These are long-term targets set for the business. E.g. To increase market share by 15% in the next 10 years.
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Mission statement
A mission statement states the business purpose, also it reflects the businesses goals and values. E.g. The purpose of British Airways is to provide a comfortable, fast and safe flight to destinations around the world.
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S.M.A.R.T objective
This means specific, measurable, agreed, realistic and time scale. E.g. Apple to increase sales by 16% within the next 24 months.
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Functional objective
An objective aimed at a particular department in a business, these are usually based on the corporate objective. E.g. Tesco could give the marketing department a functional objective to let customers know it has an ethical corporate objective.
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Corporate objective
This is similar to a mission statement as it is the main objective of a business, this is what they aim to achieve and the values they have. E.g. Tesco has a corporate objective to serve shoppers even better every time they visit a store.
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Ansoff's Matrix
This was made by Igor Ansoff when he developed a strategic tool to increase business growth. It has both existing and new products within existing and new markets and helps make decisions as it's a good way of considering the factors.
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Porter's Strategic Matrix
This was developed by Michael Porter to identify the competitive advantage a business may achieve in a market. The strategies to choose between would be cost leadership focus and differentiation focus.
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Cost leadership
This involves trying to be the lowest-cost provider in the market. The two ways of operating as this are increase profits, while charging market level prices or increase market share while charging market share.
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Other cards in this set
Card 2
Front
A mission statement states the business purpose, also it reflects the businesses goals and values. E.g. The purpose of British Airways is to provide a comfortable, fast and safe flight to destinations around the world.
Back
Mission statement
Card 3
Front
This means specific, measurable, agreed, realistic and time scale. E.g. Apple to increase sales by 16% within the next 24 months.
Back
Card 4
Front
An objective aimed at a particular department in a business, these are usually based on the corporate objective. E.g. Tesco could give the marketing department a functional objective to let customers know it has an ethical corporate objective.
Back
Card 5
Front
This is similar to a mission statement as it is the main objective of a business, this is what they aim to achieve and the values they have. E.g. Tesco has a corporate objective to serve shoppers even better every time they visit a store.
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