Exam (elaborations)
MNG3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 (620712) - DUE 16 September 2024
- Course
- Strategic Planning IIIA
- Institution
- University Of South Africa
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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.
Importance of Analyzing the Micro-Environment
Analyzing the micro-environment is crucial for businesses because it allows them to understand
the immediate factors that directly influence their operations and performance. By examining the
micro-environment, companies can:
1. Identify Opportunities and Threats: Understanding the micro-environment helps
businesses recognize potential opportunities for growth and areas where they might face
challenges or threats. This enables proactive strategies to capitalize on opportunities and
mitigate risks.
2. Enhance Customer Understanding: Analyzing the micro-environment includes
studying customer behavior, preferences, and needs. This insight is essential for tailoring
products, services, and marketing efforts to meet customer expectations, thereby
enhancing customer satisfaction and loyalty.
3. Improve Competitive Advantage: By closely monitoring competitors and their
strategies, businesses can identify their own strengths and weaknesses relative to their
rivals. This information can inform strategic decisions to improve market positioning and
competitiveness.
Approaches to Analyzing the Micro-Environment
1. SWOT Analysis:
o Strengths: Internal capabilities and resources that give the company an advantage
over competitors.
o Weaknesses: Internal limitations or areas where the company is at a disadvantage
compared to competitors.
o Opportunities: External factors or trends that the company can exploit to its
advantage.
o Threats: External challenges or risks that could hinder the company’s
performance.
Example: A retail company might use SWOT analysis to identify its strong brand
reputation (strength), outdated IT infrastructure (weakness), increasing demand for online
shopping (opportunity), and new competitors entering the market (threat).
2. Porter's Five Forces:
o Competitive Rivalry: The intensity of competition among existing firms in the
market.
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