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16 Cards in this Set
- Front
- Back
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What is the mission in business? |
Its the overall purpose of a business |
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What factors influence the business missions? |
- what the owner wants the business to achieve - the business values and beliefs - what market opportunities there are |
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What is business objectives? |
Are goals set in to order to achieve its mission. |
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What is corporate objectives? |
Are goals of the business as a whole |
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What is functional objectives? |
Are objectives set for each department and help to achieve the corporate objectives. |
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How does owner ship affect the business objectives? |
-Ownership: so the form of the business like if sole trader then he can do what ever but limited companies would have director or shareholders to answer to. |
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How does short term-ism affect business objective? |
-If shareholder demand for a quick return on investment may mean the objective to become profit in short term. the profit wont benefit the business in the long term. |
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How does internal environment affect business objective? |
depending on the size, culture or resources available for busniess affects its goals as it means that they can put inbcrease in production if there is limited resource. |
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How does external environment affect business objective? |
Economy, social or technological and competition could have an impact as like change in economy will tell a firm if their profit will increase or decrease so it may have to focus on survival. interest in environment issues may mean the business need to minimise pollution. |
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What is a strategy? |
Is a medium long term plan of action to achieve the business objective. |
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When can strategy be put into play? |
When the firm outlines its aims and objectives and what they want to achieve first. |
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What is tactics? |
Tactics are short term plans for implementing strategy and its a day to day plan. |
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What is strategic decision making? |
Where the firm decide on strategies taht will help the business to achieve business objective. Strategic decision are long term decision that are very risky. |
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What is functional decisions? |
Decisions made in individual departments to help with the overall strategy Functional decisions are normally short term and low risk of damage to the firm. |
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What does SWOT analysis stand for? |
Strength Weaknesses Opportunities (beyond control of the firm) Threats |
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How is SWOT analysis helpful for a business? |
- SWOT helps firm to see what competitive advantage it has over its rivals -during the planning strategy the business can look at the opportunities that build the business strength and also allow to look at weakness that can be replaced with strength. -SWOT analysis can easily be redone if there is change in the condition of the business so business can easily adapt to changes which are external or internal. |
