BM2217 Environmental Scanning Business Analysis Tool

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What is an important part of a business plan and a critical aspect of any enterprise?

Competitive Analysis (correct)

PESTEL Analysis

Financial Analysis

Marketing Strategy

When analyzing competitors, what is important to establish about the enterprise's product?

Technological features

Unique selling points (correct)

Pricing strategy

Market reach

What should an enterprise categorize as part of its competitor analysis?

Product or service offerings (correct)

Industry regulations

Customer demographics

Historical stock performance

What information should an enterprise aim to gather about competitors in a competitive analysis?

Profit margins and growth patterns Signup and view all the answers

In competitor analysis, what should be identified to leverage potential opportunities?

Strengths and weaknesses Signup and view all the answers

Why is studying competitors' strategies important in a competitive analysis?

To develop unique market positioning Signup and view all the answers

What does TOWS stand for in the context of strategic analysis?

Threats, Opportunities, Weaknesses, and Strengths Signup and view all the answers

When is TOWS analysis usually performed?

Before the enterprise is operational Signup and view all the answers

In the context of strategic analysis, what do 'Opportunities' represent?

Favorable external factors that can give a competitive edge Signup and view all the answers

What is a common example of a 'Threat' to an organization based on the provided text?

Rising costs for materials Signup and view all the answers

What does SWOT analysis primarily focus on?

Audit and analysis Signup and view all the answers

How does TOWS analysis differ from SWOT analysis?

TOWS is for strategy production, SWOT is for audit and analysis. Signup and view all the answers

What is the purpose of a SWOT analysis in business?

To evaluate a firm's competitive position Signup and view all the answers

Which of the following is considered a strength in a SWOT analysis?

Strong brand image Signup and view all the answers

What are weaknesses in a SWOT analysis?

Internal areas hindering optimal performance Signup and view all the answers

In a SWOT analysis, what do weaknesses indicate?

Internal areas needing improvement Signup and view all the answers

Which of the following is NOT a characteristic of strengths in a SWOT analysis?

High employee turnover Signup and view all the answers

How is a SWOT matrix helpful for businesses?

To identify internal and external factors affecting the market position Signup and view all the answers

What does pricing represent as per the text?

The ideal value of the product or service Signup and view all the answers

What is the primary focus of analyzing competitors according to the text?

Identifying types of competitors Signup and view all the answers

Why might offering the lowest price not always guarantee purchases?

Customers seek quality over low prices Signup and view all the answers

Which category of competitors offers the same products and targets the same market?

Direct Competitors Signup and view all the answers

What is the distinguishing factor of Future Competitors as per the text?

They can acquire a significant market share upon market entry Signup and view all the answers

In what way can enterprises differentiate themselves through products?

By offering innovative products meeting customer needs Signup and view all the answers

What could be a drawback of attaining supreme products and services according to the text?

Higher costs due to research and development Signup and view all the answers

In what aspect does company differentiation focus?

Setting the company apart from others Signup and view all the answers

Why might commoditization not work in the long run as a differentiation strategy?

There will always be another supplier offering lower prices Signup and view all the answers

What element is essential to get a target market's attention, according to the text?

Differentiation strategy Signup and view all the answers

What is one potential consequence of enterprises solely relying on pricing as a differentiator?

Potential failure in the long run Signup and view all the answers

What did Jollibee Foods Corporation (JFC) do to venture into the Chinese food and cake business?

Acquired Chowking and Red Ribbon Signup and view all the answers