Business Models and Strategies Quiz

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Questions and Answers

What is one of the strengths of the business model mentioned?

100% control over the business (correct)

Ability to scale quickly

Low operational costs

High market share

What is a significant weakness of the company?

Strong collaboration with other firms

Access to large funding sources

Unlimited liability in a partnership (correct)

Strong experienced team members

Which analysis tool includes evaluating external factors affecting an organization?

Financial forecasting

Balanced Scorecard

SWOT analysis (correct)

Customer segmentation

What is a potential drawback of a partnership model?

Difficulty in raising funds Signup and view all the answers

Which of the following is not listed as a key topic in the content provided?

Artificial Intelligence Signup and view all the answers

What is necessary to improve performance according to the listed key topics?

Developing strategic alliances Signup and view all the answers

What role do Non-Executive Directors (NEDs) fulfill in an organization?

Guidance and oversight Signup and view all the answers

Which factor is associated with event-based risk management?

Continuous risk assessment Signup and view all the answers

What is an example of a loyalty marketing strategy?

Offering attendees discounts for referrals Signup and view all the answers

Which ticket pricing technique encourages early purchases?

Early bird discount Signup and view all the answers

What is a primary benefit of hiring staff with expertise in IT innovation?

To improve event management efficiency Signup and view all the answers

Which external factors are considered favorable for event management in Harland?

Availability of internet and social media Signup and view all the answers

What aspect of the ecological environment is highlighted in Harland?

Emphasis on environmental practices and KPIs Signup and view all the answers

What is a consequence of the high competition in the event management industry?

Increased market share for a few large companies Signup and view all the answers

Which statement best describes the threat of new entrants in the event management industry?

It is high because of the industry's growth potential Signup and view all the answers

What type of marketing involves prominent personalities like celebrities or bloggers?

Affiliate marketing Signup and view all the answers

What is the purpose of customer segmentation analysis?

To gain insights into customer preferences Signup and view all the answers

Which of the following is NOT an advantage of customer segmentation?

Increased customer dissatisfaction Signup and view all the answers

What defines an organization's risk appetite?

The amount of risk the organization is willing to accept Signup and view all the answers

What does the TARA model assist with in risk management?

Measuring impact and probability of risks Signup and view all the answers

How is risk management best integrated into an organization?

By embedding it in the organization’s culture Signup and view all the answers

What is a key activity during risk assessment?

Measuring the impact and probability of risks Signup and view all the answers

Which of the following best describes risk management techniques?

Implementing the Enterprise Risk Management framework Signup and view all the answers

Who monitors individual risks within an organization?

The management team Signup and view all the answers

What is a potential benefit of using AI in business?

Higher customer satisfaction and retention Signup and view all the answers

Which of the following is a risk associated with hardware and servers?

Unauthorized access to servers Signup and view all the answers

What security control can help prevent unauthorized access to servers?

Biometrics Signup and view all the answers

Which of the following is a way to prevent data loss or corruption?

Regular Backups Signup and view all the answers

What is a potential impact of a data security breach?

Reputational loss Signup and view all the answers

Which option is NOT considered a risk related to software and data?

Fire / Flood / Earthquake Signup and view all the answers

Which of the following controls helps enhance data security against hacking?

Audit Trails / system logs Signup and view all the answers

What can a company experience as a consequence of a data security breach in terms of revenue?

Loss of customers / revenue / market share Signup and view all the answers

What is one major drawback of the partnership model?

Unlimited liability for partners Signup and view all the answers

Which of the following is an advantage of e-business?

Lower operational costs Signup and view all the answers

What is a common risk associated with e-marketing?

Data security and privacy issues Signup and view all the answers

Which of the following tools is commonly used in e-marketing?

Social media marketing Signup and view all the answers

What is a significant disadvantage of using big data analytics?

Requires technical expertise Signup and view all the answers

What competitive advantage does e-business offer?

No geographical limitations Signup and view all the answers

Which of the following describes a relationship between big data and artificial intelligence?

