Business-3.1 revision

What is a mission statement?
A brief statement, written by the business, describing its purpose and objectives, designed to encapsulate its present operations
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What is an objective?
A target of or outcome for a business that allows it to achieve its aims.
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What is a corporate objective?
The objectives of a medium to large-sized business as a whole
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What is a corporate strategy?
The plans and policies developed to meet a companys objectives.
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What is diversification?
Developing new products in new markets.
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What is market development?
The marketing of existing products in new markets.
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What is market penetration?
Using tactics such as the marketing mix to increase the growth of existing products in an existing market.
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What is portfolio analysis?
A method of categorising all the products and services of a firm (its portfolio) to decide where each fits within the strategic plans.
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What is product development?
Marketing new or modified products in existing markets.
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What is a distinctive capability?
A form of competitive advantage that is sustainable because it cannot easily by replicated by a competitor.
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What is an external audit?
An audit of the external environment in which a business finds itself, such as the market within which it operates or government restrictions on its operations.
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What is an internal audit?
An analysis of the business itself and how it operates.
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What are porters 5 forces?
The bargaining power of suppliers/ The bargaining power of buyers/ Threat of new entrants/ Substitutes/ Rivalry among existing firms
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What is a functional objective?
The objectives of a department within a business.
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Other cards in this set

Card 2

Front

What is an objective?

Back

A target of or outcome for a business that allows it to achieve its aims.

Card 3

Front

What is a corporate objective?

Back

Preview of the front of card 3

Card 4

Front

What is a corporate strategy?

Back

Preview of the front of card 4

Card 5

Front

What is diversification?

Back

Preview of the front of card 5
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