Edexcel A Level Business - Theme 3 Business decisions and strategy 2022 Update

Edexcel A Level Business - Theme 3 Business decisions and strategy 2022 Update Corporate objectives - ANS-The objectives of a medium to large-sized business as a whole Departmental and functional objectives - ANS-The objectives of a department within a business Mission statement - ANS-A brief statement, written by the business, describing its purpose and objectives, designed to encapsulate its present operations Objective (or goal) - ANS-A target of or outcome for a business that allows it to achieve its aims SMART - ANS-Acronym for the attributes of a good objective: Specific, Measurable, Agreed, Realistic and Time Specific Corporate strategy - ANS-The plans and policies developed to meet a company's objectives. It is concerned with what range of activities the business needs to undertake in order to achieve its goals. It is also concerned with whether the size of the business organisation makes it capable of achieving the objectives set. Distinctive capability - ANS-A form of competitive advantage that is sustainable because it cannot easily be replicated by a competitor Diversification - ANS-Developing new products in new markets Market development - ANS-The marketing of existing products in new markets Penetration - ANS-Using tactics such as the marketing mix to increase the growth of existing products in an existing market Portfolio analysis - ANS-A method of categorising all the products and services of a firm (its portfolio) to decide where each fits within the strategic plans Product development - ANS-Marketing new or modified products in existing markets External audit - ANS-An audit of the external environment in which as business finds itself, such as the market within which it operates or government restrictions on its operations CONTINUES...