3.11 Business objectives and strategy Flashcards
1
Q
What are examples of corporate aims?
A
Growth
Maximum profit
Entering new markets
Survival
Improving communications
2
Q
What is a mission statement?
A
A catchy reason as to why the business exists.
3
Q
What is a corporate strategy?
A
Is a medium to a long term plan for achieiving the corporate objectives.
4
Q
What is product differentiation?
A
When a business attempts to create something new about a good that hasnt been created by the competition.
5
Q
What is porters low cost strategy?
A
when a business focus on having low costs in order to gain a competitive advantage.
6
Q
A
