12 Questions
Which internal factor primarily considers the potential impact of technological advancements on operations?
Technology
Which external competitive factor is closely related to the ease of entry into a market?
Competition
Which internal factor could involve long-term relationships and understanding of a customer's wants and needs?
Customers
Which external factor could have a significant impact on operations due to location, age, and maintenance cost?
Facilities and Equipment
Which internal factor considers special talents like creativity, designing, and problem-solving?
Human Resources
Which external factor could potentially impact a company due to favorable or unfavorable attitudes towards business or political instability?
Political Conditions
What is the primary purpose of evaluating an organization's distinctive competencies?
To identify unique strengths and capabilities that set the organization apart from its competitors
What is an 'Order Qualifier' in the context of strategy formulation?
A necessary condition that a product or service must meet in order to be considered by customers
How does the SWOT Approach aid in strategic planning?
By providing a framework for assessing both internal and external factors that can impact the success of an initiative
Which external factor should a company consider when formulating its strategy?
Environmental scanning for threats and opportunities
How can an organization achieve a competitive advantage in the marketplace?
By leveraging its unique strengths and capabilities
Why are distinctive competencies difficult for competitors to imitate or replicate?
Because they are specific to a particular organization and difficult to replicate
Learn about the importance of considering distinctive competencies and environmental factors in strategy formulation. Understand how distinctive competencies give a company a competitive advantage and are difficult for competitors to imitate. Explore the SWOT approach in strategic planning.
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