BPL 5100 - Quiz 1 | Latest Update |
2024/2025 | 100% Pass
How does Porter's Five Forces model assist in industry analysis?
Porter's Five Forces model analyzes five key areas (competitive rivalry, threat of new
entrants, threat of substitutes, bargaining power of buyers, and bargaining powe...
BPL 5100 - Quiz 1 | Latest Update |
2024/2025 | 100% Pass
How does Porter's Five Forces model assist in industry analysis?
✔✔ Porter's Five Forces model analyzes five key areas (competitive rivalry, threat of new
entrants, threat of substitutes, bargaining power of buyers, and bargaining power of suppliers) to
assess the competitive intensity and profitability potential within an industry.
Why is it important for a company to have a clearly defined mission statement?
✔✔ A mission statement defines the company’s purpose, guiding decision-making and providing
a sense of direction to employees, customers, and stakeholders.
What is the difference between a company's strategy and its business model?
✔✔ A company’s strategy outlines the plan to achieve long-term goals and competitive
advantage, while the business model explains how the company creates, delivers, and captures
value (revenue).
Explain the role of core competencies in gaining a competitive advantage.
✔✔ Core competencies are unique capabilities or strengths that give a company an advantage
over its competitors by providing higher value to customers or enabling greater efficiency.
1
,How does value chain analysis help improve business operations?
✔✔ Value chain analysis helps identify specific activities that create value for the company,
allowing managers to optimize or enhance these activities to reduce costs or increase
differentiation.
What is the significance of a company’s vision statement?
✔✔ A vision statement outlines the long-term aspirations of the company, inspiring stakeholders
and setting a future direction for growth and development.
Why is stakeholder analysis critical in strategic planning?
✔✔ Stakeholder analysis identifies the individuals or groups who have an interest in the
organization’s actions, helping the company understand their expectations and manage
relationships effectively.
What is meant by "strategic fit" in the context of strategic management?
✔✔ Strategic fit refers to the alignment between an organization’s internal resources,
capabilities, and external opportunities to achieve its strategic objectives and maximize
performance.
2
, How can PESTEL analysis be used to assess external factors affecting a business?
✔✔ PESTEL analysis examines political, economic, social, technological, environmental, and
legal factors to understand the macro-environmental influences on the business, helping inform
strategic decisions.
What is meant by "competitive advantage" and how can a company achieve it?
✔✔ Competitive advantage refers to a firm’s ability to outperform its rivals by offering unique
value to customers, which can be achieved through cost leadership, differentiation, or focus
strategies.
How does corporate social responsibility (CSR) influence a company’s strategic planning?
✔✔ CSR initiatives integrate social, environmental, and ethical considerations into a company’s
strategy, influencing reputation, customer loyalty, and regulatory compliance while potentially
leading to long-term financial benefits.
What is the impact of disruptive innovation on an industry?
✔✔ Disruptive innovation introduces new products or services that change the competitive
landscape, often rendering existing business models obsolete and creating new market
opportunities.
3
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