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BUSINESS- Unit 3 > Business Objectives and strategy > Flashcards

Flashcards in Business Objectives and strategy Deck (60)
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1

what is a mission statement?

a statement which sets out the purpose of the business to all it's stakeholders

2

what are corporate aims and goals?

They are ways to help achieve the mission statement

3

Corporate aims and goals depend on what 3 things?

age
size
market

4

what are corporate objectives strategies?

Objectives that the whole business aim towards

5

what are department objective strategies?

They are objectives for each department to achieve to achieve the overall objective

6

why might stakeholders create conflict?

Because they do not agree with the aims of the business

7

what 3 things demonstrate a culture within a business?

the recruitment process
how long employees stay
personality of the team

8

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

9

what 2 things will a business have if they have a weak culture?

inconsistent behaviour
little alignment with business values

10

why is culture important?

because it influences all the business (pervasive)

11

what does SMART stand for?

specific
measurable
achievable
realistic
time related

12

what are the four types of corporate culture?

power
task
person
role

13

what is a power culture?

control radiates from within
autocratic

14

what is a role culture?

bureaucratic
don't work with others in different departments

15

what is task culture?

project orientated
small teams working together on a project
laissez faire

16

what is person culture?

runs own business
e.g. doctor

17

what are 3 ways in which you can minimise risk?

emergency funding
back up data
insurance

18

Describe the decision making process

identify objectives
collect information and ideas
analyse
choose a course of action
carry out decision
outcome
evaluate and report

19

what is an intuitive decision?

decisions made by gut-feeling. Based on past experiences

20

what is a strategic decision?

high risk decision. About the bigger picture

21

what is a tactical decision?

how to achieve the decision

22

what is an operational decision?

decisions made everyday, low risk decisions

23

who is likely to make a strategic decision?

owners or board of directors

24

who is likely to make a tactical decision?

managers

25

who is likely to make an operational decision?

employees or supervisors

26

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

27

how much resources are needed to make a tactical decision and what is an example of a tactical decision?

Some resources
e.g. introduce new working arrangements

28

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

29

what are the 3 types of constraints on decision making?

internal
external
quality of decisions

30

what are two example of internal restraints to decision making and explain them?

People's behaviour- chose not to do it and so wont work.
Ability of finance- wanting to take over and not being able to afford it ,for example. This limits the decisions available.