Business tools by ELI ROMERO LOBATO

SWOT

karlaelizabethromero — 2021-09-14 02:49:12 UTC

Firms have some degree of control over the internal factors, but not over the external factors.

Strengths – The things that the organization does well or better in comparison to its competitors, e.g. brand recognition, market share and customer loyalty.
Weaknesses – The things that the organization does not do so well in relation to its competitors, e.g. low productivity, high staff turnover or a poor corporate image.
Opportunities – External factors that provide openings (prospects) for an organization to succeed, e.g. new technologies, favourable demographic trends and new overseas markets.

Threats – External factors that hold back the business, preventing it achieving its organizational goals, e.g. detrimental weather conditions, increased competition in the industry and economic recession.

STEEPLE

karlaelizabethromero — 2021-09-14 02:50:50 UTC

A STEEPLE analysis is a management tool used to study the factors in the external business environment that impact on its operations. STEEPLE stands for:

Social
Technological
Economic
Ethical
Political
Legal, and
Environmental factors that affect business operations and decision making.

DECISION TREE

karlaelizabethromero — 2021-09-14 02:55:53 UTC

A decision tree is a quantitative and methodical organizational planning tool based on the mathematical concept of probability trees. As a visual tool, it allows managers to see possible options and the probable outcomes, thereby helping them to make more informed decisions.

Conventions in drawing a decision tree are outlined below:

A square represents a decision node, i.e. a decision that needs to be made
A circle represents a chance (probability) node, i.e. the probable outcomes of different decisions
Probabilities of the different outcomes are shown as decimal numbers, e.g. 0.65 means a 65% chance of the outcome occurring.
Cross out lines indicate options that are rejected based on quantitative reasoning

FORCE FIELD

karlaelizabethromero — 2021-09-14 02:56:59 UTC

Force field analysis involves the decision makers listing all the driving and restraining forces for and against change. These forces are then numerically weighted, in terms of their relative degree of importance. For example, a firm might be considering whether to offshore its production in an overseas location. In such a case, driving forces might include the following:

Lower labour costs in an overseas location
Improved competitiveness due to lower costs, lower prices, and higher profitability
Access to customers in overseas markets.

Restraining forces (against offshoring) might include:

The costs of staff redundancies
Costs of hiring and training new staff
Lack of local knowledge, thus increasing the risks of operating overseas.

Gantt chart

karlaelizabethromero — 2021-10-10 15:00:31 UTC

Is used as a visual organizational planning and decision-making tool to show the sequence and schedule of all the different tasks for a certain project. The idea was created by American mechanical engineer and management consultant Henry L. Gantt (1861 - 1919).

ANSOFF MATRIX

karlaelizabethromero — 2023-05-16 19:08:32 UTC

The Ansoff matrix is a strategic decision-making tool, used to devise product and market growth strategies for an organization. It was developed by Russian American Igor Ansoff in his article ‘Strategies for Diversification’, published in the Harvard Business Review (1957). Essentially, the Ansoff matrix (or Ansoff growth matrix) shows four generic growth strategies that can apply to any business or any industry.

Hofstede's cultural dimensions

karlaelizabethromero — 2023-05-16 19:23:57 UTC

https://www.youtube.com/watch?v=TX0fUAhBAfc

Boston Consulting Group matrix

karlaelizabethromero — 2023-05-18 19:39:47 UTC

The Boston Consulting Group (BCG) matrix is a visual marketing management tool used to analyse a firm’s product portfolio. For example, Apple’s product portfolio (which gives it a range of revenue streams) include: the iPhone, iPad, iTunes, Apple Watch, MacBook laptops, Airpods, and computer accessories. Some products (such as the iPhone) earn Apple a huge amount of sales revenue, whereas other products in its portfolio (such as Airpods) earn less revenue for the company.

https://youtu.be/rW5SOENyq5g

Descriptive statistics

karlaelizabethromero — 2023-10-18 13:35:35 UTC

Are statistical tools used in Business Management to summarize and present statistical data in a user-friendly way. The purpose is to enable managers and decision makers to interpret and analyse the data more easily and to support them in making non-biased (rational), objective, evidence-based, and well-informed decisions. Examples of descriptive statistics include the use of the following methods:

Averages, i.e., mean, mode, and median measures of the average values in a data set
Graphical tools, such as bar charts, pie charts, and infographics to visually represent the data, and
Statistical measures of dispersion or spread of numbers in a data set, such as quartiles and standard deviation.

Porter's generic strategies

karlaelizabethromero — 2025-09-25 16:15:19 UTC

https://www.consuunt.com/porters-generic-strategies/

Porter argued that every successful business must have a competitive advantage to prevent profits being eroded by rival businesses entering the market. A Competitive advantage refers to any factor that enables a business to be more appealing to customers, such as having a unique selling point, or being able to produce goods or services better or cheaply than its rivals. Porter suggested that there are three generic or broad strategies that any business can use to sustain a competitive advantage: (i) cost leadership, (ii) differentiation, and (iii) focus.