashcards
1
Q
Environmental scanning benefits
A
- Identifies threats before they are imminent
- Identifies possible opportunities and gaps in the market
- Keeps finger on pulse of competitors
- Allows entrepreneur to make both long and short term strategies
2
Q
What does environmental scanning look at before a business is started
A
- viability of product
- strength of competitors
- size of potential market to allow new player in industry
- stability of resources such as suppliers, financiers, staff, premises and investors
3
Q
Elements of micro environments
A
- vision, mission, goals and objectives
- organisational culture
- organisational resources
- management and leadership
- organisational structure
- eight business functuons
4
Q
Tools used in micro environments
A
- SWOT Analysis
- resource based approach
- value chain analysis
- balanced scorecard
5
Q
Elements in market environment
A
- costumers
- suppliers
- competitors
- regulators
- unions
- intermediaries
- NGOs, CBOs
6
Q
Tools in market environment
A
OT of SWOT
Porters six forces model
