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Pricing Schools Business

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Questions and Answers

Which of the following is not a part of PESTEL analysis?

Legal
Supply Chain (correct)
Economic
Political

Which of the following is not a component of Porter's Five Forces model?

Customer Relationship Management (correct)
Rivalry amongst existing competitors
Bargaining power of buyers
Threat of new entrants

Which one of the following is considered a primary activity in the value chain?

HR
Marketing/Sales (correct)
Firm infrastructure
Technological dev

Explain the components of the PESTEL analysis and their significance in strategic management.

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. Signup and view all the answers

Discuss the components of Porter's Five Forces model and how they influence industry competition.

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. Signup and view all the answers

Describe the primary and support activities in the value chain and their role in enhancing organizational performance.

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. Signup and view all the answers