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7 Cards in this Set

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Environmental changes
are the roots of many business opportunities and problems. To succeed and stay successful, a company must continuously scan, analyze, and adapt to the ever-changing environment.
5 enviromental forces
1.social
2.economic
3.technolgocial
4.competitive
5.regulatory
most business start out as
stars-hold
cash cow-harvest
question mark-build
dog-divest...you must build if you are question mark to become a star
Different ways for a company to grow and increase sales:
1. Intensive growth – market penetration strategy, product development strategy,and market development strategy
2. Integrative growth – horizontal integration strategy, and vertical integration strategy
3. Diversification growth
Professor Michael Porter has proposed three generic strategies that form a good starting point for strategic thinking
1.cost leadership
2.focus
3.differentiation
score
has business plan templates taht we can use and download
Planning is important, but it is not everything
Good planning must be followed by good iplementation in order to achieve business success