On day 15 of our Year 13 recap we review Ansoff’s Matrix and how it can be applied to outline the risks involved in making strategic choices and decisions.
The challenge for a lot of businesses is how to stay relevant in an ever-changing competitive environment. Businesses are often tasked with having to invent and launch new products to the market or improve their existing product range.
On day 14 of the Year 13 Recap we review the general business strategies outlined in Porter’s Strategic Matrix.
Whenever a business is designing and implementing a strategy, the management team of a business need to decide upon the direction that the business wants to take to succeed in achieving that strategy. Often, this involves a business working out where it is going to position itself in the marketplace in relation to its targeted customer base. Michael Porter stated that there are four general strategies available to any business in any industry. The matrix is used by businesses as a framework for identifying the strategic position they will be taking going forward.
Here Jack takes you through the revision slide on Porter’s Strategic Matrix:
On day 13 of the Year 13 Recap we review the role that digital technology plays in helping businesses develop and become more competitive in the marketplace.
Digital technology might sound like a rather abstract term, but it essentially refers to any piece of equipment that a business uses which contains a computer chip.
On day 12 of the Year 13 recap we focus on the innovation pressures that business face and the different approaches a business can take to encourage innovation within the business.
Innovation drives improvements in product standards and helps a business source a selection of different cost efficiencies, through improvements in the production process.
On Day 11 of the Year 13 recap, we review the factors that can cause strategic change within a business.
Change can be disruptive, in the sense, that it can destabilise the processes and operations of a business and unsettle staff members along the way.
On day 10 of the Year 13 recap we review the disruption that is caused when a business must commit to making a strategic change.
The environment in which businesses operate, both internally and externally, is constantly changing and evolving. This means that a business cannot maintain a static strategy, it must be prepared to make changes to its existing strategy to react to the changing market conditions.
On day 9 of the Year 13 recap we review the different corporate cultures that can emanate within a business and how the culture of a business shapes the strategic direction of the business going forward.
The organisational culture of a business shapes the ethos and vision of the company because it reflects not only the organisational hierarchy of the business, but also the behaviours, attitudes and spirit that circulates within the stakeholders of the company.
On day 8 of the Year 13 Recap we review the topic of corporate social responsibility (CSR) and why it matters for a business.
All private sector organisations are in this game for one reason and that is to make a profit. However, businesses also need to respect the fact that they have several different social responsibilities.
On day 7 of the Year 13 Recap we take a look at the distinction between the shareholder and stakeholder concept for a business.
Stakeholders of a business represent the individuals who have a vested interest in the business because they are influenced by the decisions that a business makes.
On day 6 of the Year 13 Recap we look at Porter’s Five Forces Model.
This model was devised to illustrate the range of competitive pressures that a business can expect to face when entering an industry. These competitive pressures are all interrelated and affect the overall rivalry between firms in any given market.
On day 5 of the Year 13 Recap we continue our review of the business acronym PESTLE and focus on the final three components – technological, legal and environmental threats to opportunities.
Businesses must cope with quite dramatic and dynamic changes within the market. One area in which change is a prominent factor is the quality and uptake in technology within firms.
On day 4 of the Year 13 recap we begin our review of the business acronym PESTLE and discuss the relevance of the first three components.
PESTLE is an acronym that businesses use to analyse the possible threats to future opportunities. This means that businesses take a wide and expansive perspective of some of the changes in the external environment which can impact their own performance.
On day 3 of our Year 13 recap we take a look at SWOT analysis and why it matters for a business.
If a business is to deliver a balanced performance across different aspects and departments of the company then it needs to identify what the business does well and what the business can improve on. This is crucial because a business is only as productive as its least productive division.
On day 2 of the Year 13 recap we take a look at the different types of growth that a business can generate.
Our Year 13 Recap kicks off with a review of the different strategic directions that a business can take.
On day 30 of the year 12 recap we look at how a business can improve the management of its stock via an inventory control chart.
On day 29 of the year 12 recap we look at quality initiatives that can be undertaken to improve the quality standards within a business.
On day 28 of the Year 12 Recap we focus on a specific area of the operations division of a business and look at the operational data a business may collect.
On day 27 of the year 12 recap we look at the main operational objectives which a business may have in mind when delivering a good or service to the market.
On day 26 of the year 12 recap we analyse cash flow forecasts and how a business can improve its own cash flow position.
