CATEGORY 1
What is strategy?
A long-term plan to achieve goals.
SWOT letter “S”?
Strengths.
How many forces in Porter model?
Five.
What is diversification?
Entering new markets/products.
What is strategy implementation?
Executing strategy.
What does a mission statement describe?
Company purpose.
SWOT letter “W”?
Weaknesses.
What force shows power of buyers?
Bargaining power of buyers.
Merger means?
Two firms combine.
KPI meaning?
Key Performance Indicator.
What does a vision show?
Future goals of a company.
SWOT letter “O”?
Opportunities.
What are substitute products?
Alternative products.
Acquisition means?
One firm buys another.
Why organizational culture matters?
Supports strategy success.
What is competitive advantage?
Something that makes a firm better than rivals.
SWOT letter “T”?
Threats.
What happens if rivalry is high?
Profits decrease.
Vertical integration means?
Control supply or distribution.
Balanced Scorecard is used for?
Measuring performance.
Name of famous strategy expert. Michael...
Michael Porter.
SWOT is used for what?
Strategic analysis.
Low entry barriers cause what?
More competition.
Outsourcing means?
Using external companies for work.
Main role of leadership in strategy?
Direction and motivation.