Unit 7.1 Mission, Corp. Objectives and Strategy

Question 1

Mission

Answer 1

Overall purpose of business

Question 2

Corporate objectives

Answer 2

Goals of the business as a whole, to achieve mission

Question 3

Functional objectives

Answer 3

Objectives of department to achieve corp objectives

Question 4

influences on objectives

Answer 4

Ownership-form of business
Short termism-shareholders force short term objectives
Size,culture,resources
PESTLE

Question 5

Strategy vs Tactics

Answer 5

Strategy is long term plan to achieve objectives

Tactics-short term plans for implementing strategy, more day to day activities

Question 6

SWOT Analysis

Answer 6

Details strengths, weaknesses, opportunites and threats of a business to make strategic decisions

Question 7

Advantages of SWOT (2)

Answer 7

Identifies strengths to build on-identify C.A

Easily redone to take into account external changes and adapt strategy easily.