Understanding the Strategic Context

Question 1

What is a strategy?

Answer 1

A long-term plan of action designed to achieve a particular goal

Question 2

Which tool gives us an Internal Viewpoint

Answer 2

Resource Audit

Question 3

Which tool gives us an external viewpoint?

Answer 3

PESTLE

Question 4

Which tool gives us a market view?

Answer 4

Porter’s 5 Forces

Question 5

Which tool helps a organisation consolidate its position?

Answer 5

SWOT analysis

Question 6

Which tool helps us look forwards?

Answer 6

MOST

Question 7

Which tool helps us identify and measure our success?

Answer 7

CSFs, KPIs and PTs

Question 8

Which tool helps us consider factors outside of finance when deciding on a strategy?

Answer 8

Balanced Business Scorecard

Question 9

What does a resource audit compromise of and what 5 factors does it look at?

Answer 9

Identifying what we can build on
Physical
Financial
Human
Know-how
Reputation

Question 10

What is a PESTLE analysis and what 6 factors does it look at?

Answer 10

Pestle can help organisations make strategies by examining the external environment in which they operate.
Political
Economic
Socio-political
Technological
Legal
Environmental

Question 11

What are Porter’s 5 forces?

Answer 11

1. Threat of new entrants
2. Buyer bargaining power
3. Threat of substitutes
4. Supplier bargaining power
5. Existing competition between competitors in the market

Question 12

What’s the aim of Porter’s 5 forces analysis?

Answer 12

Determines the attractiveness of a market

Question 13

What are the 2 tools that SWOT relies on?

Answer 13

Resource audit- help identify strengths and weaknesses

PESTLE- help identify opportunities and threats

Question 14

What is a MOST analysis

Answer 14

Documents the organisation's
Mission
Objectives
Strategies
Tactics
This is one of the key tools used in exploring corporate strategy and strategic planning

Question 15

Whats a CSF, KPI and PT

Answer 15

Critical success factors - areas of the org that must succeed in order to achieve positive performance and meet objectives
Key Performance Indicator - quantitative measure of the organisation’s performance and assess how well the org is achieving its CSF
Performance Targets - organisational targets for specific areas

Question 16

What’s a BBS and what does it comprise of?

Answer 16

Balanced Business Scorecard 
A map where strategic objectives are placed over 4 key areas 
1. Finance
2.Internal business processes
3.Learning and growth
4.Customer
5.Vistion and strategy