AQA A-level Business Unit 3.7 Mission, corporate objectives and strategy. A* notes including everything specification requires you to know and more. Get that A*
Unit 3.7 Mission, corporate objectives and
strategy
Mission – the overall purpose of the business. Influenced by what the owners want the business to achieve, personal
values, beliefs and what market opportunities there are
Corporative objectives- goals/ objectives of the whole business
Mission statement- a qualitative statement to key stakeholders, outlining what the business is intending to do
Strategic decisions- a course of action that aims to lead a business to its goal
Internal factors (mission and objectives): External factors:
§ Business ownership- the form of the business and whether its for § PESTLE
– profit or non –profit has a big effect on objective. Sole traders § State of the economy- boom (profits),
have full control, LTD’s – directors and shareholders to answer to recession (survival)
§ Short termism- shareholders can demand a quick return on their § Competition
investment, short term objectives to increase profit that don’t § Technological changes
necessarily benefit the business in the long term § Global prices
§ Attitude to profit § Ethical position
§ Internal environment- size, culture, and resources- views and § Environmental issues – influence objectives
leader of managaement to minimise pollution
§ Ethical position/ environmental issues – influence objectives to § Substitutes
minimise pollution
§ Organisational culture- structure, flat or tall, decision making A Good Mission Statement:
§ Leadership- strength of influence of leadership in the business
§ Clear, sense of business purpose
§ Strategic position and resources- what options and choices does
§ Excites, inspires, motivates, guides
the business realistically have based on its existing market
§ Differentiates business from competitors
position and resources
§ Stakeholder influence- power and interest
Criticisms of mission statements:
§ Not always supported by actions of the business
§ Often too vague and general
§ Often merely statements of the obvious
§ Are they just PR?
§ Sometimes regarded cynically by staff
§ Everyone needs to buy in to be effective
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller revisionguidesalevel. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.12. You're not tied to anything after your purchase.
