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Business > 3.1 > Flashcards

3.1 Flashcards

1
Q

Definition of an Aim

A

What the business is looking to achieve long term, expressed as an overall vision

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2
Q

Definition of a Mission Statement

A

An expression of a businesses overall aim as well as its core value and context

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3
Q

What is the purpose of a Mission Statement

A

To provide direction and a common purpose for employees

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4
Q

Definition of a Corporate Objective

A

The specific performance goals for the business to achieve, set by upper management

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5
Q

Definition of a Functional Objective

A

The day to day goals of departments derived from corporate objectives

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6
Q

What must objectives be

A

Specific
Measurable
Achievable
Realistic
Time-bound

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7
Q

What is Ansoff’s Matrix used for

A

Used to identify an appropriate corporate strategy and identify the level of risk associated

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8
Q

Existing Market, Existing Product

A

Market Penetration

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9
Q

Existing Market, New Product

A

Product Development

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10
Q

New Market, Existing Product

A

Market Development

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11
Q

New Market, New Product

A

Diversification

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12
Q

3 Ways to use Market Penetration

A

-More regular use of the product
-Increased usage of the product
-Brand loyalty

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13
Q

3 ways to use Market Development

A

-Entering new markets abroad
-Repositioning to different customers
-Seeking complementary locations

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14
Q

3 ways to use Product Development

A

-Develop new versions of product
-Redesign packaging
-Relaunch heritage products

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15
Q

How to use Diversification

A

Target new customers with entirely new or redesigned products

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16
Q

What is Porters Generic Strategic Matrix

A

Identifies a range of strategies a business might adopt for a source of competitive advantage or scope of market

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17
Q

What is a concern with Porters

A

If stuck in the middle, then business is unable to compete successfully with rivals

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18
Q

Mass Market, Cost

A

Cost Leadership

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19
Q

Mass Market, Differentiation

A

Differentiation

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20
Q

Niche Market, Cost

A

Cost Focus

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21
Q

Niche Market, Differentiation

A

Differentiation Focus

22
Q

Definition of Portfolio Analysis

A

Carrying out a detailed evaluation of its full range of products to identify an appropriate strategy

23
Q

Features of Star

A

-Positive cash flow
-Needs minimal resources
-Focus on building recognition

24
Q

Features of a Question Mark

A

-Often negative cash flow
-Needs investment
-Focus on increasing market share

25
Q

Features of a Cow

A

-Positive cash flow
-Needs minimal resources
-Focus on maintaining market share

26
Q

Features of a Dog

A

-Negative cash flow
-Would need heavy investment
-Focus would be to divest

27
Q

What is Reputation

A

-A business will gain a competitive advantage through excellent reputation for quality
-A differentiation strategy is likely

28
Q

What is Innovation

A

-A Business may be particularly effective at responding to external change
-A Market Development strategy is likely

29
Q

What is Architecture

A

-A businesses relationships with its main stakeholders
-Low cost or Product Development strategy is likely

30
Q

Effect of Strategic and Tactical Decisions on Human Resources

A

-Staff may face redundancies or relocation
-More training may be needed

31
Q

Effect of Strategic and Tactical Decisions on Physical Resources

A

-More capital investment is needed
-Changes to production processes

32
Q

Effect of Strategic and Tactical Decisions on Financial Resources

A

-More finance may need to be sourced
-Marketing budgets will need to increase

33
Q

How should SWOT be used

A

-Strengths = Harnessed
-Weaknesses = Eliminated
-Opportunities = Seized
-Threats = Mitigated

34
Q

What is a Strength

A

-What the business is good at
-Internal resources

35
Q

What is Weaknesses

A

-What the business does poorly
-Lack of Competitive Advantage

36
Q

What is an Opportunity

A

-Option a business may exploit for further success
-Favourable economic factors

37
Q

What is a Threat

A

Hazards that have the potential to damage business performance

38
Q

What is Political

A

The extent to which local and national government is expected to influence the business

39
Q

4 Examples of Political

A

-Trade restrictions
-Political ideology
-Government stability
-Tax regulations

40
Q

What is Economic

A

The extent wo which economic indicators directly impact business performance

41
Q

4 Examples of Economic

A

-Inflation
-Exchange rates
-Unemployment
-Business cycle

42
Q

What is Social

A

The extent to which personal attitudes, values, culture and demographic change are expected to affect business

43
Q

4 Examples of Social

A

-Education
-Ethics
-Health
-Social Mobility

44
Q

What is Technological

A

The extent to which technological change and innovation are expected to impact business

45
Q

4 Examples of Technological

A

-R+D
-Quality
-Online Presence
-Production and Distribution

46
Q

What is Legal

A

The extent to which changes in law and regulations are expected to impact the business

47
Q

4 Examples of Legal

A

-Taxation
-Employment
-Health and Safety
-Advertising

48
Q

What is Environmental

A

The extent to which changes in attitudes and governmental policy towards environmental protection

49
Q

4 Examples of Environmental

A

-Air
-Energy
-Disposal of materials
-Changing infrastructure

50
Q

5 Changes in Market Structure

A

-Growth of Internet
-Changes in consumer tastes
-Changes in regulatory framework
-Businesses enter/leave market
-Globalisation

51
Q

What is Porters 5 Forces

A

Key pressures that impact the ability of a business to compete with rivals

52
Q

Name Porters 5 Forces

A

-Threat of New Entry
-Threat of Substitution
-Supplier power
-Buyer power
-Industry Rivalry

Business (42 decks)

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