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12 Cards in this Set
- Front
- Back
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Aims / goals |
General statements of what a business intends to achieve. Precise details of those intentions are set out in objectives. |
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Business unit strategy |
How a business attempts to compete successfully in a particular market. |
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Corporate objectives |
Objectives that relate to the business as a whole. Usually set by top management. |
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Corporate strategy |
Concerned with the overall purpose and scope of the business activities. |
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Cost leadership |
A business strategy concerned with aiming to be the lowest-cost producer in an industry. Usually requires exploitation of economies of scale |
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Functional objectives |
Set for each major business function – designed to ensure that the corporate objectives are met. |
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Mission statement |
A statement of the overall purpose of the business. |
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Shareholder value |
Where shareholders earn a return from their investment which is greater than their required rate of return. |
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SMART objectives |
Objectives that are more likely to be achieved because they are Specific, Measurable, Achievable, Realistic and Timed. |
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Social responsibility |
The way in which a business meets its responsibilities to society as a key external stakeholder. |
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SWOT analysis |
Assessment of the internal strengths and weaknesses of a business and the external opportunities and threats that the business needs to consider. |
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Targets |
Similar to objectives. Targets are often set at an individual or team level. |
