Business Analysis Tools and Concepts

Legal

Supply Chain (correct)

Economic

Political

Customer Relationship Management (correct)

Rivalry amongst existing competitors

Bargaining power of buyers

Threat of new entrants

HR

Marketing/Sales (correct)

Firm infrastructure

Technological dev

<p>PESTEL analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors that can impact an organization's external environment. It is important in strategic management as it helps in identifying potential opportunities and threats in the external environment, allowing organizations to adapt and plan accordingly.</p> Signup and view all the answers

<p>Porter's Five Forces model includes the bargaining power of buyers, bargaining power of suppliers, rivalry amongst existing competitors, threat of new entrants, and threat of substitutes. These components influence industry competition by analyzing the dynamics of competitive forces within an industry, helping businesses understand their competitive position and develop effective strategies to gain a competitive advantage.</p> Signup and view all the answers

<p>The primary activities in the value chain include inbound logistics, operations, outbound logistics, marketing/sales, and service. The support activities include procurement, technological development, human resources, and firm infrastructure. These activities play a crucial role in enhancing organizational performance by identifying the specific activities where the organization can create value and reduce costs, ultimately leading to a competitive advantage.</p> Signup and view all the answers