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Business > Business Objectives > Flashcards

Business Objectives Flashcards

1
Q

Ansoff Matrix

A

Marketing planning model that helps a business determine its product and market

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2
Q

Market penetration

A

Existing product in an existing market. Eg new apple phone

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3
Q

Forecasting

A

Use of existing data to predict future trends

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4
Q

Qualitative forecasting

A

Based upon views and opinions

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5
Q

Delphi technique

A

Exports asked their opinions on likely outcomes of particular situations

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6
Q

CSR (corporate social responsibility)

A

The responsibilities of an organisation to put initiatives in place to benefit society

+ improved brand image
+ increased sales
+ climate change

  • higher costs
  • prices rise
  • difficult for small businesses
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7
Q

Internal audit

A

Allows business to assess its strengths and weaknesses in relation to competitors

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8
Q

Business plan

A

Written document, describes the business, its objectives, strategies, the market, financial forecast.

Includes - business idea, target market, cost and price, finance required

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9
Q

+ - business plan

A

+ provides focus
+ sense of direction
+ useful when asking bank for loans

  • time consuming
  • useless unless followed
  • rigid
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10
Q

Plan-Do-Review Cycle

A

Planning and preparing
Gathering evidence
Taking action
Reviewing and improving

+ methodical
+ clear
+ allows evaluation

  • limited value
  • lengthy process
  • needs all staff on board
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11
Q

Contingency planning

A

Preparing for predictable and quantifiable problems
Preparing for unexpected and unwelcome events

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12
Q

Uncertainty

A

Inability to calculate the costs and benefits of a decision precisely

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13
Q

Crisis management

A

Dealing with an event that threatens harm to the business and its stakeholders

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14
Q

Management Response

A

Assess crisis severity, contact senior execs, oversee implementation

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15
Q

Operational response

A

Implement contingency plan, minimise impact on stakeholders

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16
Q

Communication response

A

Contact key stakeholders, media briefing

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17
Q

Porters 5 forces model

A

Analyses nature of competition and industry profitability

  • threat of new entrants
  • degree of rivalry
  • bargaining power of buyer
  • bargaining power of suppliers
  • threat of substitutes
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18
Q

Diversification

A

New product in new market

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19
Q

Product development

A

New product existing market

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20
Q

Porters generic strategies

A
  • cost leadership (lowest cost producer)
  • cost focus (cost advantage in market segment/s)
  • differentiation (differ in market segment/s)
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21
Q

Corporate strategy

A

Overall purpose and scope of business to meet stakeholder expectations

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22
Q

Business unit strategy

A

How a business competes successfully in a particular market

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23
Q

Examples of contingency planning

A

Marketing - avoid over reliance on customers and producers
Operations - hold spare capacity
Finance - insurance against and debt
People - selection procedures

24
Q

Management response

A

Assess crisis severity, contact senior executives, oversee implementation

25
Q

Operational response

A

Implement contingency plan, minimise impact on stakeholders

26
Q

Communication response

A

Contact key stakeholders, media briefing

27
Q

Seasonal variations

A

Changes that take place due to factors which operate in a regular and periodic manner, one year
(Seasons)

28
Q

Cyclical variation

A

Difference between actual and 3 point moving average, find average of that

Due to stage of business cycle, greater than a year
(Economic factors)

29
Q

Extrapolation

A

Use of trends established by historical data to make predictions about future values

30
Q

Variation

A

Difference between actual sales and 3 point moving average

31
Q

Cyclical variation calculation

A

Add up variation for each cycle point and divide by number of cycle points

32
Q

Time series analysis + -

A

+
Compare past/present performance
Help for future predictions
Takes out outliers

  • Can’t predict future
    Rely on single data set
    Recent data more useful
33
Q

Time series analysis

A

Forecasting using historical numerical data

34
Q

How TSA works

A
  1. Find data
  2. Moving average to smooth out
  3. Line of best fit
  4. Cyclical variation
35
Q

Market development

A

Existing product in new market
Eg new geographical markets, different pricing markets

36
Q

Diversification

A

New products in new market
Eg Nokia produced paper now produce phones

37
Q

Evaluating market penetration

A

Focus on market and products it knows well
Insight on what customer wants
No significant new market research

38
Q

Evaluating product development

A

Plays to strengths of established business
Emphasis on market research and innovation
First to market

39
Q

Evaluating market development

A

Logical when markets are in decline
More risky
May not suit new market

40
Q

Evaluating diversification

A

Risky strategy
No experience
Few EOS
Risk is spread

41
Q

Mission statement

A

Summary of aims and objetives

42
Q

Strategic objective

A

Statements that create overall vision and set goals with measurable steps to achieve outcome

43
Q

Tactical objective

A

Immediate short term desired result

44
Q

Strategic decision

A

Decisions concerned with whole environment in which the firm operates
Eg expansion

45
Q

Tactical decision

A

Concern more detailed implementation
Eg finance options

46
Q

Operational decision

A

Specific decisions made every day
Eg who is working

47
Q

Operational strategy

A

How each part of business is organised to deliver the direction

48
Q

Strategic management

A

Planning and monitoring necessities an organisation needs to meet objetives

49
Q

SWOT

A

Strengths weaknesses opportunities threats

50
Q

Quantifiable risk

A

Likelihood of predictable risk occurring

51
Q

Unquantifiable risk

A

Risk that is unexpected, cant place value on it

52
Q

Calculated risk

A

Risk that’s been given consideration

53
Q

Decision trees adv

A

Allows to compare options in quantifiable way
Identify opportunity costs
Easy to calculate
Visual
Compare variety of alternatives

54
Q

Decision trees disadv

A

Assumes ceteris parabus
Dependant on accurate figures
Qualitative factors being ignored
Managerial bias
Less useful when new situation

55
Q

TSA adv

A

Compare past and present performance
Help for future predictions
Plan for future
Takes out outliers

56
Q

TSA disadv

A

Cant predict future
Rely on single data set
Doesn’t account for change

57
Q

Financial measures of performance

A

Figures
Profit
Costs
Debt
Staff
Total capital
Productivity
Number of refunds

Business (8 decks)

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