2 benefits of contingency planning - ANSWER-minimise the
impact of an unexpected event, reduces negative publicity
.2 benefits of strategic planning - ANSWER-provides direction
to a business, ensures decision making is well thought out
based on data rather then taking decisions that are based on
unnecessary risk
.2 difficulties of strategic decision making and implementing
strategy - ANSWER-ensuring theres enough resources and how
changes in external environment will affect the business and
its strategy
.2 examples of consumer goods - ANSWER-shopping goods
(phones, clothes), convenience goods (milk/bread,
newspapers)
,.2 examples of industrial goods - ANSWER-machinery and
component parts
.2 influences on choice of distribution channel - ANSWER-the
nature of product and customer expectations in terms of being
able to access/purchase product
.2 influences on integrated marketing mix - ANSWER-target
market and current stage of product life cycle the product is in
.2 influences on new product development - ANSWER-actions
of competitors and amount of resources available
.2 influences on promotional mix - ANSWER-promotional
budget and developments in technology
.2 possible effects of divorce between ownership and control -
ANSWER-shareholders put pressure on directors to max
profits/dividend payments which encourages short termism,
directors may pursue objectives that benefit themselves
rather than the business
, .2 reasons for strategic drift - ANSWER-if strategy failed to
adapt to changes in external environment, strategy based on
whats worked well in past rather than changing strategy
.2 reasons why a business may feel pressure to innovate -
ANSWER-competitor actions and social changes
.2 situations when network analysis is used - ANSWER-
implementing a strategy and planning a complicated project
.2 ways of evaluating strategic performance - ANSWER-
measure performance against set targets/benchmarks across
time period, financial evaluation
.3 diseconomies of scale - ANSWER-control/co-ordination,
communication and motivation
.3 economies of scale - ANSWER-technical, managerial and
purchasing