Chapter 7, Strategy and implementation Flashcards
1
Q
Developing Strategy
A
Formulating a strategic plan
2
Q
Internal Audit
A
looks at strengths and weaknesses in the business
3
Q
External Audit
A
Looks at the opportunities and threats in the trading environment of the business
4
Q
Internal Audit considers…
A
- People
- Marketing
- Operations Management
- Financial
5
Q
External Audit considers…
A
- Technological chnage
- Competition
- EU
- Law
- Economy
- Political influences
- Customer bias
- Social issues
- Enviromental issues
- Culture
- Pressure groups
- Ethics
6
Q
Stakeholder objetives
A
the aims of a stakeholder in their concern for the businesses success
7
Q
Porters Five Forces
A
- Threat of substitute
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Competition
8
Q
Use of Porters Five Forces
A
to assess the likelihood of success when entering a new market
