Business Strategies & Trends
What are the 4 criteria used to evaluate a business?
Competitiveness, Stakeholder Satisfaction, Efficiency, Effectiveness
What is a SWOT analysis?
A tool used to evaluate a business’s strengths, weaknesses, opportunities, and threats.
What are environmental factors, and how do they impact businesses?
External influences like climate change, economic conditions, and government policies that affect operations.
Name 2 Management styles
Auto-cratic
Democratic
Laissez-Faire
Bureaucratic
Define goals and objectives in a business context
Goals are broad long-term outcomes, while objectives are specific measurable steps to achieve them.
What is the purpose of evaluating a business strategy?
To assess its effectiveness, impact on competitiveness, and stakeholder satisfaction.
Provide an example of a strength and weakness for Apple
Strength - Strong brand loyalty; Weakness - High product pricing
Describe one environmental external or macro factor that affects a business.
Example: Climate change impacting Qantas by causing weather-related flight delays and disruptions.
How do internal factors affect business operations?
Company culture, leadership, and employee productivity influence decision-making and efficiency.
Explain the key differences between goals and objectives.
Goals provide direction where the company want to end up, while objectives are precise actions with measurable targets to achieve the goal
How has Tesla used sustainability trends to maintain competitiveness?
By investing in electric vehicles, renewable energy solutions, and innovation.
Identify two external opportunities and threats McDonald's might face.
Opportunities - Expanding plant-based menu; Threats - Changing health regulations.
Is this following factor internal or external? Justify your reasoning.
Coffee Bean Supplier has called to say they are unable to deliver today
External, as it is outside the business’s direct control but affects operations.
How do external factors such as competitors influence business strategy?
Businesses must adapt pricing, innovation, and marketing strategies to remain competitive.
Why are both goals and objectives necessary in strategic planning?
Goals set vision and direction, while objectives provide actionable steps for achievement.
Why is stakeholder satisfaction important when evaluating a business strategy?
Satisfied stakeholders support business growth, improve reputation, and ensure long-term success.
How can businesses use SWOT analysis for strategic decision-making?
By identifying strengths to leverage, addressing weaknesses, seizing opportunities, and mitigating threats
Provide an example of how a business responded to an environmental external factor.
Coles adapting to supply chain disruptions by increasing local sourcing.
What is an autocratic management style?
A leadership approach where decision-making is centralized, and employees have little input.
Provide an example of a business goal and its related objectives.
Goal - Increase brand awareness; Objectives - Launch a digital marketing campaign, increase social media engagement.
Provide an example of a business using a trend to improve competitiveness and explain its impact.
McDonald's focusing on sustainability by using eco-friendly packaging to attract environmentally-conscious consumers.
You have 1 minute: What recommendations would you make for Woolworths based on a SWOT analysis?
Example:
Expand online grocery delivery, invest in sustainability, and improve supply chain resilience.
What are the implications of external/ macro environmental factors on business costs and competitiveness?
Increased costs for compliance, supply chain risks, and potential loss of customers due to environmental concerns.
What are some ways a business can use an autocratic leadership style in a warehouses?
By enforcing strict productivity targets and monitoring employee performance closely.
How does setting clear objectives help businesses measure success?
By providing benchmarks to track progress, improve accountability, and adjust strategies as needed.