Strategy

Question 1

Swot anayalsis?

Answer 1

Strenght Weakness Opportunity Threats
Looks at internal ( SW) and external (OT) o help make straegtys and descision plans.

Question 2

What are porters 5 forces

Answer 2

1. Buyer power- small market= customers decide price
2. Supplier power= Lots of firms means they set prices as they have lots of supplier options
   3.Threat of new entrys- if firm makes products this encouarages new firms to join and increase competiton
   4.Threat of subsitute product- food= lots of subsitutes plane = little subsitutes
   5.Competitive rivalry within an industry- competition of firms

Question 3

What is ansoff matrix and its 4 components Less risky to most risky

Answer 3

Shows options to business to help them grow
1.Market penetration
2.Product developement
3.Market development
4.Diversification

Question 4

What is market penetration

Answer 4

Selling an exsting market in an exsting market. Increase marketing to increase market share, drive out competition and increase brand image

Question 5

What is product developement

Answer 5

New product in the same market for example vegan burger

Question 6

What is market developement

Answer 6

Same product in a new market. Selling abroad, or online, offering delivery.

Question 7

What is diversification

Answer 7

New product in new market. Greggs selling shoes.