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MNG3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 (620712) - DUE 16 September 2024
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MNG3701 Assignment 2(COMPLETE ANSWERS)
Semester 2 2024 (620712) - DUE
16 September 2024
100% GUARANTEED
, MNG3701 Assignment 2 (COMPLETE ANSWERS)
Semester 2 2024 (620712) - DUE 16 September 2024
Questions 1 a) Explain the importance of analysing the
micro-environment. Briefly explain any three approaches
that can be used to analyse the micro-environment. b)
Use the information in the case-study to Identify two
strengths and two weaknesses. 10 MNG3701/101/3/2024
27
To address your questions:
1. Importance of Analyzing the Micro-Environment
Analyzing the micro-environment is crucial for understanding the immediate factors that affect a
business or organization. The micro-environment includes elements that are directly related to
the company's operations and performance, such as customers, suppliers, competitors, and other
stakeholders. Understanding these factors helps businesses:
Identify Opportunities and Threats: By analyzing the micro-environment, businesses
can uncover opportunities for growth or potential threats that need to be mitigated.
Enhance Competitive Advantage: It helps businesses understand their competitive
position and develop strategies to gain an edge over competitors.
Improve Decision-Making: Insight into micro-environmental factors supports better
strategic decisions and operational adjustments.
2. Approaches to Analyze the Micro-Environment
Here are three common approaches to analyzing the micro-environment:
1. SWOT Analysis:
o Strengths: Internal attributes that are helpful to achieving the objective.
o Weaknesses: Internal attributes that are harmful to achieving the objective.
o Opportunities: External factors that the organization could exploit to its
advantage.
o Threats: External factors that could cause trouble for the organization.
2. Porter's Five Forces:
o Competitive Rivalry: Analyzes the level of competition among existing firms.
o Threat of New Entrants: Assesses how easy or difficult it is for new competitors
to enter the market.
o Bargaining Power of Suppliers: Examines how much power suppliers have over
the industry.
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