Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business unit 7 > 7.1 > Flashcards

7.1 Flashcards

influences on mission,objectives and strategy

1
Q

what is a mission statement ?

A

sets out what a firm is trying to achieve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what will a mission statement include ?

A

what the firm believes in , its values, which markets it competes in and overall what the business wants to be.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is the purpose of a mission statement ?

A

-everyone in the business knows what they should ultimately be trying to do
- directed towards achieving the mission
-enables decision making
-motivate employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what does a mission statement need to be ?

A

-clear and concise
-informative
reviewed frequently
-inspirational

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

what are some influences on the mission of a business?

A

-competitors actions
-past performance
-PESTLE factors
-industry they compete in

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what are corporate aims ?

A

Corporate aims are long-term plans of the business from which its corporate objectives are derived.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what should corporate aims provide guidance for ?

A

-functional objectives
-managers making decisions
-setting corporate objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

what are corporate objectives?

A

Corporate objectives are medium to long term goals established to coordinate the business and enable the aim to be completed.
Objectives should always be SMART.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what does smart objectives ?

A

specific , measurable ,achievable , realistic and time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

how does market position influence CO ?

A

This could be the share of sales in a specific new or existing market or a growth rate for sales in a market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

how does innovation influence CO?

A

This refers to the invention and development of new goods and services, as well as new processes and methods of producing and supplying products.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

how does human resources influence CO ?

A

Objectives in this area may relate to motivation or engagement amongst employees.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

how does productivity influence on CO ?

A

This refers to the efficient use of resources to gain the maximum output from minimal inputs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

how does financial resources influence CO?

A

These objectives could relate to the amount of capital available to a business and its sources, and how it might be used.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

how does physical resources influence CO ?

A

This refers to the buildings, land, equipment and technological resources available to the business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

how does social responsibility influence CO ?

A

This is an area in which setting objectives has become more common as businesses have responded more fully and openly to stakeholders’ needs.

17
Q

how does profit maximisation influence CO ?

A

profit is maximised when the difference between sales revenue and total costs are at its greatest.

18
Q

what external factors influence CO ?

A

competition,economy,pressure groups,

19
Q

what internal factors influence CO ?

A

Brand perception, finance, HRissues, experience,operational issues.

20
Q

what is market standing ?

A

this is when a business try and establish an image to add value to the product and gives consumer confidence to assume best of company.

21
Q

what does high market standing mean ?

A

the public needs to believe the business operates as a force of good whether its their products or employment practices or a positive approach to their social responsibilities.

22
Q

what is short terminism ?

A

Whereas market standing is a classic long-term objective, some companies can only focus on the short term.

23
Q

why does a business choose short terminsim ?

A

This is because trading difficulties have made business reporters critical of the management and are therefore scrutinising each 6 monthly profit statement.
This means that companies tend to spend less on growth and re development so that their cash flow and to some extent profits look healthy for their stakeholders. However, this could be at the cost of long-term prospects.

24
Q

what are the three types of business ownership ?

A

plc- shares stock on stock exchange
ltd-family run business
private equity- buy business with the intention of stripping assets or rebuild the business

25
Q

what are the four steps of strategic planning?

A

set mission
plan how to achieve it
implement plan
monitor and evaluate results

26
Q

benefits of strategic planning ?

A

clear direction
way of measuring progress
more efficient decision making

27
Q

what is corporate strategy?

A

A corporate strategy is a long-term plan to achieve the business’s corporate objectives. Several strategies may be put in place to achieve one corporate objective. Strategies may involve significant resources

Tactics is the term used to describe the ‘smaller’ decisions / action that a firm will use when putting its strategy in place, e.g., sponsoring a local football team would be a short-term action to support a firm’s strategy of working with the local community and ultimately achieving its objective of improving its corporate image.
For example; might be to determine the best channels for your business and the most effective messages for your audiences

28
Q

what are tactics?

A

Tactics is the term used to describe the ‘smaller’ decisions / action that a firm will use when putting its strategy in place,

29
Q

what are functional decision making ?

A

strategic decisions first with functional decisions after to support them , ie marketing, finance,operations and Human Resources

30
Q

what is SWOT analysis ?

A

a technique used to identify strengths, weaknesses, opportunities, and threats for your business or even a specific project.

31
Q

what are the strengths of SWOT ?

A

in order to be a strength the company needs to look good and take advantage of it.
-high staff moral
-strong brand identity
-good industrial relations

32
Q

a weakness of SWOT ?

A

a weakness occurs when a company performs poorly in an important area and fails to take advantage of an existing strength.
-low productivity
-low staff morale
poor cash flow

33
Q

what are opportunities of SWOT ?

A

is a external condition that could impact postively impact the business
-changes in tec/their markets
-changes in government policy/population profiles.

34
Q

what are threats of SWOT ?

A

could create a negative impact on the business,
-economic recession
-legislation
-increased taxes
-new technology

35
Q

what are the uses of swots ?

A

develop a plan that includes internal and external factors minimises weakness and threats.

36
Q

what are the strength of swot analysis?

A

low cost\straightfoward
assits manger in a structured way

37
Q

what are the limitations of swot analysis ?

A

can only cover issues that are classified as a swot,privdes a lot of info but no solutions

Business unit 7 (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions