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miss duddigan-business objectives and strategy Flashcards

1
Q

what is mission statement

A

written description of a business aims
used to make stakeholders aware of what business does
encourage employees to work towards its aims
tell you purpose of business
can include how it will achieve its mission, values, standards etc

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2
Q

adv of missions statments

A

give staff shared purpose and encourage them towards a goal

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3
Q

dis of mission ststmetns

A

do not have to porve twhat they put in mission statement is accurate
can say what customers want to hear
repuation may be damaged if customers figure out that actions dont reflect values

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4
Q

objectives

A

turn cooperate aims into specific goals of a business

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5
Q

cooperate objectives

A

goals of a business as a whole

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6
Q

departmental objectives

A

fucntions of each department
more specifc and more detailed
manger looks how there department can acheive the cooperate aim set

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7
Q

obejctives should be SMART

A

Specific
Measurable
Agreed
Realistic
Timely

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8
Q

specific

A

vague obejctives e.g improve quality done tell staff what they need to do
aims needs to be clear and precise

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9
Q

measurable

A

if not measurable =, business wont know if achieved or not

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10
Q

agreed

A

everyone involved needs to know about it and be happy with it

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11
Q

realistic

A

aim should nto be too ambitious so if not workers wont feel defeated

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12
Q

timely

A

making sure obejcitve is within a time frame so people awont jjst see it as unimporant and put it aside

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13
Q

strategy

A

long term plan of action developed to achieve businesses objectives

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14
Q

tactics

A

short ter plans
techniques used to achieve a strategy

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15
Q

ansoff matrix

A

Market penetration
Prodcut development
Market develpment
Diversification

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16
Q

market penetration

A

trying to increase market share in existing market #
e.g advertsiing, pricing strategies
least risky
wroks best in gorwth market rather then saturdated market wherer demand has been met

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17
Q

product development

A

selling new products in existing market
best when business is gowing, at competitive advantage, high market share

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18
Q

market development

A

selling existing products to new market
can be doen through repositioning-looks at different segment
can do this by research and development
how it can adapt its product to suit new markets needs
could do this by channles of distribition e.g ecoomerance direcly selling to customers

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19
Q

diverstiifcation

A

selling new products to new markets
risky

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20
Q

what is aisnoff matrix used for

A

used to compare levels of risk involved with growth strategies

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21
Q

adv of ainsoff matrix

A

allows manager to think about risks of moving in certain direction

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22
Q

dis of ainsoff matrix

A

fails to show that market develpment and diversification require significant chnage on day to day spednign of business

not useful for large, multinational businesses

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23
Q

porters three genetic strategies to gain advantage

A

Cost leadership
Differentiation
Focus
cat dig fish

24
Q

cost leadership

A

lowest cost of production for given level of quality
big firms with efiifcent prodcution facilities achieving economies of scale may use

in price war, can maintain profitbility
in price decline, firm can stay profitable from low costs

25
differentiation
product with unique attributes consumers value and believe better then rivals allow businesses to charge premium prices strong branding risks-imiation from other businesses and chnages in consumer tastes
26
focus
focuses on niche markets either difefrentiaitning or minimising costs
27
what does it say if something is not placed in any section of proters genetic strategies
stuck in the middle helps them steer into a direction
28
dis of genetic strategies
oversimplistic only focuses on narorowing down to difefrention and low production costs rather then busiensses acheiveing both doesnt give info on how to improve
29
kays model of distincitv ecapabilities
three capbilties for a bsuiensses success something business is good at over comeptitiors
30
what are the three cpabialities outline by kay
architecture reputaion innovation ari-star sign
31
archietecture
describes relsitosnhip between business and its stakeholers if business can have strong relstionship with starkeholders, more likley to be successful
32
reputation
business can build good reputation by keeping customers satisfied e.g good customer service by creating product which is high quality customers more lliekly to be loyal customers more likely to tell others word of mount increases reputation
33
innovation
having USP gives competituve advantage
34
what else do distinctive capabilities need to be
sustainable-maintain capabilities to maintain competitive advantage appropriate-one busienss not able to copy
35
boston matrix
question marks -high market growth, low market share cash cows-low market gorwht high market share stars-high market share and high market growth cows-low market share and low market growth
36
dis of boston matrix
simplified model-only shows high market growth and high market share does not account for businesses with medium market growth and market share factors aren't only factors which indicate profitability
37
SWOT ANALYSIS
INTERNAL strengths weaknesses EXTERNAL oppportunities threats
38
usefulness of swot analysis
helps managers make tacticl decisions considers businesses individual circumstances business will focus on opporutnities changing weaknessses to strengths managing threats
39
adv of swot analysis
can easily be redone if conditions are changed
40
pestle analysis
looks at external influences on a business Political Economical Social Technological Legal Envioronmental
41
political
governmental policy on taxation idea that what goverments choose to do affects business if want to help new businesses, reduce taxes may put tax on unhealthy products e.g cigarretes to improve health of nation
42
economic
change in consumer spending, interste rates, exchnage rates and economica growth strong economy, low levels of unemployment, have higher income so more liekly to spedn more on non-essential goods
43
social
cgange in social trends can mean changes in demand e.g become more concerned about health so demand for sugary drinks fall then mean they may reconsider their deisgn mix
44
technological
decisions in new technology may be delayed if better and more efficient technology emerging
45
proters five forces model
shows industry being infleunced by five competitve forces decsion making tool
46
barriers to entry-how easy is it for new firm to get into market
new markets will want to enter makret making similar products up to existing firms to make it hard for new firms to get in
47
strategies to raise barriers to enter
threaten new entrants with price war large businesses most liekly to be benefitting from economies of scale undercut prices of new entrants (predatory pricing) however, against EU competitive law trademakrs (protection of a logo) to make it harder for new entrants to make simialr products
48
buyer power-buyer wants as low price as possible
buyers have more power when there are fewer of them buyers have more power when products are standardised
49
strategies to influence buyer porwer
if buyer increases quantity of product
50
supplier power-suppliers want to get as high price as possible
suppliers have more power wgen few suppliers but lots of customers
51
strategies to influence supplier power
businesses can tie other businesses into long term contracts so they cant switch suppliers
52
threats of subsititutes-how likely customers are to buying an alternative
53
strategies to reduce threat of subsitutues
difefrentiating product anc creaitng brand loyalty, so reduces threat of substitiutes canidentify needs of new gorup whos needs arent being quite men and there wont be any other substitutes they can buy from that your offering
54
rivalry within industry-how much comp there is
streategies to prevent cometition bigger promotional capaigns to attract more customers however, expensive so cant be used for all businesses
55

mock revision business (31 decks)

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