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Business > 7. Mission And Corporate > Flashcards

7. Mission And Corporate Flashcards

1
Q

What is the mission of a business?

A

The overall purpose of a business influenced by owners’ goals, personal values, and market opportunities

The mission shapes the direction and focus of the business.

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2
Q

What are corporate objectives?

A

Goals set by the business as a whole to achieve its mission

These differ from functional objectives, which are set for individual departments.

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3
Q

List three types of objectives a business can set.

A
  • Profit
  • Growth
  • Survival
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4
Q

What internal factors influence a business’s objectives?

A
  • Ownership
  • Short-termism
  • Internal environment
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5
Q

How does ownership affect a business’s objectives?

A

The form of the business (for-profit or non-profit) influences its goals and decision-making freedom

For example, sole traders have more freedom compared to limited companies.

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6
Q

What is short-termism in the context of business objectives?

A

The tendency for shareholders to demand quick returns, leading to short-term profit objectives

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7
Q

What external factors can influence a business’s objectives?

A
  • Political
  • Legal
  • Economic
  • Social
  • Technological
  • Environmental
  • Competition
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8
Q

What is a strategy in business?

A

A medium to long-term plan of action developed to achieve a business’s objectives

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9
Q

What is the relationship between strategy and corporate objectives?

A

A corporate strategy is based on achieving corporate objectives

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10
Q

What are tactics in business?

A

Short-term plans for implementing strategy, focused on day-to-day activities

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11
Q

What differentiates strategic decisions from functional decisions?

A

Strategic decisions are long-term, high-risk and determine the overall direction, while functional decisions are short-term, lower risk, and made within individual departments

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12
Q

What is a SWOT analysis?

A

A tool used to identify strengths, weaknesses, opportunities, and threats facing a business

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13
Q

Fill in the blank: The acronym SWOT stands for _______.

A

Strengths, Weaknesses, Opportunities, Threats

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14
Q

How can changes in the economy affect a business’s objectives?

A

They may shift focus from profit maximization to survival

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15
Q

What might consumer interest in environmental issues influence?

A

A business’s decision to set objectives to minimize pollution

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16
Q

Provide an example of how functional decisions support strategic decisions.

A

If a business’s objective is to increase sales by 5%, the strategic decision may be to expand production capacity, leading HR to recruit more staff

17
Q

What does SWOT stand for?

A

Strengths, Weaknesses, Opportunities, Threats

18
Q

What is a strategy?

A

A plan to achieve specific objectives

19
Q

Name three internal factors that could influence a business’s objectives.

A
  • Strengths
  • Weaknesses
  • Mission
20
Q

Name three external factors that could influence a business’s objectives.

A
  • Opportunities
  • Threats
  • Economic conditions
21
Q

What is the purpose of SWOT analysis?

A

To plan strategies by assessing strengths, weaknesses, opportunities, and threats

22
Q

Fill in the blank: SWOT analysis helps businesses to _______.

A

[plan strategies]

23
Q

What is one advantage of SWOT analysis?

A

It can easily be redone to account for changing conditions

24
Q

True or False: SWOT analysis is done in a subjective way.

A

False

25
Q

List the strengths mentioned for the coffee shop.

A
  • Good reputation
  • Good location
  • Good quality products
26
Q

List the weaknesses mentioned for the coffee shop.

A
  • Small premises
  • Cannot compete on price with chain stores
27
Q

What opportunity was identified for the coffee shop?

A

Selling cakes and drinks to take away could increase their market size

28
Q

What threat was identified for the coffee shop?

A

Possibility of a new competitor with lower prices

29
Q

How can a business adapt its strategy using SWOT analysis?

A

By focusing on changing strengths, weaknesses, opportunities, and threats

30
Q

What should managers focus on when planning strategy according to SWOT analysis?

A
  • Opportunities that build on strengths
  • Converting weaknesses into strengths
  • Managing threats
31
Q

Fill in the blank: The sandwich shop’s strength is that it is the only place in town that sells _______.

A

[fresh-made sandwiches]

32
Q

What is the weakness identified for the sandwich shop?

A

It is located down a back alleyway

33
Q

What opportunity does the sandwich shop have?

A

A new call center with 100 employees is opening nearby

34
Q

What threat does the sandwich shop face?

A

A local restaurant is introducing a low price lunch menu

Business (10 decks)

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