8. Business Strategy (AL)

Define 'strategic management'.

Define 'strategic analysis'.

Define 'strategic choice'.

Define 'strategic implementation'.

Define 'market development'.

This strategy aims to target uncontested markets through having a unique product and low costs.

• Blue ocean

• Red ocean

• Force-field

• Scenario planning

This strategy would likely only work for a large, well-known brand. It involves contesting in already competitive markets with products that are similar to one another.

• Blue ocean

• Red ocean

• Force-field

• Scenario planning

This strategy involves considering any potential problematic events and then making a plan of how to deal with them. For example, covid.

• Blue ocean

• Red ocean

• Force-field

• Scenario planning

This is a simple approach which involves looking at some internal and external factors of the business. It can be subjective as different managers may construct it differently.

• SWOT

• PEST

• Porter's 5 forces

• Force-field analysis

This is a simple approach that considers the macro-environment of the firm (looking at the whole industry and economy around it). It can be split into four or six parts.

• SWOT

• PEST

• Force-field analysis

• Core competencies