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Theme 3 > 3.1 Business Objectives and Strategies > Flashcards

3.1 Business Objectives and Strategies Flashcards

1
Q

Mission Statement

A

General purpose of organisation

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2
Q

Corporate Objective

A

Long term goals of whole organisation

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3
Q

Functional Objectives

A

Goal of each functional area

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4
Q

Business Strategy

A

How to achieve functiona objectives

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5
Q

SMART Targets

A

Specific
Measured
Agreed
Realistic
Time-based

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6
Q

Ansoff Matrix

A

Ways a business could expand

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7
Q

Market Penetration

A

Existing product, existing market

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8
Q

Product Development

A

New product, existing market

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9
Q

Market Development

A

Existing product, new market

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10
Q

Diversification

A

New product, new market

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11
Q

Aim of analysis

A

Insight into market position, how to enhance product, gain competitive advantage, and expand

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12
Q

Porter’s Strategic Matrix

A

Competitive strategy

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13
Q

Cost Leadership

A

Entire market, cost focus

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14
Q

Differentiation

A

Entire market, differentiation focus

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15
Q

Cost Focus

A

Segment of market, cost focus

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16
Q

Differentiation Focus

A

Segment of market, differentiation focus

17
Q

Stuck In the Middle

A

Doesn’t have a specific focus nor is in a specific market

18
Q

PESTLE

A

Political
Economical
Social
Technological
Legal
Environmental

19
Q

SWOT Analysis

A

Strengths
Weakenesses
Opportunities
Threats

20
Q

Internal SWOT

A

Strenghts
Weaknesses

21
Q

External SWOT

A

Opportunities
Threats

22
Q

Porter’s 5 Forces Model

A

Analyses forces against business success which is useful in decision making

23
Q

Forces Against Businesses Success:

A

Suppliers, potential entrants, buyers, substitute products, rivalry among exising firms

24
Q

Supplier Threats

A

Bargaining power of suppliers

25
Q

Threats of Potential Entrants

A

Threat of new entrants

26
Q

Threat of Buyers

A

Bargaining power of buyers

27
Q

Threat of Substitute Products

A

Threat of substitutes

Theme 3 (6 decks)

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