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mock revision business > miss duddigan-business objectives and strategy > Flashcards

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
Q

differentiation

A

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
Q

focus

A

focuses on niche markets
either difefrentiaitning or minimising costs

27
Q

what does it say if something is not placed in any section of proters genetic strategies

A

stuck in the middle

helps them steer into a direction

28
Q

dis of genetic strategies

A

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
Q

kays model of distincitv ecapabilities

A

three capbilties for a bsuiensses success
something business is good at over comeptitiors

30
Q

what are the three cpabialities outline by kay

A

architecture
reputaion
innovation
ari-star sign

31
Q

archietecture

A

describes relsitosnhip between business and its stakeholers
if business can have strong relstionship with starkeholders, more likley to be successful

32
Q

reputation

A

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
Q

innovation

A

having USP gives competituve advantage

34
Q

what else do distinctive capabilities need to be

A

sustainable-maintain capabilities to maintain competitive advantage

appropriate-one busienss not able to copy

35
Q

boston matrix

A

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
Q

dis of boston matrix

A

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
Q

SWOT ANALYSIS

A

INTERNAL
strengths
weaknesses

EXTERNAL
oppportunities
threats

38
Q

usefulness of swot analysis

A

helps managers make tacticl decisions
considers businesses individual circumstances
business will focus on opporutnities
changing weaknessses to strengths
managing threats

39
Q

adv of swot analysis

A

can easily be redone if conditions are changed

40
Q

pestle analysis

A

looks at external influences on a business
Political
Economical
Social
Technological
Legal
Envioronmental

41
Q

political

A

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
Q

economic

A

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
Q

social

A

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
Q

technological

A

decisions in new technology may be delayed if better and more efficient technology emerging

45
Q

proters five forces model

A

shows industry being infleunced by five competitve forces
decsion making tool

46
Q

barriers to entry-how easy is it for new firm to get into market

A

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
Q

strategies to raise barriers to enter

A

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
Q

buyer power-buyer wants as low price as possible

A

buyers have more power when there are fewer of them
buyers have more power when products are standardised

49
Q

strategies to influence buyer porwer

A

if buyer increases quantity of product

50
Q

supplier power-suppliers want to get as high price as possible

A

suppliers have more power wgen few suppliers but lots of customers

51
Q

strategies to influence supplier power

A

businesses can tie other businesses into long term contracts so they cant switch suppliers

52
Q

threats of subsititutes-how likely customers are to buying an alternative

A
53
Q

strategies to reduce threat of subsitutues

A

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
Q

rivalry within industry-how much comp there is

A

streategies to prevent cometition
bigger promotional capaigns to attract more customers
however, expensive so cant be used for all businesses

55
Q
A

mock revision business (31 decks)

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