Unit 103 Flashcards
An analysis of the business itself and how it operates
Internal audit
An audit of the external environment in which a business finds itself, such as the market within which it operates or government restrictions on its operations
External Audit
Objective of a business over the next 3-5 years
Long-term objective
Small scale, short-term, objectives to be achieved on a day-to-day basis
Operational Objectives
Objectives of a business which are likely to be achieved within the next 12 months
Short-term objectives
Auditing the internal and external environment of the business to understand where the business is today and how it could develop in the future
Strategic Analysis
Alternatives which can be taken at a strategic level
Strategic choices
Putting a strategic plan into operation
Strategic implementation
Operating a business in accordance with strategic objectives and strategic planning
Strategic management
Evaluation current strategies and drawing up new strategic plans
Strategic review
The main objectives of a business designed to achieve its aims
Strategic objectives
Analysis of the internal strengths and weaknesses of a business and the opportunities and threats presented by its external environment
SWOT analysis
Short-term objectives which help a business to achieve its strategic objectives
Tactical objectives
Short-term, specific ways in which the short term objectives of the business can be achieved
Tactics
