Environments [Business Strategies]

Question 1

Strategy

Answer 1

a plan of action to solve a problem or take advantage of an opportunity

Question 2

purpose of a strategic plan

Answer 2

• distributes skills and resources equally throughout the business
• enable the business to adapt to changes int he business environment
• focus on the business as a whole, because strategic planning is done by the whole business
• focus on the long term

Question 3

Strategic management process [ stage 1]

Answer 3

• setting the business’s long term and short term goal.
• setting the business’s long term goal
• incorporating finical goals
• incorporating strategic goals

Question 4

SWOT analysis

Answer 4

S - strengths
W - weaknesses
O - opportunities
T - threats

Question 5

PESTLE analysis

Answer 5

P - Political impact
E - economic impact
S - social impact
T - technological impact
L - legal impact
E - environmental impact

Question 7

Aims of strategy implementation

Answer 7

• to solve strategic questions/challenges
• to improve the business on an ongoing basis
• to build a strong and sustainable business
• to unite all employees around the strategy

Question 8

Steps in the implementation process

Answer 8

1. draw up budgets to convert plans into actual figures
2. apply resources where it can be used most effectively
3. create an organisational structure that actively supports the new strategy
4. motivate employees to achieve the goals of the new strategy
5. communicate the new strategy to all the relevant people in the business
6. create and implement a policy that will support there new strategy

Question 9

Steps in the evaluation of a business strategy

Answer 9

• examine the underlying basis of the business strategy
• define parameters/limitations that can be measured
• define target values for the parameters
• perform measurements
• compare actual business performance against expected performance and the original mission statement and objectives
• take corrective action where necessary