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Summary Business A-Level Theme 3 Revision Notes for 2023/24 | Pearson Edexcel $14.63
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Summary Business A-Level Theme 3 Revision Notes for 2023/24 | Pearson Edexcel
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  • Unit 3 - Business decisions and strategy (9BS0)
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  • PEARSON (PEARSON)

Business A-Level Theme 3 Revision Notes for 2023/24 | Pearson Edexcel This document will provide revision guidance for your Year 2 of Edexcel Business A-Level, I used these documents for my Theme 3 and Theme 4 revision and received an A* grade at A-Level. The content is very summarised and is ex...

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Document information

  • September 10, 2023
  • 29
  • 2022/2023
  • Summary

Subjects

  • business
  • a level
  • edexcel
  • 2023
  • 2024
  • revision
  • summary
  • notes

Written for

  • A/AS Level
  • PEARSON (PEARSON)
  • Business
  • Unit 3 - Business decisions and strategy (9BS0)
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3.1.1 | Corporate Objectives

Business Aims
- Things which the business intends to do in the long term, or its reason for being
- Usually less specific than objectives
- Communicate aim through mission statement

Mission Statements
Mission Statement – A statement which declares the businesses overriding purpose, and also its
goals and values.
- Good statement helps guide the owners and the staff
Reasons for a Mission Statement
- To make a commitment to customers on expectations
- To bring a companies workforce together with a purpose
Examples of Mission Statements
- ‘We improve levels of fitness by providing individual plans for people of all ages and help them
to achieve their aims’
- ‘To help create practical and beautiful homes for our customers

Development of Corporate Objectives
Corporate Objectives – Objectives set by senior managers and directors for a company which
are specific to the company.
- Focused mainly on desired performance and wanted results over time
- Can include goals as market share, profit levels, creation of new products, resource usage and
scale economies.
Smart Criteria
Specific
- Must be clear and refer to a specific part of the business
Measurable
- Must be able to know whether the objective has been achieved or not, most will be financial so
its easy
Agreed
- The objective should be able to have a meaning for the employees and the managers and so
the objective should be agreed by everyone
Realistic
- if the objective is impossible then there will be no motivation to hit it because it feels as if it
cannot be done
Time
- A timing is important to help push yourself and employees towards the goal

,Departmental and Functional Objectives
- These are usually very specific and are day-to-day goals for different departments, which
support the achievement of corporate objectives
Types of Departments
- Finance
- Administration
- Production
- Operations
- HR
Examples
- ‘We aim to achieve a market share increase of 10% within the next year

, 3.1.2 | Theories of Corporate Strategies

Development of Corporate Strategy
- Involves key members of management looking at what the business has done before and what
it may need to do to achieve its corporate objectives.
- Tools like value chain analysis, Ansoff’s Matrix, Porters Strategic Matrix and portfolio analysis
help to do this

Ansoff’s Matrix
- Igor Ansoff developed the Ansoff’s Matrix as a tool to help business growth
- Ansoff’s Matrix reveals four possible strategies that a business might adopt
- The further it gets from its core and existing market and products, the more risk




Market Penetration
- To achieve growth in existing markets with existing products
- Very low risk and low investment due to good understanding already
Done by:
- Increase brand loyalty
- Encourage more usage of product

Product Development
- New product in existing market
- Good for dynamic markets
- E.g Apple
- Significant investment and high risk

Market Development
- Existing product in new market
- Relies on understanding local habits, tastes and needs.
- Necessary to make slight modifications to suit the new market

Diversification
- New product in a new market
- Extremely risky and very expensive

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