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Business Studies > Coporate Objectives > Flashcards

Coporate Objectives Flashcards

1
Q

What is a mission statement

A

A qualitative statement of an organisations aims

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2
Q

What is the hierarchy of business objectives?

A
  1. Mission statement and general aims
  2. Corporate objectives
  3. Department Objectives
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3
Q

Criticism of mission statements?

A

They’re used as a PR tool

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4
Q

How should corporate objectives work?

A
  1. It should flow from the mission statement and corporate vision
  2. Need to be SMART
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5
Q

What does SMART stand for?

A

Specific
Measurable
Achievable
Realistic
Time-related

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6
Q

What are the uses of mission statements?

A

Focus

Profitability

Identity

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7
Q

What are the limitations of mission statements?

A
  • Can be unrealistic
  • Can be a waste of management time and resources
  • Can be ambiguous
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8
Q

What are corporate timescales?

A

The expectation of when a return will be achieved

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9
Q

What is short-termism?

A

When a business is only interested in a quick financial reward and can affect the long term

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10
Q

What is Long-termism?

A

A business approach that prioritises the future of the business over the short term success.

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11
Q

What are shareholders?

A

Shareholders are individuals, institutions, or entities that own shares or stock in a company

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12
Q

What are stakeholders?

A

Stakeholders are a broader group that includes not only shareholders but also individuals or entities that have an interest or “stake” in the company such as employees and customers

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13
Q

What is Corporate Social Responsibility?

A

business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders

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14
Q

What 3 examples of CSR?

A
  • Reduce climate change
  • positive regard for human rights in employment
  • Using reusable resources
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15
Q

What are the advantages of a CSR approach?

A
  • keeps stakeholders happy
  • stimulates innovation
  • Cost reduction
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16
Q

What are the disadvantages of a CSR approach?

A
  • Some customers don’t care
  • motive behind it
17
Q

What does SWOT stand for?

A

Strength (internal)
Weaknesses (internal)
Opportunities (external)
Threats (external)

18
Q

What is SWOT used for?

A

Strategic Planning: Inform the development of strategies and plans for the organization.

Decision Making: Assist in making informed decisions based on a comprehensive analysis of internal and external factors.

Goal Setting: Align organizational goals with its internal capabilities and external opportunities.
Risk Management: Identify and mitigate potential risks and challenges.

19
Q

What is ansoffs matrix?

A

A table made of current markets, new markets, current product and new products

20
Q

What are the limitations of Ansoff’s Matrix

A

• It only shows part of the picture
• It oversimplifies the market
• Large MNCs may need thousands of sub options and strategies

21
Q

What is porters strategic strategy?

A

A table made of three generic business strategies that give a competive advantage

  1. Cost leadership
  2. Differentiation
  3. Focus
22
Q

What is cost leadership?

A

Making products at the lowest cost

23
Q

What is differentiation?

A

When a product is unique compared to others in the market

24
Q

What is focus?

A

the product or service will serve a very small specific niche, high costs are passed on to customers, no close substitutes

25
Q

What are the uses of porters strategic matrix?

A
  • establishes a clear direction for the business to go in
  • Identifies when a business may be in trouble
26
Q

What are the limitations of porters strategic matrix?

A

• Not as relevant in very dynamic markets
• May not be useful in a crisis situation
• Over simplifies the market structure

27
Q

What is the Boston matrix?

A

a marketing planning tool which helps managers to plan for a balanced product portfolio based on market share and market growth

Business Studies (16 decks)

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