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What are the Five Forces in Porter's Framework?
1. Threat of New Entrants
2. Bargaining Power of Suppliers
3. Bargaining Power of Buyers
4. Threat of Substitute Products or Services
5. Rivalry among Existing Firms
What is the impact of dynamic external environments on businesses?
They can create unpredictability, requiring quick adaptability and strategy adjustments.
What are the 5 stages of product lifestyle?
1. Introduction
2. Growth
3. Maturity
4. Decline
5. Extinction
What is JIT or Just-In-Time production
A strategy to increase efficiency by receiving goods only as they are needed in the production process
What is the goal of product development in the Ansoff Matrix?
To introduce new products into existing markets
What is the role of government as the sixth force in Market Analysis?
It influences market dynamics through regulations and policies affecting competition and entry barriers
What is the primary aim of scenario planning in strategic management?
To imagine possible futures and test the viability of different strategies
How can understanding the PESTEL Analysis benefit a business?
It helps potential risks and opportunities in the external environment that can impact strategy
Define the complexity of the external environment based on business context
It's characterized by numerous forces affecting different parts of the business simultaneously
What is the importance of monitoring in External Analysis?
It involves observing trends and patterns that emerge from the environmental scans
What are government drivers in the context of YIPS' Globalization Drivers?
Government policies that enable or restrict the possibility and need for globalization
What are the Primary activities in a Value Chain?
Inbound logistics, Operations, Outbound logistics, Marketing and Sales, Service
What does Market Penetration focus on?
Selling existing products into existing markets to increase market share
What is the purpose of PASTEL Analysis?
To evaluate the external environment based on Political, Economic, Social, Technological, Environmental, and Legal factors
What does the Ansoff Matrix help businesses to evaluate?
Product and market growth strategies through market penetration, market development, product development, and diversification
What are the components of the Internal Analysis in strategic marketing?
Strengths, Weaknesses, Resources, Capabilities, and Distinct Competencies?
How does Maslow's Hierarchy of Needs apply to workforce motivation?
It ranks needs from physiological to self-actualization, influencing employee motivation strategies
What is the significance of Environmental Scanning?
To identify changing factors, threats, and opportunities in the business environment
What does 'Rivalry Among Existing Firms' depend on?
The maturity of the industry, number and size of competitors, barriers to entry, and brand loyalty
What does the term 'threat of substitute products' refer to?
The likelihood that customers will switch to alternative products that meet the same need or desire
What are the two classifications of the External Environment?
1. General Environment
2. Competitive Environment
What is Yips Internalization Framework
A model that identifies key drivers for globalization, including industry globalization drivers and management factors
List the two types of departments within an organization based on their function?
Primary and support departments
What are Maslow's Hierarchy of Needs?
Physiological, Safety, Social, Esteem, Self-actualization
What are Yips Frameworks?
Industry globalization drivers, global strategy levers, organizational factors
What are Linking Departments?
Support departments enable Primary Departments
What are Valuable Resources?
Competitive Superiority, Scarcity, Inimitability, Appropriability, Durability, Substitutability, Sustainability
External Environment Classification
Simple/static, dynamic, complex
What are Tangible Resources?
Physical assets such as equipment, buildings, land, furniture, owned raw materials, the size and geographic scope of the work force, and financial assets.
What are intangible resources?
Non-physical assets such as brand reputation, intellectual property, patents and trademarks, accumulated experience
What are Organizational Capabilities?
The processes that determine how efficiently and effectively an organization can transform inputs into outputs
What are Core Competencies?
Capabilities that are shared across multiple product lines
Distinctive Organizational Capabilities
Unique capabilities that differentiate a firm from its competitor
What are Inbound logistics (Primary Activities)?
Receiving, Storing, and Distributing inputs
What are Operations (Primary Activities)?
Transforming inputs into the final product
What are Outbound Logistics (Primary Activities)?
Collecting, Storing, and distributing the finished product
What are Marketing and Sales (Primary Activities)?
Promoting and Selling the product
What is Service (Primary Activity)?
Providing after-sales support
What is Firm infrastructure (Support Activity)?
Organizational structure, planning, and finance
What is Human Resource Management (Support Activity)
Recruiting, Training, Compensating Employees
Technology Development (Support Activity)?
Improving processes and products
Procurement (Support Activity)
Acquiring inputs
Physiological Needs
Basic needs for survival (air, water, food, and shelter)
Safety and Security Needs
Needs for security and protection from harm
Social Belonging Needs
Needs for love, belonging, and social connection
Esteem Needs
Needs for self-esteem, respect, and recognition
Self-Actualization Needs
Needs for personal growth, fulfilment, and realizing one's full potential
Threat of New Entrants
How easy is it for new competitors to enter a market? Barriers to entry include high capital requirements, economies of scale, and brand loyalty
Bargaining Power of Suppliers
How much power do suppliers have to raise prices or reduce quality? This depends on the number of suppliers, the uniqueness of their product, and the switching costs for buyers
Bargaining Power of Buyers
How much power do buyers have to negotiate lower prices or higher quality? This depends on the number of buyers, the size of their purchases, and the availability of substitutes
Threat of Substitute Products
How easily can buyers switch to alternative products or services? This depends on the price and performance of substitutes, and the switching costs for buyers
Rivalry Among Firms
How intense is the competition among existing firms in the industry? This depends on the number of competitors, the industry growth rate, and the degree of product differentiation
Industry Globalization Drivers (YIPS)
Factors pushing firms toward globalization, including cost drivers, market drivers, government drivers, and competitive drivers
Global Strategy Levers (YIPS)
Strategic choices firms make to implement a global strategy, including market implementation, product/service offerings, location of value-added activities, and competitive moves
Management and Organizational Factors (YIPS)
Internal factors affecting the firm's ability to implement a global strategy, including organizational structure, culture, and people
Simple and Static (External Environment)
Predictable, reliable, and stable. Historical data is highly relevant
Dynamic (External Environment)
Changing rapidly and unpredictability. Historical data is of limited relevance
Complex (External Environment)
Multiple forces affecting aspects of the business simultaneously
