Flashcards in Business Objectives and strategy Deck (60)
what is a mission statement?
a statement which sets out the purpose of the business to all it's stakeholders
what are corporate aims and goals?
They are ways to help achieve the mission statement
Corporate aims and goals depend on what 3 things?
what are corporate objectives strategies?
Objectives that the whole business aim towards
what are department objective strategies?
They are objectives for each department to achieve to achieve the overall objective
why might stakeholders create conflict?
Because they do not agree with the aims of the business
what 3 things demonstrate a culture within a business?
the recruitment process
how long employees stay
personality of the team
what 3 things will a business have if they have a strong culture?
staff understand and respond to culture
consistent behaviour within the team
little need for policies
what 2 things will a business have if they have a weak culture?
little alignment with business values
why is culture important?
because it influences all the business (pervasive)
what does SMART stand for?
what are the four types of corporate culture?
what is a power culture?
control radiates from within
what is a role culture?
don't work with others in different departments
what is task culture?
small teams working together on a project
what is person culture?
runs own business
what are 3 ways in which you can minimise risk?
back up data
Describe the decision making process
collect information and ideas
choose a course of action
carry out decision
evaluate and report
what is an intuitive decision?
decisions made by gut-feeling. Based on past experiences
what is a strategic decision?
high risk decision. About the bigger picture
what is a tactical decision?
how to achieve the decision
what is an operational decision?
decisions made everyday, low risk decisions
who is likely to make a strategic decision?
owners or board of directors
who is likely to make a tactical decision?
who is likely to make an operational decision?
employees or supervisors
how much resources are needed to make a strategic decision and what is an example of a strategic decision?
A lot is needed
e.g. whether to merge
how much resources are needed to make a tactical decision and what is an example of a tactical decision?
e.g. introduce new working arrangements
how much resources are needed to make an operational decision and what is an example of an operational decision?
not a lot
e.g. when to go to lunch
what are the 3 types of constraints on decision making?
quality of decisions