The External Context of Strategy 0.0 / 5 ? Business ManagementStrategic ManagementUniversityAll boards Created by: Bethany KeyesCreated on: 08-05-17 21:43 What are the 3 components of the micro environment? Industry, market and sector 1 of 10 What is an industry? A group of firms producing products and services that are essentially the same 2 of 10 What is a market? A group of customers for specific products or services that are essentially the same 3 of 10 What is a sector? A broad industry group, or a group of markets, especially in the public sector 4 of 10 What are Porter's 5 forces? Suppliers, substitutes, potential entrants, buyers and competitors 5 of 10 What is Porter's (2008) definition of complementors? Complements arise when the customer benefit of two products combined is greater than the sum of each product's value in isolation 6 of 10 What are strategic groups? Organisations within an industry or sector with similar strategic characteristics 7 of 10 What are market segments? A group of customers who have similar needs that are different from customer needs in other parts of the market 8 of 10 What does PESTEL stand for? Political, economic, socio-cultural, technological, environmental and legal 9 of 10 Who is responsible for Scenario Planning? Schoemaker - 1995 10 of 10
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