3.1 Flashcards
1
Q
objectives definition
A
statement of specific outcomes that are able to be achieved
2
Q
hierarchy of business objectives
A
- mission
- corporate
- functional
- team
- individuals
3
Q
purposes of corporate objectives
A
- provide strategic focus
- inform decision making
- measure the performance of the firm as a whole
- set the scene for more functional objectives
4
Q
smart acronym
A
specific
measurable
accurate
relevant/ realistic
time
5
Q
purpose of mission statements
A
- strategic perspective
- vision for the future
6
Q
good mission statement has
A
- a clear sense of purpose
- easy to understand
- differentiates business form competitors
- motivates and guides
7
Q
what is Ansoff’s matrix
A
marketing panning model that helps a business determine its product and market strategy
8
Q
market penetration
A
- existing products
- existing markets
9
Q
product development
A
- new product
- existing market
10
Q
market development
A
- existing product
- new market
11
Q
diversification
A
- new product
- new market
12
Q
market penetration aims:
A
- Maintain/ increase the market share
- Secure dominance of growth markets
- Restructure a mature market by driving out competitors
- Increase usage by existing customers
13
Q
product development aims
A
- differentiated products to remain competitive
- Research & development and innovation
- Detailed insights into customer needs
- Being first to market
14
Q
market development
A
- New geographical markets
- New product dimensions or packaging
- New distribution channels
- Different pricing policies to attract different customers or create new market segments
15
Q
diversification
A
- clear idea about what it expects to gain from the strategy and an
- honest assessment of the risks
