3.7.1 - mission, corporate objective and strategy Flashcards

1
Q

Mission Statement

A

Sets out a business’s overall purpose to direct and stimulate the entire business

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2
Q

Corporate objectives

A

medium to long term goals established to coordinate the business

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3
Q

Functional Objectives

A

relate to objectives for a specific function in the business

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4
Q

Swot Analysis

A

a management technique used to identify a business’s strengths and weaknesses as well as the opportunities and threats

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5
Q

Strategy

A

a medium to long term plan detailing how the company intends to achieve its corporate objectives

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6
Q

Tactics

A

Involve meeting short-term targets, require fewer resources to implement and may be easy to

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7
Q

External Influences on corporate objectives and decisions

A
  • External environment
  • Society’s views
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8
Q

Internal influences on corporate objectives and decisions

A
  • Business Ownership
  • Short-termism
  • Internal environment (business culture)
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9
Q

Short-termism

A

Where a business prioritises short term performance over long term performance

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