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Business Enterprise Simulation > Lesson 2 > Flashcards

Lesson 2 Flashcards

1
Q

It refers to professional discipline which focus on identifying business needs and determining solutions to
business problems.

A

Business Analysis

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2
Q

___________ may include a software-systems development component, process improvements, or organizational changes, and may involve extensive analysis, strategic planning and policy
development.

A

Solutions

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3
Q

framework used to evaluate a company’s competitive position and to develop strategic planning.

A

SWOT (strengths, weaknesses, opportunities, and threats) analysis

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4
Q

business and management consultant who specialized in
organizational management and cultural change.

the initiator and creator
of the SWOT analysis technique.

A

Albert Humphrey

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5
Q

Components of SWOT Analysis:

A

STRENGTHS
WEAKNESSES
OPPORTUNITIES
THREATS

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6
Q

It describes what an organization excels at and what separates it from the competition, a strong brand, loyal customer base, a strong balance sheet, unique technology, and so on.

A

STRENGTHS

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7
Q

It stops an organization from performing at its optimum level. They are areas where the
business needs to improve to remain competitive: a weak brand, higher-than-average
turnover, high levels of debt, an inadequate supply chain, or lack of capital.

A

WEAKNESSES

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8
Q

It refers to favorable external factors that could give an organization a competitive advantage.

A

OPPORTUNITIES

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9
Q

Factors that have the potential to harm an organization.

A

THREATS

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10
Q

a threat to a wheat-producing company, as it may destroy or reduce the crop yield.

A

drought

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11
Q

Analysts present a SWOT analysis as a square segmented into four quadrants, each dedicated to an
element of SWOT.

often laid out with the internal factors on the top row and the external factors on the
bottom row.

A

SWOT Table

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11
Q

Procedures in SWOT Analysis:

A

Determine your objective.
Gather resources
Compile ideas
Refine findings
Develop the strategy

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12
Q

Benefits of SWOT Analysis:

A

It makes complex problems more manageable.

It requires external consider. It covers both the internal factors a company can manage and the external
factors that may be more difficult to control.

It can be applied to almost every business question.

It helps to leverages different data sources.

May not be overly costly to prepare.

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13
Q

It helps the organization to identify their power place in the business environment. This can help them to understand the strength of an organization’s current and upcoming competitive position.

It identifies and analyzes five competitive forces that shape every industry and helps determine an
industry’s weaknesses and strengths. frequently used to identify an industry’s
structure to determine corporate strategy.

A

Porter’s Five Forces

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14
Q

The Five Forces model:

A

Threats of new entrants
Threats of substitution
Competetive of rivalry
Bargaining power of buyers
Bargaining power of suppliers

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15
Q

When to perform Porter’s Five Forces?

A

When you want to keep a close watch on your rivals.

When you want to maximize your profitability.

For a complete knowledge of the environment and industry.

To make new business strategies.

To understand whether new products or services are potentially profitable.

To find out and improve weaknesses and to avoid mistakes.

16
Q

Benefits of Porter’s Five Forces

A

Helps you in adjusting the ongoing business strategies.

You can pay attention to the all-around development of your business.

17
Q

management method whereby
an organization can assess major external factors
that influence its operation in order to become more
competitive in the market.

A

PEST Analysis (political, economic, social and
technological)

18
Q

A popular variation on the PEST Analysis format,
especially in the U.K., which includes the additional
aspects of Legal and Environmental.

A

PESTLE strategic planning approach

19
Q

PEST quirky acronym used today:

A

Political
Economic
Social
Technological

20
Q

impact an industry include specific policies and regulations related to things like taxes, environmental regulation, tariffs, trade policies, labor laws, ease of doing
business, and overall political stability.

A

Political

21
Q

impact include inflation, exchange rates (FX), interest
rates, Gross Domestic Product (GDP) growth rates, conditions in the capital markets (ability
to access capital), etc.

A

Economic

22
Q

impact on an industry refers to trends among people and includes things such as
population growth, demographics (age, gender, etc.), and trends in behavior such as
health, fashion, and social movements.

A

Social

23
Q

incorporate factors such as advancements and
developments that change the way a business operates and the ways in which people live
their lives (e.g., the advent of the internet).

A

Technological

24
Q

The process by which companies use to compare their current with their
desired and expected performance. This analysis is used to determine
whether a company is meeting expectations and using its
resources effectively.

the means by which a company can recognize
its current state—by measuring time, money, and labor—and
compare it with its target state.

A

GAP Analysis

25
Q

Four Steps in Gap Analysis:

A

Defining organizational goals

Benchmarking the current state

Analyzing the gap data, and

Compiling a gap report.

26
Q

the practice of comparing business processes and performance metrics to industry bests and best
practices from other companies. It is used to measure performance using
a specific indicator (cost per unit of measure, productivity per unit of measure, cycle time of x per unit of measure or defects per unit of measure) resulting in a metric of performance that is then compared to others

A

Benchmarking

27
Q

HOW TO CONDUCT A GAP ANALYSIS

A

Identify your current state.

Identify your future state.

Identify the GAPS

Evaluate solutions

Implement change

Monitor changes

28
Q

Also called product gap analysis, entails making considerations about the market and how customer needs may be going unmet. If a company is able to identify areas where product supply is
not meeting consumer demand, then the company can take measures to personally fill that market gap. This
type of analysis may be performed by external consultants who have more expertise in these areas of
business in which the company may not currently be operating.

A

Market Gap Analysis

29
Q

Also called performance gap analysis, more formal internal review of how a
company is performing. The analysis often entails comparing how a company has done against long-term
benchmarks such as a five-year plan or a strategic plan.

A

Strategic Gap Analysis

30
Q

A company may choose to directly analyze where its company may be falling short compared
to competitors by looking specifically at financial metrics. This may include pricing comparisons,
margin percentages, overhead costs, revenue per labor, or fixed vs. variable components.

A

Financial/Profit Gap Analysis

31
Q

Any expenses that change based on how much a company produces and sells. This means increase as production rises and decrease as production
falls.

A

Variable Costs

32
Q

Any expenses that remain the same no matter how much a company produces.
These costs are normally independent of a company’s specific business activities and
include things like rent, property tax, insurance, and depreciation.

A

Fixed Costs

33
Q

helps determine if there is a shortfall in knowledge
and expertise with current personnel.

A

Skill Gap Analysis

34
Q

evaluates how a company is
faring against a set of external regulations that dictate how something should be getting done.

A

Compliance Gap Analysis

35
Q

often associated with the development of software products or items that
take a long time to develop (in which the market demand may have shifted).

A

Product Development Gap Analysis

36
Q

Benefits of Gap Analysis

A
  1. Improve profitability.
  2. Better manufacturing processes.
  3. Increase market share.
  4. Employees and customers’ satisfaction.
  5. Operational efficiency.
37
Q

TYPES OF GAP ANALYSIS:

A

Market Gap Analysis
Strategic Gap Analysis
Financial/Profit Gap Analysis
Skill Gap Analysis
Compliance Gap Analysis
Product Development Gap Analysis

38
Q

TPYES OF Business Analysis:

A

SWOT
PEST
Porter’s Five Forces
GAP

Business Enterprise Simulation (2 decks)

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