External Environment correct answers SWOT Analysis, Porters 5 Forces, The General Environment
New legislation passed nationwide and the minimum wage for hourly workers to $16 per hour. Is this a threat or opportunity to Wendys? Why? correct answers THREAT
It raises the price of key suppliers (l...
New legislation passed nationwide and the minimum wage for hourly workers to $16 per hour. Is
this a threat or opportunity to Wendys? Why? correct answers THREAT
It raises the price of key suppliers (labor) and since Wendy's competes on a low cost strategy,
which is based on its ability to keep its own costs down this will impact the viability of its
current strategy
Supplier power is one of Porters 5 Forces. Think about Wendys suppliers. How much supplier
power do these suppliers have? What factors would increase supplier power? correct answers -
medium to lower supplier power
-factors that increase supplier power are: limited number of suppliers, product quality is affected
by the quality of supply, suppliers have many different buyers
Threat of substitutes is another of Porters 5 Forces. How high is the threat of substitutes in the
fast food industry? correct answers HIGH
- lots of comparable substitute products like being able to cook from...?
Internal Environment correct answers Value Chain Analysis, SWOT, Resource Based View
(RBV)
Value Chain Analysis correct answers - looks at the sequential process of value creating
activities:
- value is the amount buyers are willing to pay for what a firm provides
- how is value created within the organization?
- how is value created for other organizations in the overall supply chain distribution channel?
- the value received must exceed the costs of production
- managers MUST NOT ignore the important of interrelationships among value chain activities
(within the firm and between firms)
- expand the value chain by exchanging resources
primary activités (contribute to the physical creation of the product or service; the sale and
transfer to buyer; and service after the sale: inbound logistics, operations, outbound logistics,
marketing and sales, service
support activities (either add value by themselves or add value through important relationships
with both primary activities and other support activities: procurement, tech development, HR
management, general admin
inbound (primary)- receiving, storing and distributing inputs
operations (primary) - transforming inputs in to the final product
outbound logistics (primary)- collecting, storing, and distributing the product or service to buyers
, marketing and sales (primary) - purchases of products and services by end users and includes
how to induce buyers to make those purchases
service (primary)- all actions associated with providing service to enhance or maintain the value
of a product
procurement (support) - how the firm purchases inputs used in its value chain
tech development (support) - R&D for product and process, collaborative relationships between
R&D and other departments, facilities and equip
HR mgmt (support) - recruiting, hiring, training and development and compensation of all types
of personnel
general admin (support) - overall goals and obj, relations and diverse stakehold
SWOT correct answers benefits:
-IDs which resources MAY = competitive advantage
-IDs areas that need to be cultivated
-simple and effective tool
limits:
- strengths don't always = competitive advantage
- static tool
- overemphasizes a single dimension of strategy
Resource Based View (RBV) correct answers - integrates 2 perspectives: an internal analysis of
phenomena within a company, and an external analysis of the industry and its competitive
environment
- resources can lead to a competitive advantage if: they are valuable, rare or hard to duplicate,
they are combined and making it hard to substitute for or duplicate
- firm resources must have 4 attributes to have a sustainable competitive advantage: VRIN
(Valuable, Rare, Inimitable, Non Substitutable)
Sources of inimitability:
- physical uniqueness
- path dependency(hard to duplicate bc of all that has happened along the path followed in the
development and/or accumulation of resources)
-causal ambiguity (impossible to explain what caused a resource to exist or how to recreate it)
- social complexity (resources that result from social engineering such as interpersonal relations,
culture)
Think about Netflix before they started streaming. Where would you classify these in the value
chain?
1 - Mailing the DVD to the customer
2 - hiring general employees
3 - advertising campaigns correct answers 1 - outbound logistics (primary)
2 - Human Resources (support)
3 - sales and marketing (primary)
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper FullyFocus. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €10,50. Je zit daarna nergens aan vast.