Mission statements often include the following information:
Aim(s) of the organization
3 Explain in detail Porter’s four generic strategies.
Porter’s generic strategies
: 1. The Cost Leadership Strategy:
Porter's generic strategies are ways of gaining competitive advantage
in other words, developing the "edge" that gets you the sale and takes it away from your competitors. There are two main ways of achieving this within a Cost Leadership strategy:
Q.4 Differentiate between core competence and distinctive competence. Ans : Competency:
A competency is anything a business does well. A business may have numerous competencies. For example, an advertising firm might do a great job of managing internal talent and developing leaders from within. Or a manufacturing company might be extremely successful in keeping its number of defects per thousand units produced extremely low.
A core competency is a competency of the
5 Define the term ‘industry’. List the types of industries. How do you conduct an industry
analysis? Ans :
Definition of ‘industry’
A classification that refers to a group of companies that are related in terms of their primary business activities. In modern economies, there are dozens of different industry classifications, which are typically grouped into larger categories called sectors. Individual companies are generally classified into industries based on their largest sources of revenue. For example, an automobile manufacturer might have a small financing
Q.6 Describe the different approaches to business ethics.