Buss3 Key Terms

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  • Created by: Jessica
  • Created on: 20-08-14 13:44
Aims / goals
General statements of what a business intends to achieve. Precise details of those intentions 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 management.
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Corporate strategy
Concerned with the overall purpose and scope of the 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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Other cards in this set

Card 2

Front

Business unit strategy

Back

How a business attempts to compete successfully in a particular market

Card 3

Front

Corporate objectives

Back

Preview of the front of card 3

Card 4

Front

Corporate strategy

Back

Preview of the front of card 4

Card 5

Front

Cost leadership

Back

Preview of the front of card 5
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