Buss3 Key Terms 0.0 / 5 ? Business StudiesBuss3A2/A-levelAQA Created by: JessicaCreated 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 1 of 6 Business unit strategy How a business attempts to compete successfully in a particular market 2 of 6 Corporate objectives Objectives that relate to the business as a whole. Usually set by top management. 3 of 6 Corporate strategy Concerned with the overall purpose and scope of the business activities 4 of 6 Cost leadership A business strategy concerned with aiming to be the lowest-cost producer in an industry. Usually requires exploitation of economies of scale 5 of 6 Functional objectives Set for each major business function – designed to ensure that the corporate objectives are met 6 of 6
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