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25 Cards in this Set
- Front
- Back
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What is a Vision Statement? |
A vision statement sets out a business’s aspiration for the future. Extra Info Point!—They can be set as a source of inspiration for stakeholders such as customers |
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Name 3 of the 5 influences on a mission statement. |
1. The values of the founders of the business 2. The values of the business’s employees. 3. The industry of which the business is part of. 4. Society views. 5. The ownership of the business. |
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What is a Corporate objective for? |
Corporate Objectives are medium to long term goals established to coordinate the business. |
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What are the 8 corporate objectives. |
1. Market Position (e.g. Market share or sales growth) 2.Innovation (e.g. invention and methods of production) 3. Financial resources (e.g. amount of capital available) 4. Physical resources (e.g. buildings, land and equipment) 5.Human resources (e.g. motivation or engagement) 6. Productivity (e.g. efficient use of resources) 7. Social responsibility (e.g.responding to stakeholder needs) 8.Profit (e.g. profit levels) |
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What is a strategic decision? |
Strategic decisions are judgements made by senior management that are long term, involve a major commitment of resources and a difficult to reverse. |
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What are the 4 external influences on Corporate objectives and decisions. |
1.State of the economy affects wages and consumer spending. 2. The price of commodity such as wheat and oil impact heavily on objectives and strategies in many industries. 3.Technology may encourage capital intensive production objectives (robots for automated check ins) 4.Migration has implications for the workforce available and additional consumers. |
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What are the 3 external influences on corporate objectives and decisions? |
1.Poor performance- could be declining sales of less of market share 2. New leader- may have a major influence on objectives and strategic decisions. |
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What are the 3 internal influences on corporate objectives and decisions? |
1.Poor performance- could be declining sales of less of market share 2. New leader- may have a major influence on objectives and strategic decisions. |
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What is ‘Short-termism’? |
Short-termism is a significant issue for UK business. Excessive focus on short term results, focusing on cutting job losses |
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What is the difference between strategy and tactics? |
A strategy is: -Long term -high commitment of resources -difficult to reverse -taken by senior management Tactics are: -Short term -usually involving relatively low resources that are made to implement a strategy. -made by junior management |
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What is a mission statement? |
A mission statement sets out the overall purpose of why the business exists |
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What is a functional decision? |
A functional decision in business is usually made by a lower level of the business. It is a decision around different departments e.g.marketing, finance, R&D. |
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What is a swot analysis? |
Strengths, weaknesses, opportunities, threats |
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Give some examples of a business’s strengths. |
1.Strong employee attitudes 2.Large market share 3.Excellent customer service 4.high efficiency 5.leadershipnin product innovation |
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Give some examples of a business’s strengths. |
1.Strong employee attitudes 2.Large market share 3.Excellent customer service 4.high efficiency 5.leadershipnin product innovation |
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Give some examples of a business’s weaknesses. |
1.confusing service policies 2.limited product availability 3.lack of quantities goals 4.lack of involvement from top tier managers in developing new service |
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Give some examples of a business’s strengths. |
1.Strong employee attitudes 2.Large market share 3.Excellent customer service 4.high efficiency 5.leadershipnin product innovation |
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Give some examples of a business’s weaknesses. |
1.confusing service policies 2.limited product availability 3.lack of quantities goals 4.lack of involvement from top tier managers in developing new service |
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Give some examples of business opportunities. |
1.direct selling 2. Online gaming 3.management consulting 4.online referral service |
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Give some examples of a business’s strengths. |
1.Strong employee attitudes 2.Large market share 3.Excellent customer service 4.high efficiency 5.leadershipnin product innovation |
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Give some examples of a business’s weaknesses. |
1.confusing service policies 2.limited product availability 3.lack of quantities goals 4.lack of involvement from top tier managers in developing new service |
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Give some examples of business opportunities. |
1.direct selling 2. Online gaming 3.management consulting 4.online referral service |
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What are some examples of threats to a business |
1.financial issues 2.laws and regulations 3.broad economic uncertainty 4.legal liability 5.medical cost inflation |
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What are 2 advantages of SWOT analysis? |
1. Provides a clear organisation and view of strengths 2. Highlights weaknesses within the business |
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What are 2 disadvantages of using SWOT analysis? |
1. Lack of hierarchy leads to problems 2. Too much structure leads to poor decision making |
