©Themoon EXAM SOLUTIONS
22/11/2024 12:41PM
A-Level Edexcel Business Theme 3 –
Definitions Solutions
strategy - Answers✓✓the medium to long term plans of a business to achieve its corporate
objectives. details how objectives will be met through decisions and activities relating to all
aspects of the business.
[3.1.1]
tactics - Answers✓✓short term actions taken by a business. made on a day to day basis, made
by managers lower down the hierarchy.
[3.1.1]
mission statement - Answers✓✓a brief written statement that states the main purpose of a
business or organisation. this provides a common focus for everyone within an organisation
and, therefore, a common sense of direction.
[3.1.1]
corporate objectives - Answers✓✓medium to long term goals of a business that form its
guiding principles.
[3.1.1]
corporate strategy - Answers✓✓medium to long term plans of a business, detailing how
objectives will be met through decisions and activities relating to all aspects of the business.
[3.1.2]
, ©Themoon EXAM SOLUTIONS
22/11/2024 12:41PM
product portfolio analysis - Answers✓✓a technique used to analyse the range of products and
brands that a business has under its control. this can help a business identify where each of its
products are positioned in the market and identify potential gaps.
[3.1.2]
distinctive capability - Answers✓✓the combined expertise, knowledge and experience of the
leaders and founders of a business that create the unique set of qualities. these qualities are
difficult to imitate and this gives a business a competitive advantage [the three attributes are
architecture, innovation and reputation]
[3.1.2]
SWOT analysis - Answers✓✓a diagnostic tool used to identify the internal strengths and
weaknesses and the external opportunities and threats to a business.
[3.1.3]
political - Answers✓✓the government actions that influence the behaviour of businesses and
their customers [PESTLE]
[3.1.4]
economic - Answers✓✓factors that influence how resources are allocated in society and impact
on investment and consumption decisions [PESTLE]
[3.1.4]
social - Answers✓✓characteristics of society and trends in consumer behaviour that influence
the behaviour of businesses and their customers [PESTLE]
[3.1.4]
22/11/2024 12:41PM
A-Level Edexcel Business Theme 3 –
Definitions Solutions
strategy - Answers✓✓the medium to long term plans of a business to achieve its corporate
objectives. details how objectives will be met through decisions and activities relating to all
aspects of the business.
[3.1.1]
tactics - Answers✓✓short term actions taken by a business. made on a day to day basis, made
by managers lower down the hierarchy.
[3.1.1]
mission statement - Answers✓✓a brief written statement that states the main purpose of a
business or organisation. this provides a common focus for everyone within an organisation
and, therefore, a common sense of direction.
[3.1.1]
corporate objectives - Answers✓✓medium to long term goals of a business that form its
guiding principles.
[3.1.1]
corporate strategy - Answers✓✓medium to long term plans of a business, detailing how
objectives will be met through decisions and activities relating to all aspects of the business.
[3.1.2]
, ©Themoon EXAM SOLUTIONS
22/11/2024 12:41PM
product portfolio analysis - Answers✓✓a technique used to analyse the range of products and
brands that a business has under its control. this can help a business identify where each of its
products are positioned in the market and identify potential gaps.
[3.1.2]
distinctive capability - Answers✓✓the combined expertise, knowledge and experience of the
leaders and founders of a business that create the unique set of qualities. these qualities are
difficult to imitate and this gives a business a competitive advantage [the three attributes are
architecture, innovation and reputation]
[3.1.2]
SWOT analysis - Answers✓✓a diagnostic tool used to identify the internal strengths and
weaknesses and the external opportunities and threats to a business.
[3.1.3]
political - Answers✓✓the government actions that influence the behaviour of businesses and
their customers [PESTLE]
[3.1.4]
economic - Answers✓✓factors that influence how resources are allocated in society and impact
on investment and consumption decisions [PESTLE]
[3.1.4]
social - Answers✓✓characteristics of society and trends in consumer behaviour that influence
the behaviour of businesses and their customers [PESTLE]
[3.1.4]
