Key terms 3.1-Business objectives and strategy Flashcards
what are corporate objectives?
the objectives of a medium to large-sized business as a whole
what are departmental/functional objectives?
the objectives of a department within a business
what are mission statements?
a brief statement written by the business describing its purpose and objectives designed to decapsulate its present operations
what are the objectives/goals?
a target of or outcome for a business that allows it to achieve its aims
what are SMART targets?
acronym for the attributes of a good objective- Specific, Measurable,Agreed,Realistic,Time-Specific
what is a corporate strategy?
plans and policies developed to meet a company’s objectives
-activities businesses need to undertake/capability of business regarding of size of business
what is a distinctive capability?
a form of competitive advantage that is sustainable because it cannot easily be replicated by a competitor
what is diversification?
developing new products in new markets
what is market development?
the marketing of existing products in new markets
what is penetration?
using tactics such as marketing mix to increase the growth of existing products in existing markets
what is a portfolio analysis?
a method of categorising all the products and services of a firm to decide where each fits within strategic plan
what is product development?
marketing new or modified products in existing markets
what is an external audit?
audit of the external environement-in which the business finds itself e.g. market within which operates in line of government restrictions
what is an internal audit?
an analysis of the business itself and how it operates
what is a SWOT analysis?
an analysis of the internal strengths and weaknesses of business and opportunities and threats presented by its external environment
