Learning objectives
Explain what a business strategy is, why firms need one and how it differs from tactics.
Explain strategic management as the three stages of strategic analysis, strategic choice and strategic implementation.
Construct and evaluate SWOT and PEST analyses for a business.
Apply Porter's five forces — threat of entry, supplier power, buyer power, threat of substitutes and competitive rivalry — to judge how attractive an industry is.
Apply the Ansoff matrix to classify market penetration, product development, market development and diversification and assess the risk of each option.
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