Corporate Aims and Objectives; Unit 4 - Notes

Notes made from a combination of resources including the Malcolm Surridge text book and Philip Allan revision guide.

Covers the core theme of unit 4 which is corporate aims and objectives for a firm

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Corporate Aims and Objectives
Mission Statements:
Qualitive statement of what a firm is trying to achieve
Clear/Concise expression of the purpose of the firm
Commonly focuses on:
What the firm wants to be
Values of the firm
Scope of the firm's activities
Importance of different groups (Stakeholders)
A mission statement…

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More regular
Less uncertainty
Strategic planning: SWOT Analysis (Strengths, weaknesses, opportunity, threats)

Ansoff Matrix:
Measures the degree of risk associated with various growth strategies
4 strategies:
Market penetration
Product development
Market development
Diversification

Porter's Generic Strategies:
Ways of gaining competitive advantages by giving a firm an `edge' rivals don't have…

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Stakeholder Interests:
People are affected by the firm's decisions in different ways and want different things
Shareholders: dividends, share price, treatment
Employee's: income, working conditions, job security/prospects
Customers: supply of goods, prices, service, safety
Supplies: orders, sole-supplier, fair prices
Creditors: repayment, return, risk
Local Community: employment, pollution, provisions
Treating stakeholders…

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