theme 3

Question 1

Business aim and objectives

Answer 1

Aim-is the overland goal or target
Objective- the steps a business takes to achieve their goal.

Question 2

Mission statement

Answer 2

Is a formal summery of the aims and values of an organisation, often about what the business does, how and why they do it.
Coca Cola- refresh the world and make a difference.

Question 3

Corporate objectives

Answer 3

Objectives set by top management relating to the business as a whole, SMART (specific,measurable,achievable, realistic and time bound.)

Question 4

Heirachy of business objectives

Answer 4

Mission statement and general aims , cooperate objectives , department objectives.

Question 5

Benefits and negatives of mission statements

Answer 5

+ convince customers to shop w you over rivals.
+aimed at shareholders setting a clear goal, leadership.
-can be biased used as a marketing tool.

Question 6

What is a ansoffs matrix

Answer 6

Used to examine a company’s product range through four options, market penetration, product development, market development and diversification.

Question 7

Four options in ansoffs matrix for coke

Answer 7

Penetration strategy- existing product in an existing market (coca cola share size)
Product development- existing product in new market(Diet Coke)
Market development-new product in existing market (Vanilla Coke)
Diversification- new product in new market (Powerade)

Question 8

Benefits and cons to ansoff matrix

Answer 8

+ easy to analys the level of risk for each strategy
-too simple, more detail needed like market research or position e.g competitors