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A-Level Business 📈 > 3.1.1 Corporate objective 👩‍✈️ > Flashcards

3.1.1 Corporate objective 👩‍✈️ Flashcards

1
Q

What is the mission statement?

A

A qualitative statement of an organisation aims 

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2
Q

What are corporate objectives ?

A

Relate to the business as a whole - set up by the senior management of business

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3
Q

What are Department objectives?

A

Go into more detail of the specifics as to how corporate aims met

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4
Q

What are the three uses of a mission statement ?

A

Focus 🧘‍♀️ - helps involve all employees - in the businesss

Profitability - help motivate employees - become more efficient

Identity - help creates this in a competitive environment

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5
Q

What is the hierarchy of business objectives ?

A

Aim
Mission
Cooperate objectives
Functional obj
Individual Targets

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6
Q

What are the 3 critical appraisals of mission statements ?

A

Purpose - MS sets the overall aim - long term objectives of business

Intended audience - MS written for stakeholders of business

Relation of cooperate Strategy of business -
Allows the flow of MS - and outline business obj

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7
Q

What are the 3 uses of a mission statement ?

A

Track progress - heading in the right direction in relation to corporate aim

Public relations - informs stakeholders of the business aims and what it plans to achieve

Strategic planning - MS can outline what business wants to do - sets good starting - can achieve corporate aims

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8
Q

What are the 7 limitations to Mission Statements ?

A

Not always supported by business actions - MS less beneficial

Too vague - don’t know what aims are set

Viewed as a public relation stunt - viewed cynical - only to enchance image and not as a useful tool

Can be unrealistic got over optimistic

Can become obsolete If the business develops but the mission statement is the same

And conflict if not properly written

Can waste management and resources

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9
Q

What are the stakeholders perspectives on mission statement?

A

Owners - allows them to communicate the aims of the business towards the target market -

managers- look for objectives in mission statement

Employees - individual targets enhanced focus and motivation

Pressure groups - to see the intent of the business and ensure that their needs are being met and align with the business - Clear and precise

Customers- need to align specific needs

Competitors - need to see a mission statement - for their identity allows them to differentiate from a missing statement or make it better

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10
Q

What is Ansoff’s Matrix ?

A

 is a tool for businesses with a growth objective

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11
Q

What is Ansofts matrix used to identify ?

A

appropriate corporate strategy

identify the level of risk associated with the chosen strategy

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12
Q

What does Ansoffs Matrix look like?

A

. market
existing New
Market penetration. Marketdevelopment

Existing Product development - mod risk

Product

new  Diversification (high risk ) 

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13
Q

What is market penetration?

A

Least riskyTo achieve growth

Will you increase sells in the market for an existing market will penetrate it more deeply - sell more to the same customer

Regular use
Loyalty

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14
Q

What is a product or service development?

A

New products and services developed for the existing market

Such as research and development to sell new products to existing customers

Designing
relaunching heritage products new versions

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15
Q

What is market development ?risk?

A

Moderate risk - existing products or services sold to New markets

-Finding and Exploiting new marketing opportunities existing products

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16
Q

What is diversification? risk ?

A

New products sold into New markets  - most risky - Entirely new target market- We develop products

17
Q

What are the four uses of Ansoffs Matrix? What can we consider?

A

Helps identify potential markets for future options of expansion

And potential marketing strategies that - may associate costs benefits and risks -SWOT Analysis

Identified all the current products and services- Boston matrix - Product portfolio- see if you can get that first mover advantage in new markets

Can consider future options of expansion

You can use the investment appraisal technique to look 👀 at the capital expenditure of each project - risk

18
Q

What are the four limitations of Ansoff’s matrix

A

Only shows part of the picture

Oversimplifies the market

Large MNCs maybe thousands of suboptions and strategies - limits

Should also conduct SWOT and PESTLE- Get a better idea of the whole picture

19
Q

what is SWOT analysis ?

A

An Analytical tool Analysing A business Its resources and it’s environment

20
Q

What is SWOT commonly used for?

A

Seeing the strengths and weaknesses - Internal

opportunities and threats - external

21
Q

What is internal within swot analysis? What does this mean?

A

Strength and weaknesses
In control of the business
and relate to present day situation

22
Q

what is external in SWOT analysis what does it mean?

Relate the changes in the ?

A

Are external
Relate to changes in the environment which impact the business

23
Q

What are strengths in swot analysis?

What do they help build up?

What do they need to be?

A

Source of competitive advantage

Help build up a competitive advantage

Strengths need to be protected

24
Q

Give some examples of strength within SWOT analysis 

A

High market share
high-quality
leadership and management skills financial resources

25
Q

What are weaknesses?
What should management do? 

A

Source of a competitive disadvantage
Seek ways to elements or reduce weaknesses

26
Q

What is weakness in SWOT analysis ?

A

An area for improvement

27
Q

What are some examples of the potential business weaknesses?

A

Low market share
Out of date technology
Poor quality
lack of innovation
demotivating staff

28
Q

What are opportunities?

A

Creates Positive potential for business to achieve objectives

29
Q

What are potential Business opportunities?

A

new demand
market growth 
Social or lifestyle changes 
Diversification opportunities 

30
Q

What a threats ?

A

external developments that may hinder the business from achieving an objective

31
Q

What a potential business threats ?

A

Democratic change
new regulations
economic downturn
consumer changes in tastes

32
Q

What is the value of using SWOT analysis?

What is it supporting ?

A

it’s an analytical technique used to support decisions

33
Q

what do we match with SWOT analysis?
What do we convert? eg

A

Strengths with opportunities

Weaknesses into strengths

Examples

poor skills? - invest in training and most effective recruitment
poor quality ? - investing quality assurance

34
Q

What are the advantages of SWOT? 4 things

A

Easy to understand
logical structure
focuses on strategic issues 
encourages analysis on external environment

35
Q

What are the disadvantages of SWOT?

A

Too often lacks focus on too many other elements

Can quickly get out of date

Is it really an independent assessment? 

A-Level Business 📈 (62 decks)

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