Business strategy

Question 1

What is Business Strategy

Answer 1

*The plans and actions to achieve objectives.
*The direction of an organisation

Question 2

Developing a business strategy

Answer 2

1. Determine the business objectives.
2. Assess/analyse current and future performance.
3. Make decisions

Question 3

Tools for business/Strategic analysis

Answer 3

SWOT & PESTLE analysis

Question 4

SWOT analysis

Answer 4

1. Strengths: organisation’s advantages
   compared to others.
2. Weaknesses: organisation’s disadvantages
   compared to others.
3. Opportunities: chances for better performance
   within the environment.
4. Threats: sources of risk within the environment.

Question 5

PESTLE

Answer 5

Political
Economic
Social
Technological
Legal
Environmental

Question 6

PESTLE analysis

Answer 6

Political: government’s interventions that
impact the economy and the industry.
Economic: factors related to economy at
different levels.
Socio-cultural: cultural and social
aspects.
Technological: factors related to technology
availability and innovation that can affect
industry operations.
Legal: The laws in the countries. Environmental: factors relating to the
natural environment, green and
climate issues.