Decision Trees
This shape represents a decision node
square
Another term for traditional business model
linear business model
This strategy focuses on developing existing markets with existing products in order to increase sales revenue and market share.
Market penetration
These are the external factors that hold back a business, preventing the firm from achieving its organizational goals.
Threats
These are visual graphs that present categorised data and compare figures in a study, e.g., sales figures during different time periods. They are useful for presenting frequencies and for ease of comparison.
This shape represents a chance node
This model focuses on organizations that provide a service instead of selling tangible products,
product service system model
A growth strategy in Ansoff’s matrix that involves a business introducing new products to its existing customers.
Product development
These are the internal things that an organization does not do so well in relation to its competitors.
Weaknesses
These are a type of bar chart, used to show frequency and the range within a data set.
Histograms
Refers to the anticipated result of a strategic decision based on probability and financial forecasting.
predicated outcome
This model is based on the notion that businesses try to extend the product life cycle of their goods.
product life extension model
This refers to business activities associated with product innovations, improvements, or the creation of new products or processes.
Research and development
These are the external factors that provide commercial prospects for an organization to succeed.
Opportunities
This quantitative method divides a data set into four proportionate parts, enabling managers and decision makers to see the distribution of the values in the data set.
Quartiles
A decision tree branch that is ruled out due to lower expected returns or higher risks than other available options.
rejected option
a type of CBM that focus on recycling waste (such as glass, plastics, and aluminium cans) into reusable raw materials, thereby diverting waste from final disposal
resource recovery model
This refers to entering entirely different industries or markets, unrelated to a business's current operations.
Unrelated diversification
Influences outside a business’s control, including market trends, competition, laws, and economic conditions.
External factors
This is a statistical technique that allows a business to see the extent to which the results from a set of data show divergence from the mean average.
Standard deviation
The loss of the next best alternative when a decision is made. The concept is often used to evaluate business choices.
opportunity cost
A social and economic principle that encourages the continual purchase of goods and services, often leading to overconsumption.
Consumerism
This is the process of gathering and analyzing data about consumer preferences, market trends, and competition in an industry.
Market research
A long-term, high-impact choice that shapes the direction and future of a business.
Strategic Decision
This is a measure of the average by calculating the number that occurs more frequently than any other value in a data set.
Modal average