Business Strategy Management Questions
Questions and Topics to study for final exam.
- Contrast strategy, tactics and strategic planning.
- Define a SMART objective for an organization.
- Describe the SWOT, PEST and Five forces analysis and apply it for a case.
- Contrast the contributions of Porter and Mintzberg in the strategic planning process.
- Conduct a IFE, EFE, or CPM evaluation on some companies. Make conclusions based on these tools.
- Explain the complete strategic planning model. Memorize it.
- Understand and explain how SWOT, BCG, and SPACE can help determine possible strategies to take.
- Explain and apply QSPM to select a strategy amongst more than one option.
- Understand a variety of strategies, functional, corporate and international
- Understand and explain the strategic issues for start-ups and small businesses.
Question 3; SWOT, PEST and Five forces analysis
SWOT analysis is a strategic business planning tool that projects the internal position of the business by assessing its strengths, weaknesses. In addition, external position of the business is established through its opportunities and threats (ASICS Corporation (n.d.). PEST analysis (political, economic, social and technological) describes a framework of macro-environmental factors to scan the viability of the business. This helps to understand the market position and establish its direction with regards to business operations. The five forces analysis deals with the competitiveness of a business in terms of development agendas and profitability. It comprises of bargaining power of suppliers, threats of new entrants, buyers’ bargaining power, threats of substitutes, and industry rivalry. The three methods identify external and internal factors affecting business success. For example, when launching a new milling company, brand recognition acts as strength however, lack of customer loyalty might be a weakness, and reduction in tax is a legal/political move that serves as opportunity for the establishment of a new milling company, and finally changes in consumer….Continue Reading….