BUSS 3 Key Terms

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Aims/Goals

General statements of what a business intends to achieve, precise details are set out in objectives.

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Business unit strategy

How a business attempts to compete successfully in a particular market.

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Corporate objectives

Objectives that relate to the business as a whole, usually set by top managment.

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Corporate strategy

Concerned with the overall purpose and scope of business activities

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Cost leadership

A business strategy concerned with aiming to be the lowest-cost producer in an industry, usually requires exploitation of economies of scale.

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Functional objectives

Set for each major business function, designed to ensure that the corporate objectives are met.

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Mission statement

A statement of the overall purpose of the business.

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Shareholder value

Where shareholders earn a return from their investment which is greater than their required rate of return.

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SMART objectives

Objectives that are more likely to be achieved because they are Specific, Measurable, Achieveable, Realistic and Timed.

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Social responsbility

The way in which a business meets its responsibilities to society as a key external stakeholder.

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SWOT analysis

Assesement of the internal strengths and weaknessess and externa opportunities and threats that a business needs to consider.

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Targets

Similar to objectives. Targets are often set at an individual or team level.

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