W1Q2 Knowledge Test

• A simple tool that can help you to analyse what your company does best right now and to devise a successful strategy for the future.

• PESTEL Analysis

• Porter's Five Forces Framework

• SWOT Analysis

A specific market of a certain competitive structure with a defined product, buyers, and producers.

• Business

• Industry

• Market

• Country

An American academic known for his theories on economics, business strategy, and social causes especially his theory "Porter's Five Forces Framework".

• Michelle E. Porter

• Ronald E. Porter

• Michael F. Porter

• Michael E. Porter

• Refers to favourable external factors that could give an organisation a competitive advantage. 

• Strength

• Weaknesses

• Opportunities

• Threats

• A simple framework used to assess and evaluate the competitive position of a business.

• PESTEL Analysis

• Porter's Five Forces Framework

• SWOT Analysis

Refers to a product or service that consumers see as essentially the same or similar-enough to another product.

• Direct Competitors

• Indirect Competitors

• Substitute

• Can pose a threat as well if the firm is too dependent to them.

• Buyers

• New Entrants

• Substitutes

• Suppliers

• They are areas where the business needs to improve to remain competitive

• Strength

• Weaknesses

• Opportunities

• Threats

• They might band together and threaten the firm through additional demands.

• Buyers

• New Entrants

• Substitutes

• Suppliers

• Are the favourable internal activities, processes and behaviours of a company.

• Strength

• Weaknesses

• Opportunities

• Threats