Strategy and implementation

Question 1

what is the difference between strategy and tactics

Answer 1

strategy is the long term approach to achieving objectives and tactics are the medium-short term

Question 2

What is a corporate plan

Answer 2

the long term direction the company hopes to in

Question 3

what is SWOT and how can it be used

Answer 3

Strengths and Weaknesses (internal)

Opportunities and threats (external)

that need to be assessed for a business

Question 4

What are porters 5 forces

Answer 4

• bargaining power of buyers
• bargaining power or suppliers
• existing competition
• threat of new entrants
• threat of substitutes

Question 5

what is the Ansoff matrix and what does it look like

Answer 5

a way to characterise different approaches to growth with associated levels of risk

Axis are Market and Product new and existing then there is product and market development diversification and penetration

Question 6

what are the pros and cons of the Ansoff matrix

Answer 6

pros
- helps the company assess risk of expansion
- easy to understand

cons
- oversimplifies strategy
- no consideration to costs
- doesn’t account for market changes

Question 7

Give me a run down on integration and all of the pros and cons

Answer 7

you should fucking know this

Question 8

what is franchising

Answer 8

when a franchisor (company) allows a franchisee (random) to operate under their name/brand

Question 9

what are the pros and cons for the franchisor

Answer 9

pros
- cheaper to open new locations
- less operational cost
- still have control over major decisions

cons
- not all profits are gained
- reputation can take a hit
- loss of some control

Question 10

what are the pros and cons for the franhisee

Answer 10

pros
- gain experience
- higher chance of success with established brand

cons
- set up is still expensive
- % of revenue is taken
- don’t have full control over decisions

Question 11

what is retrenchment/rationalisation

Answer 11

the intentional shrinking of a business for the means of efficiency

Question 12

what are some reasons for retrenchment and examples of action taken

Answer 12

• disEos
• market decline
• closing branches
• redundancies
• IT replacing labour

Question 13

what are some negatives of retrenchment

Answer 13

• damages employer employee relations
• damages relations with suppliers

Question 14

what is offshoring

Answer 14

the relocation of a business operation outside of their domestic country is offshoring and getting someone else to do the work for you is outsourcing

Question 15

what are the benefits of offshoring

Answer 15

closer to customers and demand
greater labour capabilities
overcoming protectionism

Question 16

what are the drawbacks of offshoring

Answer 16

communication barriers
cost of move
supply chain implications
longer lead time

Question 17

What is reshoring

Answer 17

moving operations back to the domestic country

Question 18

what are some reasons for reshoring

Answer 18

• greater certainty
• closer to supplier
• better control over quality
• simpler supply chain

Question 19

What is outsourcing

Answer 19

delegating business processes to an external organisation

Question 20

what are some benefits of outsourcing

Answer 20

• access to specialists capable of higher quality work
• reduces costs EOS on their side
• makes operations flexible

Question 21

what are some negatives with outsourcing

Answer 21

• no guarantee costs will be lower
• risk of outsourcer failing to meet desired quality