Strategy

Question 1

What are businesses 5 Ps of strategy? Mintzberg

Answer 1

Plan
Ploy
Pattern
Position
Perspective

Question 2

What does PESTEL stand for!

Answer 2

Political
Economic
Social/cultural
Technological
Ecological
Legal

Influences in the countries a business operates

Question 3

What are the four Ss of static environments? Like the pencil industry

Answer 3

Static
Single
Simple
Safe

Question 4

What are the four Ds of a dynamic environment? Eg the smart phone industry

Answer 4

Dynamic
Diverse
Difficult
Dangerous

Question 5

What are Porter’s 5 forces - re: analysing the competitive environment

Answer 5

Industry competitors
(Threat of) potential entrants
Customers
Substitutes
Suppliers

Question 6

With the BCG matrix, what should you do with a question mark?

Answer 6

BUILD or harvest

Question 7

What type of risk is regulatory risk?

Answer 7

Event risk

Question 8

What type of risk is systemic risk? - i.e. a supplier letting you down

Answer 8

Event risk

Question 9

What is leading concerned with?

Answer 9

Generating effort and commitment towards meeting objectives, including the motivation of staff.

Question 10

What is a functional manager?

Answer 10

A hybrid of staff and line manager. I e there manager had the authority in certain circumstances to direct, design or control activities or procedures in another department