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BA283

Business Management chpt6-2

QuestionAnswer
The use of mpetitive intelligence, environmental scanning or swot and forecasting can be used to: Establish a grand strategy
Competitive intelligence gaining information about one's competitors' activities so that you can anticipate their moves and react appropriately.
Environmental scanning or swot careful monitoring of an organization's internal and exter­ nal environments to detect early signs of opportunities and threats that may influence the firm's plans. also know as swot
SWOT also known as a situational analysis-which is a search for the Strengths, Weaknesses, Opportunities, and Threats affecting the organization.
Forecasting is a vision or projection of the future
Trend analysis a hypothetical extension of a past series of events into the future. predicting the future based on historical data to detrmine outcome
Contingency planning scenario planning and scenario analysis-is the creation of alternative hypothetical but equally likely future conditions.
Porters five competitive forces: new entrant, bargain power of suppliers and buyers,new product or services, competition
Porters four competitive strategies: cost leadership, diferintiation, cost focus, focused diferintiation
Cost leadership strategy to keep the prices of a product or service below that of competitors that targets a wide market.
Differintiation strategy to offer products or services that are unique and superior in value than the competitors while targeting a wide market
Cost focused strategy to keep the costs and prices of a product or service below that of competitors and to target a narrow market
Focused differintiation strategy is to offer products or services that are of unique and superior value compared to those of competitors and to target a narrow market.
Single product strategy a company makes and sells only one product within its market.
Benefit focused strategy Making just one product allows you to focus your manufacturing and marketing efforts just on that product.
Risk vulnerability States that if you do not focus on all aspects of the business, if a rival gets the jump on you, or if an act of God intervenes (for a florist, roses suffer a blight right before Mother's Day), your entire business may go under.
There are two kinds of diversification related and unrelated
Unrelated diversification -operating several businesses under one ownership that are not related to one another
Related diversification in which an organization under one ownership operates separate businesses that are related to one another offering different product and services under one roof ( meijers)
Synergy -the economic value of separate, related businesses under one ownership and management that is greater together than separate
BGC matrix _a means of evalu­ ating strategic business units on the basis of their business growth rates and their share of the market
BGC matrix suggests suggests that an organization will do better in fast-growing markets in which it has a high market share rather than in slow­ growing markets in which it has a low market share.
Created by: brsoul1
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