🔹 Flashcards Set 1: Strategic Management (8 Questions)
1. What is SWOT analysis used for in strategic planning?
👉 To identify internal strengths and weaknesses, and external
opportunities and threats.
2. Define Porter's Five Forces Model.
👉 A framework for analyzing industry structure: threat of new entrants,
threat of substitutes, bargaining power of buyers, bargaining power of
suppliers, and competitive rivalry.
3. What is a mission statement?
👉 A short statement defining a company’s core purpose and focus.
4. Differentiate between corporate-level and business-level strategy.
👉 Corporate strategy focuses on overall scope; business-level deals with
how a unit competes in its market.
5. What is strategic fit?
👉 Alignment between an organization's strategy and its internal/external
environment.
6. Explain the concept of core competencies.
👉 Unique strengths that give a company competitive advantage.
1. What is SWOT analysis used for in strategic planning?
👉 To identify internal strengths and weaknesses, and external
opportunities and threats.
2. Define Porter's Five Forces Model.
👉 A framework for analyzing industry structure: threat of new entrants,
threat of substitutes, bargaining power of buyers, bargaining power of
suppliers, and competitive rivalry.
3. What is a mission statement?
👉 A short statement defining a company’s core purpose and focus.
4. Differentiate between corporate-level and business-level strategy.
👉 Corporate strategy focuses on overall scope; business-level deals with
how a unit competes in its market.
5. What is strategic fit?
👉 Alignment between an organization's strategy and its internal/external
environment.
6. Explain the concept of core competencies.
👉 Unique strengths that give a company competitive advantage.
