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Business Studies > The Micro, Market and Macro Environments > Flashcards

The Micro, Market and Macro Environments Flashcards

1
Q

Reasons for Environmental Scanning (4)

A
  • Identify threats
  • Identify gaps in the market
  • Competitors
  • Strategy making
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2
Q

Environmental scanning before (4)

A
  • Viability of product
  • Strength of competitors
  • Potential market size
  • Stability of resources
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3
Q

Steps in Implenemting Management Strategy (8)

A
  1. Define business VMGO
  2. Analyse the environments in detail
  3. Consider possible issues when choosing
  4. Identify various strategic options
  5. Evaluate and analyze viability
  6. Plan implementation
  7. Implement
  8. Monitor and control
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4
Q

Micro Environment (8)

A
  • Vision Statement
  • Mission Statement
  • Long-term and Short-term Objectives
  • Choice of Strategy
  • Culture of the Business
  • Resources in the Business
  • Business Functions
  • Techniques to identify challenges
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5
Q

Business Functions (8)

A
  • General Management
  • Financial Function
  • Human Resources
  • Marketing Function
  • Production Function
  • Purchasing Function
  • Administrative Function
  • Public Relations
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6
Q

Techniques for challenges (4)

A
  • SWOT
  • Resource-Based Approach
  • Value Chain Analysis
  • Balanced Scorecard
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7
Q

Elements of the Market Environment (7)

A
  • Consumers
  • Intermediaries
  • Regulators
  • Competitiors
  • Unions
  • Suppliers
  • NGO’s
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8
Q

Environmental Scanning Methods (2)

A
  • SWOT Analysis

- Porters five forces

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9
Q

Porters Five Forces

A
  • Level of rivalry
  • Availability of substitute products
  • Threat of new entrants
  • Power of suppliers
  • Power of buyers
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10
Q

PESTLE

A
  • Political: International terrorism, Civil war, taxes, corruption, BEE, political stability
  • Physical: Geography, climate, infrastructure, natural resources, basic services
  • Economic: GDP, inflation, unemployment rates, exchange rates, interest rates
  • Environmental: Global warming, recycling, carbon footprint, natural disasters, pollution, deforestation
  • Social: Lifestyle choices, unemployment, poverty, crime, protests, HIV, cultural issues
  • Technological: Innovation and progress, shorter production cycle, computer software, communication, transport, internet
  • Legal: International laws, technology laws, any Acts, health issues on labeling
  • Ethical: Waste, intercultural, piracy, child labor, sweatshops, fair trade
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11
Q

Kinds of Strategies (4)

A
  • Informal Strategies
  • Standard Strategies
  • Simple Strategies
  • Complex Strategies
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12
Q

Advantages of strategies (5)

A
  • Gives direction in decision making
  • Consistent decision making
  • Differentiates roles
  • Puts business in perspective
  • Anticipates changes in environments
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13
Q

Types of Business Strategies (3)

A
  • Corporate Strategies
  • Generic Strategies
  • Intensive Strategies
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14
Q

Corporate Strategies (3)

A
  • Growth Strategy
  • Decline Strategy
  • Corporate Combination Strategy
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15
Q

Growth Strategy

A

Strategy to increase the market share

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16
Q

Decline Strategy

A

During difficult times.
> Divestiture: Selling parts of the business
> Harvest: Withdrawing large amounts of cash
> Liquidation: Business is sold

17
Q

Corporate Combination Strategy

A
  • Joint Venture: Business and stakeholders coming together
  • Merger: Businesses combine by mutual consent
  • Takeover: Buying most/all of a target company
18
Q

Generic Strategies (3)

A
  • Low cost Strategy
  • Differentiation Strategy
  • Focus Strategy
19
Q

Low cost strategy

A

Outcompeting everyone by having the lowest cost
> Increase profit by reducing cost
> Increase market share by having lowest cost, so largest share

20
Q

Differentiation Strategy

A

Different from competitors

21
Q

Focus Strategy

A

Totaly understanding their market niche

22
Q

Intensive Strategies (3)

A
  • Market Penetration: Existing market, existing product
  • Product Development: New product, existing market
  • Market Development: New market, existing product
23
Q

Other Strategies (3)

A
  • Revise business mission
  • Establish new objectives
  • Allocate resources differently

Business Studies (15 decks)

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