3.1 - Business Objectives and Strategy

Question 1

Aim

Answer 1

What the business is looking to achieve in the long-term.

Question 2

Mission statement

Answer 2

An expression of a business’s overall aim as well as its core values.

Question 3

Corporate objective

Answer 3

The specific performance goals set by senior management for the business to achieve over time.

Question 4

Functional objective

Answer 4

The day to day goals of functions or departments within the business, derived from corporate objectives.

Question 5

SMART objectives

Answer 5

Specific, measurable, agreed, realistic, time-bound.

Question 6

Ansoff’s matrix

Answer 6

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

Question 7

Porters generic strategy matrix

Answer 7

risk of being stuck in the middle and unable to compete successfully with rivals in the market.

Question 8

Boston matrix

Answer 8

A portfolio analysis tool that considers the relative market share of a firm’s products and the rate of growth within the market each product is sold in.

Question 9

SWOT analysis

Answer 9

An analytical tool used to identify:
Internal strengths and weaknesses.
External opportunities and threats.