AI helps identify patterns in big data. Signup and view all the answers

What is one consequence of having unlimited liability in partnerships?

Liability for partner's actions Signup and view all the answers

Which is NOT an advantage of e-marketing?

Higher dependence on physical stores Signup and view all the answers

What potential advantage does hosting virtual events offer?

Wider geographical reach Signup and view all the answers

What is one disadvantage of staff training?

Time and cost implications Signup and view all the answers

How does demotivated staff impact a company?

Fall in customer satisfaction rating Signup and view all the answers

What is a potential advantage of a matrix or dual reporting structure?

Increased flexibility between teams Signup and view all the answers

Which of the following is NOT a consideration of environmental impact?

Increasing natural habitat Signup and view all the answers

What is a recommended way to address issues of demotivation in staff?

Staff surveys and exit interviews Signup and view all the answers

Which of the following is a potential ethical issue for suppliers?

Delay in payments Signup and view all the answers

What is a common risk associated with staff training?

High staff turnover after training Signup and view all the answers

Which of the following is a KPI related to environmental performance?

Waste recycling percentage Signup and view all the answers

What impact can high staff turnover have on a company?

Fall in revenue and market share Signup and view all the answers

Study Notes

RODNIM SBL Pre-seen for Dec 2024

Document is a private document, not to be shared on public groups
Analysis of pre-seen material for SBL, December 2024
Topics include SWOT, CSR, implementing change, culture, leadership qualities, Role of NEDs, diverse board, separate board committees, integrated reporting, harmon process, event based risk management, key risks, project management, stakeholders, proposal evaluation, IT & data security, talent management program, Matrix / dual reporting, impact of demotivated staff, ethical issues, environmental projection, financial projection, bribery, content of a tender, off the shelf software, and big data analytics.
Event management industry analysis includes SWOT, Pestel/Porter 5 Forces, disadvantages of partnership model, e-business/online business (virtual events), e-marketing, big data analysis, customer segmentation, risk appetite, risk assessment, risk management, event based risk management, project management, stakeholders, proposal evaluation, talent management program, IT & data security, Matrix / dual reporting, impact of demotivated staff, ethical issues, environmental projection, financial projection, bribery, content of a tender, off the shelf software, and KPIs

SWOT Analysis

Strengths: Owners have 100% control, work experience together, good website, event planning software, mobile app for ticket booking, integrated marketing system, availability of MIS reports, risk management procedures
Weaknesses: Small market share, no collaboration/strategic alliances, limited team experience in certain areas, difficulty in raising funds, data/information security risks, missing risks on the risk register, lack of use in new technologies
Opportunities: Economically advanced country, lucrative established event industry, technological opportunities, trending virtual events, wider geographical reach
Threats: High competition from large players, new market entrants, decrease in event fees, and stringent regulations

PESTEL Analysis

Political: Favorable environment, virtual conferences indicate support
Economics: Favorable, economically advanced country.
Social: Favorable, high standard of living.
Technological: Favorable, Virtual events are growing.
Environmental: Favourable, focused on environmental sustainability.
Legal: Unfavorable, stringent regulations like health, safety, data protection, and employment.

Porter's 5 Forces

Power of customers: High, many choices with low switching costs
Power of suppliers: Not applicable, no information given
Threat of new entrants: High, lucrative market and risk of new companies.
Competition: Extremely high, 74% of the market held by four large players.
Substitute products: Not applicable, no information given.

Internal Factors

Human resource: Assess current staff, experience, and training needs.
Financial resource: Evaluate current finances and projected needs.
IT infrastructure: Assess current and future technology needs.
Brand reputation: Evaluate and develop reputation as a credible event management company.

Project Management

Event planning details, resources, timelines, roles, fees, payment terms, and experience.
Clear project initiation documents specifying scope, objective, feasibility, costs, and event duration.

