BUSS3 0.0 / 5 ? Business StudiesFunctional Objectives & StrategiesA2/A-levelAQA Created by: meganlilyxxCreated on: 26-05-16 17:21 Aims / goals: General statements of what a business intends to achieve. Precise details of those intentions are set out in objectives 1 of 11 Business unit strategy: How a business attempts to compete successfully in a particular market 2 of 11 Corporate objectives: Objectives that relate to the business as a whole. Usually set by top management. 3 of 11 Cost leadership: A business strategy concerned with aiming to be the lowest-cost producer in an industry. Usually requires exploitation of economies of scale 4 of 11 Functional objectives: Set for each major business function – designed to ensure that the corporate objectives are met 5 of 11 Mission statement: A statement of the overall purpose of the business 6 of 11 Shareholder value: Where shareholders earn a return from their investment which is greater than their required rate of return 7 of 11 SMART objectives: Objectives that are more likely to be achieved because they are Specific, Measurable, Achievable, Realistic and Timed 8 of 11 Social responsibility: The way in which a business meets its responsibilities to society as a key external stakeholder 9 of 11 SWOT analysis: Assessment of the internal strengths and weaknesses of a business and the external opportunities and threats that the business needs to consider 10 of 11 Targets: Similar to objectives. Targets are often set at an individual or team level 11 of 11
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