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. b)
Use the information in the case-study to Identify two
strengths and two weaknesses. 10 MNG3701/101/3/2024
27
1a) Importance of Analyzing the Micro-Environment
Analyzing the micro-environment involves examining the factors within a company’s
immediate environment that directly affect its ability to serve its customers and achieve its
objectives. This analysis is crucial because it helps businesses understand the dynamics that
influence their operations and decision-making processes. Key reasons include:
1. Customer Insights: Understanding customer needs and preferences allows companies to
tailor their products, services, and marketing strategies to better meet customer demands.
2. Competitive Positioning: By analyzing competitors, companies can identify their own
strengths and weaknesses relative to rivals, which helps in developing strategies to gain a
competitive advantage.
3. Supplier and Partner Relationships: Assessing suppliers and partners helps ensure a
stable supply chain, negotiate better terms, and manage risks related to dependency on
external entities.
4. Market Trends: Keeping an eye on micro-environmental factors helps companies stay
agile and responsive to changes in market conditions, technological advancements, and
consumer behavior.
Approaches to Analyze the Micro-Environment
Here are three common approaches to analyze the micro-environment:
1. SWOT Analysis:
o Explanation: SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis is
a tool used to identify and evaluate the internal strengths and weaknesses of a
company, as well as the external opportunities and threats it faces. By assessing
these factors, businesses can develop strategies that leverage strengths, address
weaknesses, capitalize on opportunities, and mitigate threats.
2. Porter’s Five Forces Analysis:
o Explanation: This framework assesses the competitive intensity and
attractiveness of an industry by analyzing five forces: the bargaining power of
buyers, the bargaining power of suppliers, the threat of new entrants, the threat of
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