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S.I. Meeting BU111.docx

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Department
Business
Course
BU111
Professor
Roopa Reddy
Semester
Fall

Description
S.I. Meeting Question 1 List the six critical success factors and describe their connections with each other (5.) Achieving Financial Performance Meeting Customers needs Quality products and services Encouraging creativity and innovation Having a sustainable competitive advantage Having employee commitment Having employee commitment will lead into other factors Question 2 *List the factors within the Diamond-E Framework Manager’s preference Resources Strategy Organization  Environment First task : Deal with strategy-environment linkage Digital Camera Market (Canon vs. Kodak) Proctor and Gamble – too many products --> not consistent on their alignment Ikea -> consistent on their products Question 3 Compare and contrast the two different methods of external analysis. (4) PEST: general environment, Political, Economic, Social, And Technological Identifies general trends and changes PORTER’S FIVE FORCES: specific environment, Bargaining power of supplies and buyers, potential threat of entrants, threat of substitutes and rivalry among competitors Look for data stats trends forecasts and expert opinions Question 4 List the PEST Factors and choose a specific company. How would this company conduct its external analysis with the PEST factors? (5) Political – government can create incentives, constraints, support/bail out when needed, and it affects uncertainty, risk and costs faced by firm Economic – influences costs, potential sales, and financial uncertainty Social – Affects how we live, work, consume and produce Technological – Affects what we produce/what it can do, affects how we produce and how we sell. It demands constant learning and scanning Question 5 Identify the most powerful force in Porter’s 5 forces Describe the 4 ways this force can be intensified. (2) Rivalry among competitors -Many competitors of equal size/capability -Growth rate of industry -Consumer switching costs (How easily it is to switch from product based on costs ) -Products are commodities or are perishable Question 7 What are some challenges to conducting external analysis? Time consuming Rapidly changing environment Forecast and trend analyses imperfect Question 8 What are some benefits to external analysis? (5) Mgrs become proactive, provides information used in planning, helps organization get needed resources, helps organization cope with the uncertainty, improves consistency and performance Question 9 What are three ways the Five Forces Model is valuable to a firm? (1.5) -predicts industry proficitablity -entering a particular industry - power, threat, competition Question 10 What is entrepreneurship, and how does it relate to small business and new venture creations? (2) Someone who looks to enter an industry to make money Drives he creation of new venture and small businesses Question 11 Describe competitive advantage and give an example of an existing one. (2) Creates and adds value in a unique and creative way.  an item that cannot be easily replicated Question 12 How do you determine if an idea is marketable and financially viable? Provide explanations to back up your claims. (4) Can the environment afford the item? Are there resources available to create this item? Which is the market demand likely to
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