notes

Question 1

Porter’s 5

Answer 1

1. BP of suppliers
2. BP of consumers
3. threat of substitutes
4. barriers to entry
5. rivalry

Question 2

PESTEL

Answer 2

P-political
E-economy
S-social
T-technological
e-environment
l-legal

Question 3

Check resources-VRIO

Answer 3

V-valuable
R-rare
I-inimitable
O-organised

Question 4

Porter’s Generic strategies

Answer 4

1. Cost leadership(cheapest)
2. Differentiation (unique)
3. Focus strategy(small/niche market)
4. best cost(cheap + quality)

Question 5

opportunity

Answer 5

favourable set of circumstances creates a need for a product

Question 6

idea

Answer 6

thought/expression

Question 7

characteristics of an entrepreneur

Answer 7

cognitive
experience
social network
creativity

Question 8

types of intellectual property

Answer 8

Patent: inventions
trademark: identify name/logo
copyright: creative work
trade secret

Question 9

steps to protect ideas

Answer 9

1. document-dated
2. maintain confidentiality-not public
3. limit disclosure-NDA

Question 10

4ps marketing plan

Answer 10

Product
Price
Place
Promotion

Question 11

research steps

Answer 11

define purpose
secondary source data collection
primary source
analyze and interpret

Question 12

window of opportunity

Answer 12

short period realistically enter a new market

Question 13

situation analysis

Answer 13

background
swot
market opportunities
porter’s 5

Question 14

competitor’s analysis

Answer 14

4Ps
strengths
weaknesses

Question 15

strategic management

Answer 15

planning how a business will grow, survive, and succeed in the long
term.

Question 16

importance of strategy

Answer 16

Beat competition.
* Keep customers happy.
* Use money wisely.
* Adapt to change.

Question 17

steps strategic management

Answer 17

STEP 1: Understand your Environment
STEP 2: Look Inside Your Business
STEP 3: Choose a Business Strategy
STEP 4: Choose a Growth Strategy
STEP 5: Make it Happen (Implementation)
STEP 6: Monitor & Evaluate

Question 18

Choose a Growth Strategy

Answer 18

Ansoff, Internal/External