E-Business/Online Business (Virtual Events)

Advantages: Global reach, lower costs, convenience, appeal to younger generation
Disadvantages: Not all customers use internet, need IT expertise, risk of hacking, data dependence

E-Marketing

Advantages: Global reach, lower cost, personalization, data analytics capabilities, two-way communication
Disadvantages: Not all customers use internet, requires expertise, risk of hacking, data leakage

Big Data Analytics

Advantages: Deeper insights into customer needs, trends, customized products, marketing, higher revenue/market share
Disadvantages: Data security & privacy, legal compliance & expertise requirements.

Customer Segmentation Analysis

Analyze customers by event type, customer type, size, geographical location, duration
Assess advantages and disadvantages.

Risk Appetite and Assessment

Risk appetite is the level of risk an organization is willing to accept to maximize profit.
Measuring impact and probability of risks.

Risk Management

Identifies, measures, and manages risks.
Risk assessment techniques, such as TARA model, used for each event.
Includes risk register and committee.

Event-Based Risk Management

Quality, timelines, costs, venue, technology, staff, weather, environmental footprint, emergencies, legal permits, fraudulent ticket sales, and credit risk.

Key Risks and Recommendations

Strategic: Competition, loss of revenue, market share. Recommendations include differentiation, better quality, and aggressive marketing
Economic: Decreasing demand, inflation. Solution is to focus on virtual events and budget tight controls
Financial: Event costs exceeding revenues, difficulty collecting funds. Solutions include better budget planning and tighter cost controls, improved credit control
Environmental: Weather, public awareness. Strategy is to use sophisticated weather prediction/management software and focus on environmentally sustainable measures.
Compliance: Changes in regulations, fines. Solution is strong corporate governance and focus on health/safety compliance
Operational: IT system failures, cyber security attacks. Recommendations are stronger IT, data security control, vendor relationships, and contingency plans

Project Management and Stages

Understand client needs
Plan and budget
Arrange and brief entire event team
Execution
Post-event review

Event Sponsor provides overall leadership, resources, and ensures progress
Event Manager handles the detailed planning, team management, day-to-day progress tracking

Tools Used in Project Management

Event risk registers, Gantt charts for scheduling, and project task breakdowns (WBS).

Stakeholder Expectations

Partners: Growth in revenue, market share, 100% of the business control
Major clients: Good quality events at a low price
Key employees: Good salary, job security, opportunities, and learning and development
Government: Compliance, taxes, environment protection, and positive brand image
Non-key employees: Good salary, job security, opportunities, and learning and development
Smaller clients: Good quality events, low prices
Community: Creating jobs, CSR, environment protection, minimal disruption to the community
Vendors: Timely payments
Attendees: High-quality events, value for money
IEOs: Compliance with standards
Pressure groups/social activists: Demands to be addressed.

Evaluation of Proposals

Collaboration with other Businesses: Pros include combining expertise and resources, more creative ideas, and increased reach, but cons include sharing revenue and possible differing cultures
Covering into a limited Liability company: Pros include limited liability, more funding, and better credibility; cons include loss of control, additional compliance, and potentially more bureaucracy
Use of AI: Pros include deeper insights into current trends and patterns, but cons include security risks and cost.
Use of Live Streaming: Pro: Higher reach, Pro: Lower costs, Con: technology dependence.

IT Risks and Security

Hardware: Unauthorized server access, damage, malfunction, power failure, natural disasters(fire/flood). Strategies: Physical security with guards, biometrics, swipe cards, CCTV, fire protection, generators, and backup equipment
Software & Data: Hacking, data leakage, data loss/corruption, cybercrimes, software malfunction, internet dependency. Strategies: Strong password management, two-factor authorization, Data encryption, Regular backups, firewalls, log trails, updated antivirus, disaster recovery plans and regular staff training.

Impact of Data Security Breach/Leakage

Disruption of business operations
Reputational damage
Loss of customers, revenue and market share.
Legal cases and penalties

Staff Training/Talent Management

Advantages: Increased skills, better quality work, higher customer satisfaction, lower complaints, motivation, efficiency, and cost savings.
Disadvantages: Requires expertise, possible staff loss, resistance, high cost, time constraints, and difficult to identify training needs.

