UNIT 3 BUSINESS DECISIONS AND STRATEGY 2022 LATEST UPDATE

UNIT 3 BUSINESS DECISIONS AND STRATEGY 2022 LATEST UPDATE Break-Even - ANS-When a business generates just enough revenue to cover its total costs. Corporate Aim - ANS-The specific goal a corporation hopes to achieve. (To become a market leader) Corporate Objectives - ANS-The objectives of a medium to large sized business as a whole. Departmental Objectives - ANS-The objectives of a department within a business. Hierarchy - ANS-The order or levels of responsibility in an organisation, from the lowest to the highest. Mission Statement - ANS-A brief statement written by the business, describing its purposes and objectives, designed to cover its present operations. Shareholder - ANS-Somebody who owns a share in a company or business. SMART - ANS-Specific, Measurable, Attainable, Realistic, Timely Stakeholder - ANS-Somebody who has invented money in a business or has an important connection with it. They are therefore affected by the success or failure of the business. Vision - ANS-A view of what the corporation wants to be like in the future. Corporate Strategy - ANS-The plans and policies developed to meet a company's objectives. Customer Base - ANS-A group of customers that make continual repeat purchases from a business. Diversification - ANS-Developing new products in new markets. Market Development - ANS-The marketing of existing products in new markets. Market Penetration - ANS-Using tactics such as the marketing mix to increase the growth of existing products in an existing market. CONTINUES...