Strategy and implentation Flashcards
1
Q
What are internal audits?
A
Problems and characteristics within a business e.g. People Marketing Operations management Financial
2
Q
What do internal audits do?
A
Allow a business to assess its strengths and weaknesses in relations to each department and competitors as a whole.
3
Q
What are examples of external audits?
A
Political influences Technological change Law Social issues Competition
4
Q
What do external audits do for a business?
A
Looks at opportunities open and the constant changing environment
5
Q
What is Porters 5 Forces?
A
A system for analysing the level of competition in an industry as well as measuring how profitable a business is.
6
Q
What are Porters 5 forces (factors) which he identified?
A
Power of customers (top left) Power of supplies (top right) Intensity of rivalry (middle) Threat of market entry (bottom left) Threat for substitutes (bottom right)
7
Q
What does porters generic strategies do?
A
Show how companies can achieve a competitive advantage in their industry
8
Q
Draw a labelled diagram of porters generic strategies
A
draw it hun
