Paper 3

Question 1

for question one where you are asked to identify and discribe human needs, what are some things your can reference?

Answer 1

UNs sustainable development goals needs

stake holder needs

evnirmental economic ecological and social needs

Maslows herarchy of needs.

Question 2

what are Maslows hierarchy of need in order?

Answer 2

self-actilisation

esteem

love and beloning

safety needs

physicologial needs.

Question 3

Questions 2 needs you to idenidfty issues that the social entrupenure might face, can you give things that you can expand on?

Answer 3

SWAT

hofestede’s cultural dimentions

Question 4

what are hofestedes cultural dimensions?

Answer 4

Hofstede’s Cultural Dimensions Theory is a framework used to understand the differences in culture across countries.

Hofstede’s initial six key dimensions include power distance, uncertainty avoidance,

Question 5

what four parts make up SWOT?

Answer 5

Strengths

Weaknesses: These are the internal factors that put a business at a disadvantage compared to its competitors. These can include things like poor financial performance, ineffective marketing strategies, outdated technology, or inadequate staff training.

Opportunities

Threats: These are external factors that can negatively impact a business. These can include things like new competitors entering the market, economic downturns, or changes in government regulations.

Question 6

In the SWOT matrix what is created by Threats and weakness.

Answer 6

Defensive strategies – when an organization is at its most vulnerable. They need to be quick and “negative” short term strategies but necessary to improve the organization (i.e. redundancies, reallocation)

Question 7

what is the structure you need to follow for the question 2?

Answer 7

Indentify the challenge.

Describe how this is a challenge.

apply to the stimulus material to support your answer.

Question 8

how many paragraphs for question 2

Answer 8

2

Question 9

what do you want to include at the end of your 17 marker?

Answer 9

a evaluation on weather the plan of action I have provided is sustabible and ethical.

Question 10

what is step two of your 17 marker that are your going to use to establish the type of action plan the business needs?

Answer 10

the Ansoff matrix

Question 11

what are the x and y axis of the ansoff matrix?

Answer 11

market and product

Question 12

what is created by a existing product and an existing market?

Answer 12

Market Penetration: This strategy involves increasing the market share of an existing product or service in an existing market. The focus is on attracting more customers or convincing existing customers to buy more.

Question 13

what is created by an existing market and a new product?

Answer 13

Product Development: This strategy involves developing new products or services for existing markets. This could involve improving existing products or creating entirely new ones.

Question 14

what is created by new market and an existing product

Answer 14

Market Development: This strategy involves entering new markets with existing products or services. This could involve entering new geographical regions or targeting new customer segments.

Question 15

what is created by a new market and a new market and new product?

Answer 15

Diversification: This strategy involves entering new markets with new products or services. This is the most risky strategy, as it involves entering unfamiliar markets with no existing customer base.

Question 16

what is the first step that you are going to use in your 17 marker?

Answer 16

PESTLE is used to analyze the external environment of a business and assess the impact of various factors on the business.

Question 17

what does PESTLE stand for?

Answer 17

Political: This refers to the impact of government policies and regulations on a business, including tax policies, trade restrictions, labor laws, and political stability.

Economic: This refers to economic factors that may impact a business, such as inflation, interest rates, exchange rates, and economic growth or recession.
Sociocultural: This refers to social and cultural factors that may affect a business, including demographics, consumer attitudes and preferences, social trends, and lifestyle changes.

Technological: This refers to technological factors that may impact a business, including advances in technology, automation, and innovation.

Legal: This refers to the impact of laws and regulations on a business, including employment law, health and safety regulations, and intellectual property laws.

Environmental: This refers to environmental factors that may impact a business, including climate change, sustainability, and natural disasters.

Question 18

what is your step thee in the 17 marker?

Answer 18

establish whether it is going to grow internally or externally.

Question 19

what is internal growth?

Answer 19

occurs when the business grows “organically” using its own capabilities and resources to increase the scale of operations and sales revenue. The business can grow steadily and slowly by simple selling more products or creating a new one. It is less risky!
Most of the growth is self financed. However, sometimes business need to borrow some money from Banks (i.e. buy more equipment)

Question 20

what is external growth?

Answer 20

External growth (fast-track) - it’s a faster way to grow but a more riskier one. Instead of selling more products the business expands by entering an agreement to work with another business. It normally requires significant external financing. The most common ways of external grow are:
Merging and Acquisition (M&A) and takeovers
Joint Venture (JV)
Strategic Alliance (SA)
A franchise

Question 21

what is always going to be your plan of action?

Answer 21

Strategic Alliance (SA) – two or more business cooperate for mutual benefit, sharing costs of production development, operation and management. strategic alliance the organizations remain independent.

maximum help with minimal cost.

Question 22

what are the benefits of a SA?

Answer 22

SA are more fluid that JV; membership can change without destroying the alliance.
No new business is created; no legal entity is created.

Question 23

what are the costs of a SA?

Answer 23

Remaining independent means that the individual business can’t benefit from Economies of scale, other types of growth or capital strength of a legal merger.

The more business that are part of the SA the more problems in coordination and agreement.

Question 24

what are the pros of PESTEEL?

Answer 24

Strategic planning: PESTEEL analysis can inform the development of business strategy by highlighting key factors that can influence the business environment.

Holistic view: PESTEEL analysis provides a comprehensive view of the external environment that a business operates in, taking into account various factors that can affect its success or failure.

Question 25

what are the cons of using PESTEEL?

Answer 25

Over-reliance on data: PESTEEL analysis requires data and information to be collected on each of the factors, which can be time-consuming and expensive, particularly for small businesses.

Risk of bias: The analysis may be influenced by the bias of the individuals conducting the analysis, leading to inaccurate or incomplete conclusions.