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BMT's - Coggle Diagram
BMT's
SWOT
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oportunities
External factors beyond a businesses control that a business can use to their advantage to give itself a competitive advantage
threats
external factors beyond the businesses control that the business must react to otherwise they could find themselves as a competitive disadvantage
The aim of swot analysis is to analyse the current position of a business, so that they can then determine future strategic direction.
Benefit
Allows business to analyse their current position and find aspects that they need to either take advantage of or address to be successful in the long term
Allows businesses to plan strategically what the best approach and strategy is to improving aspects of it might be
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Boston Matrix
Key decision that businesses must make in relation to the marketing of the different products in its product portfolio.
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Depending on where a product fails, it will influence the approach to how businesses choose to market its product
Types:
stars
high market share high market growth (They have huge potential, however a business must continue to invest in them to ensure that they remain where they are.)
cashcows
high market share low market growth (this money will then be used to fund further investment in stars and possibly problem children/question marks_
problem children
low market share high market growth ( they are usually the hardest products to determine what to do, If successful, they could become stars, however money could also be wasted)
dogs
Low market share low market growth (businesses here will either get rid of them, or may keep them if they provide a small amount of profit)
decision trees
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formula: [(possibility one x percentage possibility) + (possibility two x percentage possibility)] - initial investment cost
business plans
business plans value: It helps potential entrepreneurs and new business owners identify the potential issues they might face before they set about putting their ideas into action.
Strategic objectives
long-term goals that the whole organization continually strives to achieve in order to achieve their overall objectives.the actual ways in which a business intends to meet its objectives.
Tactical objectives
short-term and specific goals of a business with definitive timelines for specific functional areas of an organization. smaller short term decisions about how an organization intends to achieve its aims on a day-to-day basis.
Ansoff Matrix
A way of considering the different potential growth strategies that a business may use to expand. It considers two different factors that may be examined in terms of how they might grow
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