Influences on objectives

Question 1

What is short-termism

Answer 1

Shareholders can demand a quick return on their investment , which leads to short-term objectives to increase profits.

Question 2

Why do corporate objectives influence marketing objectives

Answer 2

must make sure its objectives are aligned with the company’s overall goals eg short-termeism

Question 3

External factors influencing marketing objectives

Answer 3

State of the economy
Technology - in markets where technology changes rapidly focus is on sales and price so marketing department must reassess sales objectives and pricing strategies
Competitors
Government regulations

Question 4

Internal factors influencing operational objectives

Answer 4

Nature of product eg a computer firm is likely to focus on innovation whilst a family run pub is likely to focus on capacity utilisation
Overrall objectives
Availability of resources

Question 5

External factors influencing operational objectives

Answer 5

Competitors performance eg Chinese firms may force companies to be more cost-efficient
New technology
Changing customer needs

Question 6

Internal influences on financial objectives

Answer 6

Objectives of the business
Status of the business

Question 7

External influences on financial objectives

Answer 7

Availability of finance
Competitors
Economy
Shareholders- ROI

Question 8

Internal factors influencing HR objectives

Answer 8

Culture of business - eg fast food restaurants don’t care about labour turnover
Availability of finance- eg for training etc

Question 9

External factors influencing HR objectives

Answer 9

Economy - recession will affect employment
Employment laws- change objectives to fit in with new legislation eg new minimum wage

Question 10

What is a strategy

Answer 10

Medium to long term plan of action developed to achieve business objectives

Question 11

What is SWOT analysis

Answer 11

is a four-factor model that details the strengths, weaknesses, opportunities and threats facing a business