Corporate stratergies Flashcards
What do businesses use to plan how they will achieve their objectives?
They will use a corporate strategy, based on corporate objectives. This is a LONG TERM PLAN.
When can a business outline a strategy?
When they have ascertained their aims and objectives.
How do strategies differ in different business types?
Smaller businesses may take more incremental steps to achieve a goal, by strategizing how they will achieve each goal at a time, whereas larger businesses will aim to have a clearly defined goal that all departments understand.
What are business tactics?
SHORT TERM plans and techniques the business will use to achieve it’s overall strategy. E.g. recruit more staff to increase output.
Do tactics always match business goals?
Not always, sometimes they can be used to react to an opportunity or threat, which will help a business to achieve their goal in the long term (may have to lose profit in short term to increase demand to achieve increasing long term profits.)
Why is the distinction between tactical plans and strategic plans important for business managers to understand?
The distinction between tactical plans (short-term) and strategic plans (long-term) is important for business managers to understand because both types of plans are necessary for the success of an organization. Strategic plans provide a framework for the organization’s long-term direction, while tactical plans provide the detailed steps necessary to achieve the strategic goals. By understanding the difference between the two types of plans, managers can allocate resources effectively and ensure their organization is well-positioned to achieve both short-term and long-term success.
How do strategic and tactical decisions affect a businesses human resources (Not HR)
A business may need to consider if their staff are capable of implementing new tactics and strategies. For example, a business may need to increase productivity but may only do so through increased amounts of automation, creating redundancies.
How do businesses tactical and strategic decisions affect physical resources?
A business may need to update resources to achieve their long and short term objectives. E.g. tactical to buy machinery to increase output, strategic, increase sales and market share.