Matrix/Dual Reporting

Advantages: Flexibility, enhanced collaboration, knowledge sharing
Disadvantages: Potential conflicts, possible lack of clarity for staff

Impact of Demotivated Staff/High Staff Turnover

Quality compromises, customer satisfaction decreases, reputation damage
Increased cost of recruitment and training, reduced efficiency. Solutions are staff interviews, remunerations, appreciation of work, training development, and more involvement.

Ethical Issues/Social Footprint

Employees: Low pay, long working hours, poor working conditions, no training, lack of diversity, job redundancies.
Customers: Unfair practices, break of privacy, data breach.
Suppliers: Unfair or unethical dealings, lack of ethics, delay in payments
Society: Environmental damage, lack of Corporate social responsibility (CSR), traffic congestion, noise during events.

Environmental Footprint/Impact

Reduce natural resources use
Recycling, waste reduction

Financial Performance/Projections

Historic performance analysis (P&L).
Project variance (cash flow).
Check that all assumptions and whether the projections/models make business sense.
Sensitivity analysis.

Bribery

Unethical, illegal, and damages reputation and potentially leads to loss of business. Strategies: Clear policy enforcement, ethical code of conduct, reporting procedures, strict disciplinary actions against bribery

Content of Event Tender Submission Document

Executive Summary
Client needs summary
Event objectives and expected outcomes, dates, no. of attendees, venue, etc.
Resources required
Timelines
Roles and responsibilities.
Proposed Fees
Payment terms
Company experience & history

Off the Shelf Software

Implementation Stages:* Identify requirements, analyze options, choose software, testing, training, data migration, go-live.
Advantages:* Quick implementation, less errors, industry compliance, future upgrades, affordability, vendor support
Disadvantages:* Possible lack of specific features, reliance on vendors, difficulty integrating with existing systems.

Customers: Attract customers who value CSR, and create a competitive edge.
Employees: Increased retention, attracting talent, and motivation.
Suppliers: Attract suppliers who value CSR and collaboration
Government: Possible awards, improved relationships, possible tax benefits
Society: Positive public image, more customers

Implementing Strategic Change/Transformation

Unfreeze: Communicate reasons, solicit concerns
Move: Detailed planning, timelines, project teams, training
Refreeze: Consistent follow-through, appreciation, addressing resistance

Analyze Culture

Power Structure: Leadership style, behavior.
Organizational Structure: Board structure, divisions, department hierarchy.
Control Systems: Cost or quality-focussed, rewards, punishment policies.
Rituals & Routines: Office hours, staff functions, team building.
Symbols: Building, office environment, dress code.
Stories: Values, loyalty/commitment, traditions.

Key Qualities of Good Leadership

Visionary, opportunity-grasping, risk-taking, staff motivator, focus on innovation, and team building.

Role of NEDs (Non-Executive Directors)

Brings independence, shareholder confidence, external experience, monitors executive performance, compliance, and whistle-blowing

Benefits of Board Diversity

More ideas, fresh perspectives, more healthy debates

Separate Board Committee

Specialized, focused, frees up time for other tasks

Integrated Reporting

Connects mission, strategies, financial performance, and environment/social initiatives
Enhances reputation, communication with stakeholders, and attracting socially-conscious investors, lower cost of capital.

Harmon Process Strategy Matrix

Outsource to a specialist or use self-software based on process complexity and strategic importance.

Last Week Preparation Plan

Master top 25 important topics, watching the Dec 2024 webinar for professional skills, exam formats and techniques.
Review relevant pre-seen workshop
Preparing exam questions in mock format

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Description

Test your knowledge on various business models and strategies with this quiz. You'll explore strengths, weaknesses, and key topics related to organizational analysis. Perfect for students and professionals looking to enhance their understanding of business dynamics.