3.7.1 Flashcards
What 5 things does the mission statement typically focus on?
- values of the business
- the area in which it operates
- importance of different stakeholders
- intended impact on society
- aims
What are the 7 main focuses of corporate objectives?
- innovation
- sustainability
- shareholder value
- growth
- social responsibility
- profitability
- market standing
What are the 5 external factors effecting corporate objectives?
- economy
- social change
- technology
- global prices
- competitor actions
What are the 5 internal factors affecting corporate objectives?
- poor performance
- new leadership
- business ownership
- business culture
- business growth
What is a strategy?
long term plan or a way to achieve objectives
involve mazout commitment
guide tactical decisions
What is a tactic?
dat-to-day decisions made by middle managers
frequent and involve fewer resources
used to achieve strategic direction
What is SWOT?
SWOT analysis is a strategic tool to analyse its current position and external factors that midget effect it.
What does SWOT stand for?
Strength
Weakness
Opportunities
Threats
What part of SWOT is helpful and of internal origin?
Strength
What part of SWOT is helpful and of external origin?
Opportunities
What part of SWOT is harmful and of internal origin?
Weakness
what part of SWOT is harmful and of external origin?
Threats
what are 3 benefits of SWOT?
- assist strategic thinking in a structural way
- low-cost, simple approach
- can be combines with other decision-making modules, like PEST
What are 3 limitations of SWOT?
- subjective- depends on opinions on managers
- does not offer clear solutions
- classification may depend on perspective
