Lesson 2 Flashcards
It refers to professional discipline which focus on identifying business needs and determining solutions to
business problems.
Business Analysis
is a framework used to evaluate
a company’s competitive position and to develop strategic planning.
A technique used for assessing the performance, competition, risk, and potential of a business, as
well as part of a business such as a product line or division, an industry, or other entity.
SWOT Analysis
was a business and management consultant who specialized in
organizational management and cultural change.
was also the initiator and creator
of the SWOT analysis technique.
Albert Humphrey
It describes what an organization excels at and what separates it from the competition, a strong brand, a loyal customer base, a strong balance sheet, unique technology, and so on.
Strengths
It stops an organization from performing at its optimum level.
Weaknesses
It refers to favorable external factors that could give an organization a competitive advantage.
Opportunities
Factors that have the potential to harm an organization.
Threats
It helps the organization to identify its power place in the business environment.
This can help them to
understand the strength of an organization’s current and upcoming competitive position.
frequently used to identify an industry’s
structure to determine corporate strategy.
Porter’s Five Forces
The Five Forces model is named after
Michael E. Porter
Benefits of Porter’s Five Forces
helps you in adjusting the ongoing business strategies
you can pay attention to all-round development of your business
is a management method whereby
an organization can assess major external factors
that influence its operation in order to become more
competitive in the market.
PEST/PESTLE Analysis
PEST was first introduced under
Harvard professor Francis J. Aguilar. “Scanning the Business Environment,”
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.
Political
an impact include inflation, exchange rates (FX), interest
rates, Gross Domestic Product (GDP) growth
Economic
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.
Social