3.7.1 Mission, corporate objectives and strategy

Question 1

strategic decisions

Answer 1

judgements made by senior managers that are long term, involve a major commitment of resources and are difficult to reverse

Question 2

strategy

Answer 2

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

Question 3

tactics

Answer 3

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

Question 4

SWOT analysis

Answer 4

a management technique used to identify a business’s strengths and weaknesses, as well as the opportunities and threats to which it will be exposed

Question 5

SMART objectives

Answer 5

Specific
Measurable
Achievable
Relevant
Time bound

Question 6

mission statement

Answer 6

declares the organisations purpose, aims, identities, policies and values

Question 7

corporate objectives

Answer 7

sets out what you need to do to achieve your aims and purpose

Question 8

internal and external influences on finance

Answer 8

internal: budget, current borrowing (gearing), credit score
external: price (inflation), interest rates, economy

Question 9

internal and external influences on marketing

Answer 9

internal: budget, brand image, reputation, skills and marketing
external: competition, economy

Question 10

internal and external influences on Human Resources (HR)

Answer 10

internal: budget, skills and staff
external: legislation, unemployment, economy

Question 11

internal and external influences on operations

Answer 11

internal: budget, new products, staff, materials
external: economy