Strategy - CORRECT ANSWER A plan designed to meet the objectives of a company
5 P's of Mitzberg's view on strategy - CORRECT ANSWER Plan - set of actions.
Ploy - short term strategy,few objectives,subject to change.
Pattern - consistent behavior.
Position - customer needs and ...
Corporate level strategy - CORRECT ANSWER The overall scope and purpose of the
organization.
Business level strategy - CORRECT ANSWER Deals with how the organization will complete
within their market.
Functional level strategy - CORRECT ANSWER Supports the business level strategy ,through
the functional business areas (marketing, HR, production,IS and finance)
Strategic business units - CORRECT ANSWER Distinct businesses set up as units within the
company to focus on specific products and markets as though they are separate from the company.
Characteristics of external environment - CORRECT ANSWER Ever changing nature.
Impact of external forces.
Overwhelming state of external variables
Subdivisions of external environment - CORRECT ANSWER Technological
Economic
, STRATEGIC MARKETING 2024-2025 Q&A
Social and cultural
Demographics
International
Legal/Government
External environment SWAT analysis - CORRECT ANSWER When analyzing the external
market, as you identify these external factors you should classify them into potential opportunities
or threats.
Environmental scanning - CORRECT ANSWER Predicting the future of the environment
Approaches to environmental scanning - CORRECT ANSWER Ad hoc/irregular
Periodical/regular
Continuous
Influential environmental forces - CORRECT ANSWER Opportunities and Threats in the market
Proactive response strategies - CORRECT ANSWER Formulated in anticipation of expected
environmental issues
Reactive response strategies - CORRECT ANSWER Do nothing.
Attack.
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