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Business IEB With Complete Solutions 100% Verified
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Business IEB With Complete Solutions 100% Verified...
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Business IEB With Complete Solutions 100% VerifiedPESTLEE - ANSWER Political
Economic
Social
Technological
Legal
Environmental
Ethical
Political factors - ANSWER Local political situation
Political situation in other countries
Elections and stability
Economic factors - ANSWER Inflation rate
Interest rates
Exchange rates
Economic growth
Ethical factors - ANSWER Fair trade
Labour issues cheap or child
CSR
Social factors - ANSWER Disease
Poverty
Education levels
,Unemployment
Legal factors - ANSWER Labour legislation
Environmental laws
Technological factors - ANSWER Automation
Online sales
Product innovation
Environmental factors - ANSWER Recycling
Pollution
Carbon footprint
Porter's Six Forces - ANSWER Level of Rivalry
Threat of new entrants
Availability of substitute products
The power of suppliers
The power of buyers
The power of complementary products
Level of Rivalry - ANSWER Current competitors in market/industry
Threat of new entrants - ANSWER The possiblity of new competitors entering the
market/industry
Power of supplier - ANSWER How many suppliers there are in the industry and thus how
much bargaining power they have due to scarcity
,Power of buyer - ANSWER How many competitors there are and therefore how much
bargaining power buyers have because of the amount of alternative options are
available
Availablity of Substitutes - ANSWER Alternatives to the product being sold that can also
satisfy customers the same way
complementary products - ANSWER Products that affect the supply and demand of
other products (eg. Milk's complementary product could be coffee)
Market attractive to be in - ANSWER High barriers
Low existing competition
Low threat of entrants
Low supplier and buyer power
Lack of substitutes
Attractive markets to try enter into - ANSWER Low barriers
High threat of new entrants
Lower existing competition
Low supplier and buyer power
Resource based analysis - ANSWER an analysis that determines the extent to which a
company has resources that will allow it to achieve a competitive advantage-can
competitors copy?
Steps in resource based analysis - ANSWER Identify resources and strategic value
compared to competitors
can the resources be utilised better, how?
How does resource create an advantage
Make strategy to use resource optimally
, Identify resource gap and obtain resources
Value Chain Analysis - ANSWER Analysising various places within the business chain
where value is added or created
Steps to a value chain analysis - ANSWER Analyse each activity within the business
chain
Identify where value is created
Activities that create value are retained whilst others are eliminated, changed or
outsourced
Pros and cons chart - ANSWER A decision chart/table used to weigh advantages and
disadvantages of decisions
Decision tree - ANSWER Displays all the possible outcomes or consequences of certain
decisions
The Delphi technique - ANSWER Soliciting opinions from experts without face-to-face
contact. Opinions are anonymous to prevent bias
Balanced scorecard - ANSWER Measures to assess overall business performance,
Financial perspective
Customer perspective
Internal perspective
Learning and growth perspective
financial perspective - ANSWER Full utilization of assets and reduction in costs
customer perspective - ANSWER How the customers view the business and what the
customers expect
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