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Questions and Answers
What does PESTEL analysis stand for?
What does PESTEL analysis stand for?
- Public, Economic, Social, Technological, Environmental, and Legal factors
- Product, Economic, Social, Technological, Environmental, and Legal factors
- Political, Economic, Socio-Cultural, Technological, Environmental, and Legal factors (correct)
- Political, Environmental, Social, Technological, Economic, and Legal factors
What is the primary focus of SWOT analysis?
What is the primary focus of SWOT analysis?
- Identifying market trends and customer preferences
- Identifying internal strengths and weaknesses of the organization and external opportunities and threats (correct)
- Analyzing macro-environmental factors
- Monitoring and analyzing emerging trends and shifts in the business environment
What is the main purpose of scenario planning?
What is the main purpose of scenario planning?
- Monitoring and analyzing emerging trends and shifts in the business environment
- Preparing for a range of potential outcomes and uncertainties (correct)
- Collecting data about customer preferences, behaviors, and trends
- Identifying competitive advantages and potential gaps in the market
What is the focus of competitor analysis?
What is the focus of competitor analysis?
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What does market research involve?
What does market research involve?
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What is the main purpose of trend analysis?
What is the main purpose of trend analysis?
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What does scenario planning involve?
What does scenario planning involve?
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What is the primary focus of market research?
What is the primary focus of market research?
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What is the main purpose of competitor analysis?
What is the main purpose of competitor analysis?
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What does PESTEL analysis provide a comprehensive understanding of?
What does PESTEL analysis provide a comprehensive understanding of?
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Study Notes
PESTEL Analysis
- Stands for Political, Economic, Social, Technological, Environmental, and Legal factors.
- Provides a comprehensive understanding of the external environment impacting an organization.
SWOT Analysis
- Primary focus is on identifying Strengths, Weaknesses, Opportunities, and Threats related to a business or project.
Scenario Planning
- Main purpose is to anticipate and prepare for possible future events and uncertainties.
- Involves creating detailed scenarios to assess potential outcomes and strategies.
Competitor Analysis
- Focuses on evaluating the strengths and weaknesses of current and potential competitors.
- Aims to identify competitive advantages and industry trends.
Market Research
- Involves the systematic collection, analysis, and interpretation of data about a market.
- Aims to understand consumer needs, market conditions, and competitive landscape.
Trend Analysis
- Main purpose is to identify patterns and shifts in data over time for predicting future developments.
- Helps businesses understand market dynamics and adapt strategies accordingly.
Scenario Planning Components
- Involves brainstorming and developing various future scenarios based on different assumptions and variables.
- Aids organizations in strategic planning and risk management.
Market Research Focus
- Primary focus is on understanding consumer preferences, behaviors, and market conditions.
- Involves gathering and analyzing data to inform marketing strategies.
Competitor Analysis Purpose
- Aims to uncover opportunities for differentiation and improvement.
- Supports strategic decision-making by providing insights into the competitive landscape.
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