Chapter One - Mission, corporate objectives and strategy
- Created by: emilyhuffordx
- Created on: 09-11-17 17:31
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- Chapter 1
- Mission Statement
- Sets out the business's overall purpose to direct and stimulate the entire organisation
- Influences on a mission statement
- - Values of the founders
- The values of the business's employees
- The industry of which the business is part
- Society's views
- The ownership of the business
- Corporate objectives and strategic objectives
- Corporate = Medium to long term goals established to coordinate the business
- Influences
- Strategic = Judgements made by senior management that are long term, involve a major commitment of resources and difficult to reverse
- Tactica = Short term, fewer resources involved, easier to reverse and normally taken by junior management l
- Internal
- Poor performance
- New leader
- Business culture
- Business's ownership
- External
- State of economy
- Global prices
- Technologicalchanges
- Migration
- Pressure for short-termism
- Strategic = Judgements made by senior management that are long term, involve a major commitment of resources and difficult to reverse
- Influences
- Strategic = Judgements made by senior management that are long term, involve a major commitment of resources and difficult to reverse
- Tactica = Short term, fewer resources involved, easier to reverse and normally taken by junior management l
- Corporate = Medium to long term goals established to coordinate the business
- Functional decisions
- A judgement taken by managers responsible for one aspect of business's activities
- Functional
- Marketing
- Human Resources
- Operations
- A judgement taken by managers responsible for one aspect of business's activities
- SWOT Analysis
- Strengths
- high level of cash
- Strong brand name
- Good distribution network
- Highly skilled and loyal staff
- Weaknesses
- Large amounts of long term borrowing
- Under utilised capacity
- Low net profit margin
- Lack of new products under development
- Opportunities
- Growth in a major market
- Alliance with a competitor to develop new technology
- Rising income levels amongst target consumer groups
- Threats
- Being taken over by large competitor
- Change in consumer tastes leafing to a fall in demand
- New laws increasing the business's costs of production
- Strengths
- Mission Statement
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