Business Studies Grade 12 – Creative Thinking, Problem Solving & Strategy (Ch. 1 pp. 27–38)

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25 Question-and-Answer flashcards covering key Grade 12 Business Studies concepts: environments, environmental scanning, creative problem solving, analytical tools (PESTLE, SWOT, Delphi, Value Chain, Balanced Scorecard), strategic management, and competitive strategies.

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25 Terms

1
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Which three levels make up the business environment that managers must analyse?

The micro environment, the market environment, and the macro environment.

2
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What is the primary purpose of environmental scanning in a business context?

To gather information about current and future internal and external events so that the firm can realign resources and gain competitive advantage.

3
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Why is creative thinking crucial when solving business problems?

Because it helps a firm discover unmet consumer needs and devise innovative solutions that create or maintain competitive advantage.

4
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State the first step in a structured problem-solving process.

Identify the resource gap and obtain the required resources.

5
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During problem solving, what should a business do after identifying a resource gap?

Explain the impact on the business and consider different possible solutions.

6
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What is the final step of the three-step problem-solving model presented in the notes?

Choose the best solution(s) and explain it in breadth and depth.

7
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How does a Pros-and-Cons chart assist decision making?

By listing and weighing the advantages and disadvantages of each alternative to clarify the best choice.

8
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What type of visual tool asks a series of yes/no questions to guide choices, such as deciding whether to answer a SMS while studying?

A decision tree.

9
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Differentiate between internal and external customers.

Internal customers are co-workers or supervisors within the firm, while external customers are individuals or organisations that buy the firm’s products or services.

10
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What is the main aim of Value Chain Analysis?

Adding value for customers in a cost-effective manner throughout the entire business process.

11
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Expand the PESTLE acronym.

Political, Economic, Social, Technological, Legal, Environmental (Ethical is sometimes included within Social or Legal).

12
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In a SWOT analysis, which quadrant deals with internal factors that make the firm superior to rivals?

Strengths.

13
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What type of factors are classified as ‘Threats’ in a SWOT analysis?

External issues that the business cannot change but must navigate around.

14
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For what purpose is the Delphi Technique primarily used?

To collect expert opinions on a topic without bringing the experts together face-to-face.

15
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According to the Resource-Based Approach, what should a business identify first when tackling a problem?

Which tangible and intangible resources are of strategic importance for building competitive advantage.

16
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Give two examples of tangible resources and two examples of intangible resources in the Resource-Based Approach.

Tangible: scarce raw materials, buildings/equipment. Intangible: patents, brand reputation.

17
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Name the four perspectives of the Balanced Scorecard.

Financial, Customer, Internal Process, and Learning/Growth perspectives.

18
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Which Balanced Scorecard perspective would include measures like market share and customer retention?

The Customer Perspective.

19
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What is the first task of top management in the strategic-management process?

Analyse internal and external events (trends or crises) that may affect the firm.

20
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Define ‘strategy’ as used in business studies.

Any plan of action designed to achieve a desired outcome for the organisation.

21
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List Porter’s three generic competitive strategies.

Low-cost leadership, differentiation, and focus/niche.

22
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What are the three main integration strategies a firm can pursue?

Forward integration, backward integration, and horizontal integration.

23
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Which defensive strategy aims at maintaining quality through continuous organisational-wide improvements?

Total Quality Management (TQM).

24
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How does benchmarking contribute to improved organisational performance?

By comparing the firm’s processes and metrics against best-in-class standards to identify performance gaps and adopt superior practices.

25
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In strategic planning, what is the difference between a ‘trend’ and a ‘crisis’?

A trend develops gradually over time, whereas a crisis occurs suddenly and unexpectedly.