Chapter 1 Flashcards
What are corporate objectives?
Corporate objectives or targets set for the whole farm to reach in a given time period 
What is a mission statement?
A mission statement is a catchy summary of the reason why a business exists
Mission
Is the underpinning purpose behind the existence of the business?
Influences on business mission
Purpose,.
Values. Standards and behaviour.
Limitations of mission Statement
If the sense of the mission is not said, amongst the feelings of the employees mission statement for me, nothing, I’m just be words
What is a corporate strategy?
Corporate strategy is a medium to long-term plan for achieving the corporate objective
What is porters generic strategy mix?
This provides advice to any business on the potential routes to choosing a successful corporate strategy?
What does in each corner of the porters generic strategy mix? 
Low-cost, differentiation, focused, low-cost, focused differentiation
What labels are given to the Y and X axes?
Y axis top equals mass market bottom equals niche market X axis equals left lowest cost Operator write equals highest differentiation 
Why is the end sophs matrix used by companies?
The ends of matrix as a tool used by Firms to analyse and plan the strategies for growth 
What goes in each corner of the Ansofs matrix
Market penetration, market development, product, development, diversification
Swat analysis 
Swot analysis identifies a business in the strengths and weaknesses, along with the opportunities and threats It faces
How to conduct a SWAT analysis with the top down approach?
This method tends to use external management, Constance working directly with the boss of the business
What is the consultative approach?
A boss who takes the opportunity to travel around the business, can conduct a more thorough analysis about what works well, unless well within the business
What are key performance indicators?
Quantifiable measures that the business considers to be the main reason of its commercial success
