Theme 3 - Business decision and strategy

Question 1

Define a business ‘aim’.

Answer 1

Broad, long term ideas as to how the business should develop.

Question 2

Define a business mission statement.

Answer 2

An inspiration and motivating message to convey the qualities the brand values.
It can influence customer perceptions on the brand as well dictate the culture within the business for employees.

Question 3

Define a business objective/ corporate objective.

Answer 3

SMART goals which an organisation plans to achieve within a given time period.
They influence the businesses internal decisions.

Question 4

What does SMART in smart targets stand for ?

Answer 4

Specific
Measurable
Achievable 
Reliable
Time-bound

Question 5

What’s the difference between a strategy and tactic?

Answer 5

Strategy is a long term plan.

Tactic is a short term plan.