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Business > Business Objectives And Strategy > Flashcards

Business Objectives And Strategy Flashcards

1
Q

What is a Strategic Objective?

A

How the business plans to achieve its aims and goals.

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2
Q

What is a Tactical Objective?

A

The day-to-day objectives a business uses to work towards the overriding goals.

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3
Q

What is an Operational Strategy?

A

Short-term goals whose achievement brings an organisation closer to its long-term goals.

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4
Q

What is SMART?

A 
Specific
Measurable
Achievable
Realistic
Time
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5
Q

Give reasons why SMART Objectives are Important.

A
  • provides a focus for the business
  • creates a deadline
  • can see if the business is achieving their goals
  • allows for comparison
  • reduces wastage
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6
Q

Give INTERNAL reasons a business may not achieve its objectives.

A
  • motivation amongst employees
  • costs
  • size of the business
  • business procedures
  • workforce in general
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7
Q

Give EXTERNAL Reasons a business may not achieve their objectives.

A
  • competition
  • government
  • legislation
  • state of economic
  • trends
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8
Q

Define Mission Statement.

A

A written and publicised account of the business’ aim/s.

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9
Q

What does an Effective Mission Statement do?

A
  • gives business USP
  • defines where the business wants to go
  • excites, motivate and guides employees
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10
Q

Why are Mission Statements sometimes Criticised?

A
  • not always supported by business’ actions
  • often too vague or just stating the obvious
  • viewed as PR exercise
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11
Q

Define Ethics.

A

Moral guidelines, which govern good behaviour.

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12
Q

Define Corporate Social Responsibility.

A

When companies integrate social and environmental concerns into their business operations and in their interactions with stakeholders on a VOLUNTARY basis.

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13
Q

Give reasons for a business using CSR.

A
  • ethical thing to do
  • improves a business’ reputation
  • necessary to avoid regulation
  • socially responsible actions can be profitable
  • attractive to stakeholders
  • helps to correct social problems the business has created
  • increase employee motivation
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14
Q

Define Strategy.

A

How the business plans to achieve something.

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15
Q

Define Corporate Strategy.

A

Concerned with the overall purpose and scope of the business to meet stakeholder expectations.

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16
Q

Define Business Unit Strategy.

A

Concerned more with how a business competes successfully in a particular market.

17
Q

Define Operational Strategy.

A

Concerned with how each part of the business is organised to deliver the corporate and business unit level strategic direction.

18
Q

What is the Strategic Management Process?

A

Strategic Choice Strategic Analysis Strategy Implementation

19
Q

Define Market Segmentation.

A

Process of dividing the market of potential customers into different “segments” based on different demographics.

20
Q

Define STEEPLE Analysis.

A

An analysis of external factors that could affect a business.

21
Q

Define SWOT Analysis.

A

A useful summary technique for summarising key issues arising from an assessment of a business’ internal and external environmental influences.

22
Q

What is Porter’s Five Forces Model?

A

A system for analysing the level of competition in an industry, particularly focusing on strategy.

23
Q

What are the 5 Forces of Porter’s Model?

A
  • threat of substitute
  • threat of new entrants
  • bargaining power of suppliers
  • bargaining power of buyers
  • intensity of industry rivalry
24
Q

Explain Threat of New Entrants (P5f).

A
  • new firms enter market they take a share of the market
  • increase competition intensity
  • greater barriers to entry, smaller the threat will be
25
Q

Explain Bargaining Powers Of Supplier (P5f).

A
  • suppliers who can force up the price of their products
  • this cuts profit available in industry
  • lack of bargaining power of supplies
  • increases profitability and lowers competitive industry
26
Q

Explain Bargaining Powers of Customers (P5f).

A
  • consumers have strong barraging powers
  • force prices down
  • reduces likely profitability
  • acting as consumers, businesses could negotiate over prices for suppliers.
27
Q

Explain Threat of Substitutes (P5f).

A
  • substitute enter market
  • business doesn’t keep up to date with trends
  • loses market share
28
Q

Explain Degree of Competition (P5f).

A
  • highly competitive industries will have innovation, price wars and higher spending on promotion
  • reduces level of profitability in industry
29
Q

Define Internal Audit.

A

A review of the procedures and organisation within a business.

30
Q

What would you look at during an Internal Audit?

A
  • operations
  • Human Resources
  • sales and marketing
  • finance

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