← Strategic response to external factors

Reading the notation

This standard grades on a small, fixed vocabulary — get these precise, since the schedules literally bracket their sample answers with these words.

📖 Terms used in strategic response

9 terms

Cover the right column and check you can say what each one means.

Strategic response
A business-wide, long-term reaction decided at senior level that changes the direction of the business — not a single-department fix.
Size
The response commits significant resources, so it needs a decision at senior-management level.
Scope
The response reaches across multiple areas or departments of the business, not just one.
Timeframe
The response plays out, or its effects last, over an extended period rather than one season. At least TWO of size, scope, and timeframe must be named, in those words — this is the exact NZQA phrase and mark, every paper 2023–2025.
External factor
A force outside the business's control that it must respond to: economic, political/legal, social, technological, competitive, or environmental.
Market share
Your sales as a percentage of total market sales — it can fall even while your own sales rise, if the market grows faster.
Economic sustainability
The business's ability to keep operating profitably over the long term, without depleting the resources or margins it depends on.
Opportunity / threat
What an external factor could do for or to the business — always tied to a named measure, such as revenue, cost, or market share.
Support agency
An organisation such as NZTE, MFAT, or Callaghan Innovation that supplies market knowledge or contacts a business could not build alone.

How this vocabulary maps to the paper

  • Size, scope and timeframe are needed in every (i) part.
  • Market share and economic sustainability are the measures a positive or negative impact is usually tied to.
  • Support-agency terms feed the operating-overseas parts.

Practise just this