business edexcel a level > topic 3.1 > Flashcards

topic 3.1 Flashcards

(54 cards)

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1
Q

what is corporate aim

A

general statements of what the business wants to achieve as a whole. In order to achieve this, you need strategic aims (long term aims)

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2
Q

what are strategic aims

A

long term aims to help reach corporate aim/strategy

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3
Q

what is corporate mission

A

a passionate statement of a businesses purpose and values. can be written as a mission statement to use as a communication tool to give a clear message to stakeholders and staff

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4
Q

what is corporate objective

A

the goals or targets that concern the business as a whole which reflect the aims

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5
Q

what is corporate strategy

A

a detailed plan that will fulfil aims in the long term

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6
Q

what is the acronym for corporate objectives

A

S - specific
M - measurable
A - achievable
R - relevant
T - timely

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7
Q

what is the purpose of corporate objectives (4)

A

-provide strategic focus
-measure performance of the firm
-inform decision making
-set the scene for more detailed functional objectives

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8
Q

what is the hierarchy of business objectives (7)

A

1.mission
2. vision
3.aim
4.corporate/strategic objectives
5.functional objectives
6.team objectives
7.individual objecties

1 is the most strategic, 5 least
1 is the least detailed, 5 the most

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9
Q

what are the key targets for setting corporate objectives (8)

A

-market
-innovation
-productivity
-physical/ financial resources
-profitability
-management
-employees
-public responsibility

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10
Q

what are functional objectives

A

objectives set for each key business function, designed to achieve corporate objectives

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11
Q

what examples of functional objectives may help meet the corporate objective (4)

A

-launching new products to increase sales
-increasing productivity to reduce costs
-reduce time taken for customer payments to increase cash flow
-achieve 95% level of high customer service to improve customer satisfaction

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12
Q

what are the internal influences on corporate objectives and decisions (7)

A

-business ownership
-attitude to profit
-ethical stance
-organisational culture
-leadership
-strategic position & resources
-stakeholder influence

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13
Q

what are the external influences on corporate objectives and decisions (5)

A

-short-termism
-economic environment
-political/legal environment
-competitors
-social and technological change

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14
Q

what is a mission statement

A

a set of guiding principles to describe a businesses purpose and how it operates

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15
Q

who are the key audiences for a mission statement (4)

A

-employees
-customers
-investors
-society

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16
Q

what makes a good mission (5)

A

-clear sense of business purpose
-excites, inspires, motivates, guides
-easy to understand and remember
-differentiates business from competitors
-for all stakeholders, not just shareholders and managers

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17
Q

what is the purpose of a mission statement (3)

A

-helps motivate staff
-guide corporate objectives and strategy
-create a culture for the company

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18
Q

what can be the limitations of a mission statement

A

-not always supported by business actions
-sometimes too vague
-is it just PR?
-staff may regard it cynically and not “buy in”
-unrealistic can be demotivating

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19
Q

what is a vision statement

A

articulates the desired future state of the business, outlines what the company hopes to achieve and become

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20
Q

draw ansoffs growth matrix

A

google the image i cant add here :(

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21
Q

what are the 4 sections of ansoffs growth matrix

A
  1. market penetration
  2. product development
  3. market development
  4. diversification
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22
Q

what is market penetration in ansoffs matrix

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A

-existing products, low risk
-existing markets, low risk
-unlikely to need much market research

23
Q

what is product development in ansoffs matrix

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A

-new products, high risk
-existing markets, low risk
-an established business may have loyal customers
-emphasis on marketing

24
Q

what is market development in ansoffs matrix

Study These Flashcards
A

-existing products, low risk
-new markets, high risk

25
what is diversification in ansoffs matrix
-new products, high risk -new markets, high risk
26
give examples of market penetration (4)
-get existing customers to buy more -widen range of existing products -focus on marketing -try to remove competition through aggressive marketing
27
give examples of market development (3)
-new geographical market -new distribution channels -different pricing
28
what are porters 5 forces
-intensity of rivalry -power of customers -power of suppliers -threat of market entry -threat from substitues
29
what are the determinants of intensity of rivalry (6)
-number of competitors -market size and growth prospects -product differentiation, brand loyalty -power of buyer and availability of substitutes -cost structure of the industry -exit barriers
30
what are porters sources of competitive advantage
-cost leadership: low costs, mass market -cost focus: low costs, niche market -differentiation leadership: differentiation, mass market -differentiation focus: differentiation, niche market
31
what is cost leadership
-low costs in mass market -production on large scale for economies of scale -if selling prices in the market are similar, businesses w lowest costs will get highest profit -can also offer lower prices
32
what is cost focus
-lowest cost, niche market e.g bed and breakfast rather than a fancy hotel
33
what is differentiation leadership
-differentiation, mass market -having a superior product with good qualities -charging premium price that more than covers cost
34
what is differentiation focus
-differentiation, niche market -offering highest quality with specialist expertise and experience
35
what are hybrid strategies in porters competitive advantage
differentiation and low cost is possible
36
what is competitive advantage
an advantage over the competition gained by offering consumers greater value, either by lower prices or providing greater benefits and services that justifies a higher price
37
what are distinctive capabilities
capabilities or distinctive qualities a business has which is the product of the people employed there and the techniques used to create a unique product that other firms cannot replicate easily
38
what are john kays distinctive cababilities
innovation architecture reputation
39
what is architecture in john kays distinctive capabilities
a system of relationships within the business or between suppliers and customers. allow agility and flexibility
40
what is tactical decision
a short term response by a business to opportunities or threats. requires instant access to finance and a trained and experienced team
41
what is strategic decision
a long term plan of action to achieve business aims and objective. would impact both physical and financial resources
42
what is a swot analysis
helps a business asses its competitive strengths and weaknesses and the nature of its external environment
43
what does SWOT stand for
Strengths (internal) Weaknesses (internal) Opportunities (external) Threats (external)
44
what are examples of strengths or weaknesses
market share profitability efficiency brand recognition/loyalty reputation for quality innovation physical assets
45
what are the pros of SWOT analysis
-logical 4 box structure w flexibility -focuses on strategic/long term issues that can be planned for -encourages analysis of external environment -encourages strategic thinking -identifies core s and w of a business
46
what are the cons of swot analysis
-can lack detail -less useful on its own -needs to be regularly repeated to be effective -can become out of date quickly -takes time and resources -needs to be completed by an experiences manager or owner
47
what is pestle
an analysis to determine external influences on a business by looking at OT from SWOT
48
what does pestle stand for
Political Economic Social Technological Legal Environmental
49
what does Political in PESTLE look at
regulations government attitudes and beliefs elections brexit
50
what does Economic in PESTLE look at
trends in economy disposable income levels employment rates taxation interest rates exchange rates
51
what does Social in PESTLE look at
population demographics trends wealth distribution education levels
52
what does Technology in PESTLE look at
information databases development in new technology (ai) apps and social media technology in manufacturing
53
what does Legal in PESTLE look at
regulations consumer protection law employment law
54
what does Environmental in PESTLE look at
fines for pollution consumer reputation waste disposal law environment protection laws energy consumption regulation
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