Topic 7.1 - Mission, corporate strategy and strategy Flashcards
1
Q
Influences on business mission
A
- purpose
- values
- standard and behaviours
- strategy
- culture
- ethos and values
- shareholders
- stakeholders
2
Q
Internal and external influences on corporate objectives and decisions
A
Internal
- short termism
- ownership
- ambition
- financial
- human resources
- business environment
External
- external business environment
- tastes and fashion
- legislation
- market standing
3
Q
The distinction between strategy and tactics
A
Strategy - long term plan based on business mission
Tactics - short term responding to opportunities and threats
4
Q
The link between mission, corporate objectives and strategy
A
Corporate objectives designed to meet mission
Strategy’s work towards their overall corporate objectives
5
Q
The impact of strategic decision making on functional decision making
A
Marketing - affordable
Finance - had to decide what budget could be afforded
Operations - need to decide warehousing needed for stock
HR function - start hiring and training regional workers
6
Q
Value of SWOT analysis
A
- logical structure
- focuses on strategic issues
- encourages analysis of external environment
7
Q
Weaknesses of SWOT analysis
A
- lacks focus
- independent
- quickly become out of date
