Strategy and implentation

Question 1

What are internal audits?

Answer 1

Problems and characteristics within a business e.g.
People
Marketing
Operations management
Financial

Question 2

What do internal audits do?

Answer 2

Allow a business to assess its strengths and weaknesses in relations to each department and competitors as a whole.

Question 3

What are examples of external audits?

Answer 3

Political influences
Technological change 
Law
Social issues
Competition

Question 4

What do external audits do for a business?

Answer 4

Looks at opportunities open and the constant changing environment

Question 5

What is Porters 5 Forces?

Answer 5

A system for analysing the level of competition in an industry as well as measuring how profitable a business is.

Question 6

What are Porters 5 forces (factors) which he identified?

Answer 6

Power of customers (top left)
Power of supplies (top right)
Intensity of rivalry (middle)
Threat of market entry (bottom left)
Threat for substitutes (bottom right)

Question 7

What does porters generic strategies do?

Answer 7

Show how companies can achieve a competitive advantage in their industry

Question 8

Draw a labelled diagram of porters generic strategies

Answer 8

draw it hun