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Business A Level > Unit 8 > Flashcards

Unit 8 Flashcards

1
Q

What are the 4 sections of Ansoff’s Matrix?

A

Market development, product development, market penetration, diversification

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2
Q

What is market development?

A

Existing product, new market

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3
Q

What is market penetration?

A

Existing product, existing market

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4
Q

What is product development?

A

Existing market, new product

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5
Q

What is diversification?

A

New product, new market

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6
Q

What is strategy?

A

Decisions made to achieve objectives

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7
Q

What is strategic drift?

A

Strategy fails to adapt to external influences

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8
Q

What are the 4 parts of Porter’s Generic Strategies?

A

Cost leadership, cost focus, differentiation focus, differentiation

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9
Q

What do porter’s generic strategies assist in?

A

Where to strategically position a business. Cost vs Differentiation.

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10
Q

What is cost leadership?

A

Minimise cost compared to competitors.

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11
Q

What is differentiation?

A

Create unique good/service

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12
Q

What is cost focus and diff focus?

A

Focus on one of the other only

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13
Q

What are the first 3 sections of Bowman’s Strategic clock?

A

low price low value, low price, hybrid

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14
Q

What are the middle 3 sections of Bowman’s Strategic clock

A

differentiation, focus diff, risky high margins

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15
Q

What are the last 2 sections of Bowman’s Strategic clock

A

monopoly pricing, loss of market share

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16
Q

Which 3 strategies fail?

A

7,8,9

17
Q

What does the strategic clock assess?

A

The success of each strategy

18
Q

What should be considered when strategic positioning?

A

Competitors, core competencies, external environment

19
Q

What is a competitive advantage?

A

A sustainable advantage a business has over competitors

that enables it to succeed in the market.

20
Q

What are 2 examples of competitive advantage?

A

Cost advantage, differentiation advantage.

Business A Level (10 decks)

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