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BUSINESS- Unit 3 > Business Objectives and strategy > Flashcards

Business Objectives and strategy Flashcards

1
Q

what is a mission statement?

A

a statement which sets out the purpose of the business to all it’s stakeholders

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2
Q

what are corporate aims and goals?

A

They are ways to help achieve the mission statement

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3
Q

Corporate aims and goals depend on what 3 things?

A

age
size
market

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4
Q

what are corporate objectives strategies?

A

Objectives that the whole business aim towards

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5
Q

what are department objective strategies?

A

They are objectives for each department to achieve to achieve the overall objective

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6
Q

why might stakeholders create conflict?

A

Because they do not agree with the aims of the business

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7
Q

what 3 things demonstrate a culture within a business?

A

the recruitment process
how long employees stay
personality of the team

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8
Q

what 3 things will a business have if they have a strong culture?

A

staff understand and respond to culture
consistent behaviour within the team
little need for policies

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9
Q

what 2 things will a business have if they have a weak culture?

A

inconsistent behaviour

little alignment with business values

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10
Q

why is culture important?

A

because it influences all the business (pervasive)

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11
Q

what does SMART stand for?

A 
specific 
measurable
achievable
realistic 
time related
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12
Q

what are the four types of corporate culture?

A

power
task
person
role

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13
Q

what is a power culture?

A

control radiates from within

autocratic

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14
Q

what is a role culture?

A

bureaucratic

don’t work with others in different departments

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15
Q

what is task culture?

A

project orientated
small teams working together on a project
laissez faire

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16
Q

what is person culture?

A

runs own business

e.g. doctor

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17
Q

what are 3 ways in which you can minimise risk?

A

emergency funding
back up data
insurance

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18
Q

Describe the decision making process

A 
identify objectives
collect information and ideas
analyse
choose a course of action
carry out decision
outcome
evaluate and report
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19
Q

what is an intuitive decision?

A

decisions made by gut-feeling. Based on past experiences

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20
Q

what is a strategic decision?

A

high risk decision. About the bigger picture

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21
Q

what is a tactical decision?

A

how to achieve the decision

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22
Q

what is an operational decision?

A

decisions made everyday, low risk decisions

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23
Q

who is likely to make a strategic decision?

A

owners or board of directors

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24
Q

who is likely to make a tactical decision?

A

managers

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25
Q

who is likely to make an operational decision?

A

employees or supervisors

26
Q

how much resources are needed to make a strategic decision and what is an example of a strategic decision?

A

A lot is needed

e.g. whether to merge

27
Q

how much resources are needed to make a tactical decision and what is an example of a tactical decision?

A

Some resources

e.g. introduce new working arrangements

28
Q

how much resources are needed to make an operational decision and what is an example of an operational decision?

A

not a lot

e.g. when to go to lunch

29
Q

what are the 3 types of constraints on decision making?

A

internal
external
quality of decisions

30
Q

what are two example of internal restraints to decision making and explain them?

A

People’s behaviour- chose not to do it and so wont work.
Ability of finance- wanting to take over and not being able to afford it ,for example. This limits the decisions available.

31
Q

what are two example of external constraints on decision making and explain them?

A

competitors- copying so customers don’t go there because they already have a place to go.
Lack of technology- technology not designed to be able to make these decisions

32
Q

what are two example of quality of decisions constraints and explain them

A

how big is the risk?- big=more time needed

human element- they can make mistakes or can let emotions get the better of them e.g. firing employees

33
Q

what is a SWOT analysis?

A

a strategic planning tool that separates influences on a business’s future success into internal and external factors

34
Q

what does SWOT mean?

A

strengths
weaknesses
opportunities
threats

35
Q

Which of SWOT is internal?

A

strengths and weaknesses

36
Q

which of SWOT is external?

A

opportunities and threats

37
Q

what 2 things does a SWOT analysis allow you to do?

A

overcome weaknesses with strengths

define realistic goals

38
Q

what are 2 strengths of a SWOT analysis?

A

identifies it’s weaknesses

easy to completer and understand

39
Q

what are 2 weaknesses of a SWOT analysis?

A

doesn’t provide solutions

not all the information is useful

40
Q

what is porter’s 5 forces?

A

a framework to analyse the level of competition within an industry and gives an overview of that industry

41
Q

what are the 5 key areas of porter’s 5 forces?

A 
the threat of entry
the power of buyers
the power of suppliers
the threat of substitutes
competitive rivalry
42
Q

give an example that could be a threat of entry

A

established brand names

43
Q

give an example that is a power of buyers

A

there are channels of distribution;

  • modern
  • traditional
  • direct
44
Q

give an example that is threat of substitutes?

A

other similar products in the industry;
tea
coffee
juice etc

45
Q

give an example of power of suppliers

A

raw materials;
water
gas

46
Q

give an example of competitive rivalry

A

Duopoly; competition between 2 having the market share

47
Q

what is organic growth?

A

a company is growing organically when it is increasing the turnover of it’s existing business.

48
Q

what is external growth?

A

a company is growing by acquiring other companies

49
Q

what is 3 reasons why you would want to grow?

A

generate more sales/profit
economies of scale
employ more people

50
Q

what are 3 ways in which organic growth can be achieved?

A

opening up a new shop/warehouse
expanding your existing product range
increasing output

51
Q

what are 3 problems associated with organic growth?

A

slower
more gradual
market wont allow it-not enough room, competitors

52
Q

what is a benefit of a external growth?

A

fast expanison

53
Q

what are 3 problems with external growth?

A

job losses
different cultures mean it is difficult to match up
disagreements between managers

54
Q

what is a hostile takeover?

A

buying shares without consent?

55
Q

what is a friendly takeover?

A

buying shares with company knowledge

56
Q

what is a de-merger?

A

a joint company split to form 2

57
Q

what is management buy outs?

A

managers buy out directors so they own the company

58
Q

what is management by ins?

A

managers buy shares

59
Q

what is private equity buyouts?

A

a private investment company aggressively buys a controlling share in a business. They then sell off parts/all of the business and then sell the rest off for profit.

60
Q

what are 3 reasons for mergers?

A

quick way to expand
synergies(working close with a business already)
defensive reasons(compete better in the market)

BUSINESS- Unit 3 (4 decks)

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