Strategic Planning CL3 Topics 6,7,8

What are the key ingredients for a successful SWOT analysis?

• Strengths and weaknesses within the organization only

• External factors (strengths and weaknesses in the external environment)

• Internal factors (opportunities and threats within the organization)

• Internal factors (strengths and weaknesses within the organization) and external factors (opportunities and threats in the external environment)

Mention real examples of each of the internal and external elements. (2 for each one)

How is business environment analysis related to SWOT analysis?

• SWOT analysis is not influenced by business environment analysis
• Business environment analysis provides the external factors (opportunities and threats) for the SWOT analysis.
• Business environment analysis focuses on internal factors for SWOT analysis
• Business environment analysis only considers opportunities in SWOT analysis

What is Benchmarking?

• Benchmarking involves setting unrealistic goals for a business
• Benchmarking is a type of market research
• Benchmarking is a process of copying competitors' strategies
• Benchmarking is comparing one's business processes and performance metrics to industry bests or best practices from other companies.

What are the different types of benchmarking analysis available?

• External benchmarking

• Industry benchmarking

• Cross-functional benchmarking

• Internal benchmarking, competitive benchmarking, functional benchmarking, and generic benchmarking

What is the importance of carrying out benchmaring analysis in a company?

• Benchmarking analysis is important for evaluating performance, setting goals, and improving competitiveness.
• Benchmarking analysis does not provide any insights for improvement.
• Benchmarking analysis is a waste of time and resources.
• Benchmarking analysis is only useful for comparing with direct competitors.

Why a company needs vertical or horizontal integration strategy?

• To control the entire supply chain and reduce costs (vertical integration) or to increase market share and eliminate competition (horizontal integration).
• To promote environmental sustainability practices
• To decrease customer loyalty and retention
• To increase employee satisfaction and morale

Write a real example of differentiation strategy:

Ways tp imlement cost strategy:

• Ignore process optimization
• Reduce expenses, negotiate better deals with suppliers, optimize processes, outsource non-core activities, invest in technology
• Avoid negotiating with suppliers
• Increase expenses

Increase loyalty is a result of:

• Differentiation strategy

• Cost strategy