A level Business Flashcards
Worforce planning
Marketing strategy
How the company intends to achieve it marketing objectives. Includes
market research, objectives, budget and marketing mix.
Corporate plan
Lon term plan of action
Strategic analysis
Business current position+environment
SWOT
PEST
Boston matrix (DOG/PROBLEM CHILD/CASH COW/STAR) (DIVEST/BUILD/MILK/HOLD)
Porters five force analysis (Barriers to entry/threat of substitutes/supplier/buyer power/competitive rivalry)
Core competence (capability that gives competitive advantage)
-range of products
-benefit customers
-hard to copy
Core product-based on core competence but not necesarily for end use
Strategic choice
Ansoffs matrix (market penetration/diversification/product development/market development) Force field analysis (driving forces/constraining forces of a decision) Decision trees (chances of options occurring+economic return)
Strategic implementation
Process of planning/allocating resources/appropiate organisational structure/motivated staff/leadership style from one current postion to another
Corporate/business plan (objectives)
Corporate culture
- power (only a few people have power)
- task (teamwork)
- role (each member has a clear defined job)
- person (freedom)
- entrepenuaral (encourage managers to take risks/come up with new ideas)
Contingency plan
preparing resources for unlikely events)
overcoming resistance to change
Workforce performance
labour productivity
labour turnover
quality
R+D
Investing in scientific research+tecnological development for innovative products
Strategic management
Planning for future with long temr objectives+strategies
HRM
soft+hard approach
soft
based on motivating staff by involving them in decision making
hard
based on cutting costs
Corporate plan
Long term goals+strategies to achieve them
Dynamic market
Changing environment
Social audit
Report on CSR
Marketing plan
Objective
Budget
Marketing mix
Sales forecasting
Predicting future sales+trends
