CAPSTONE EXAM 1 (SHORT ANSWER)
DefinepoapoStrategypo-poans--
Apocompany'spostrategypoconsistspoofpocompetitivepomovepoandpobusinesspoapproachesp
omanagerspousepotoporunpoapocompany.poItpoispothepomanagerspo"actionpoplan"potopogrow
pothepobusiness,poattractpocustomerspoandpobecomepocompetitivepoinpothepomarket.
Howpocanpoapostrategypobepoethical?po-poans--
Apocompany'spostrategypomustpoentailpoactionspothatpocanpopasspomoralposcrutiny.poItposh
ouldponotpobeposhady,pounconscionable,poinjuriouspotopoothers,poorpoharmfulpotopothepoen
vironment.
What'spothepodifferencepobetweenpoapostrategypoandpoapobusinesspomodel?po-poans--
Apostrategypoconsistspoofpothepocompetitivepoinitiativespoandpobusinesspoapproachespoapo
firmpowillpouse,powhereaspoapobusinesspomodelpodeterminespoifpotheporevenuepoandpocost
poflowpofrompothepostrategypowillpobepoprofitable.
What'spothepopurposepoofpocraftingpoapostrategy?po-poans--
Thepopurposepoofpocraftingpoapostrategypoispotopoproactivelyposhapepohowpoapocompanypo
willpoconductpoitspobusiness.poCraftingpoandpoexecutionpoofpothepostrategypoarepocorepom
anagementpofunctions.
Whatpoarepothepoelementspotopoapostrategicpoobjective?po-poans--
Strategicpoobjectivespoturnpoapocompany'spovisionpointopoapospecificpotarget.poItpomustpob
epomeasurable,poquantifiable,poandpohavepoapodeadline.
Whatpoarepoporterspo5poforcespoandpothepoapplicationspoofpothem?po-poans--
Porterspo5poforcespoincludepothepothreatpoofponewpoentrants,pothepothreatpoofposubstitutepo
products,pothepobargainingpopowerpoofpobuyers,pothepobargainingpopowerpoofposupplierspo
andpocompetitiveporivalry.
Whatpoareposomepofactorspothatpomakepoanpoindustrypocompetitive?po-poans--
Somepofactorspomaypoincludepolowerpoprices,pohigherpoquality,pobetterpoperformingpoprod
ucts,poslowpomarketpogrowth;pobuyerpocostpotoposwitchpoispolow.
Whatpoarepothepostepspoinpodoingpoaposwotpoanalysis?po-poans--
Therepoispomorepothanpojustpodeterminingpoapocompany'spoStrengths,poWeaknesses,poan
dpoOpportunitiespo&poThreats.poAfterpocompilingpothosepolists,poyoupomustpousepothepolist
spotopomatchpoapocompany'spostrategypowithpoitspostrengthspoandpomarketpoopportunities,
pocorrectpothepoimportantpoweaknesses,poandpodefendpoagainstpopossiblepothreats.
DefinepoapoStrategypo-poans--
Apocompany'spostrategypoconsistspoofpocompetitivepomovepoandpobusinesspoapproachesp
omanagerspousepotoporunpoapocompany.poItpoispothepomanagerspo"actionpoplan"potopogrow
pothepobusiness,poattractpocustomerspoandpobecomepocompetitivepoinpothepomarket.
Howpocanpoapostrategypobepoethical?po-poans--
Apocompany'spostrategypomustpoentailpoactionspothatpocanpopasspomoralposcrutiny.poItposh
ouldponotpobeposhady,pounconscionable,poinjuriouspotopoothers,poorpoharmfulpotopothepoen
vironment.
What'spothepodifferencepobetweenpoapostrategypoandpoapobusinesspomodel?po-poans--
Apostrategypoconsistspoofpothepocompetitivepoinitiativespoandpobusinesspoapproachespoapo
firmpowillpouse,powhereaspoapobusinesspomodelpodeterminespoifpotheporevenuepoandpocost
poflowpofrompothepostrategypowillpobepoprofitable.
What'spothepopurposepoofpocraftingpoapostrategy?po-poans--
Thepopurposepoofpocraftingpoapostrategypoispotopoproactivelyposhapepohowpoapocompanypo
willpoconductpoitspobusiness.poCraftingpoandpoexecutionpoofpothepostrategypoarepocorepom
anagementpofunctions.
Whatpoarepothepoelementspotopoapostrategicpoobjective?po-poans--
Strategicpoobjectivespoturnpoapocompany'spovisionpointopoapospecificpotarget.poItpomustpob
epomeasurable,poquantifiable,poandpohavepoapodeadline.
Whatpoarepoporterspo5poforcespoandpothepoapplicationspoofpothem?po-poans--
Porterspo5poforcespoincludepothepothreatpoofponewpoentrants,pothepothreatpoofposubstitutepo
products,pothepobargainingpopowerpoofpobuyers,pothepobargainingpopowerpoofposupplierspo
andpocompetitiveporivalry.
Whatpoareposomepofactorspothatpomakepoanpoindustrypocompetitive?po-poans--
Somepofactorspomaypoincludepolowerpoprices,pohigherpoquality,pobetterpoperformingpoprod
ucts,poslowpomarketpogrowth;pobuyerpocostpotoposwitchpoispolow.
Whatpoarepothepostepspoinpodoingpoaposwotpoanalysis?po-poans--
Therepoispomorepothanpojustpodeterminingpoapocompany'spoStrengths,poWeaknesses,poan
dpoOpportunitiespo&poThreats.poAfterpocompilingpothosepolists,poyoupomustpousepothepolist
spotopomatchpoapocompany'spostrategypowithpoitspostrengthspoandpomarketpoopportunities,
pocorrectpothepoimportantpoweaknesses,poandpodefendpoagainstpopossiblepothreats.