100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Business Edexcel revision notes Unit 3 - Business decisions and strategy $11.33   Add to cart

Class notes

Business Edexcel revision notes Unit 3 - Business decisions and strategy

 8 views  0 purchase
  • Course
  • Institution

- 57 pages of high quality business unit 3 revision notes - Well structured and easy to read - The only thing I used to get an A

Preview 4 out of 60  pages

  • April 29, 2024
  • 60
  • 2023/2024
  • Class notes
  • Felix gg
  • All classes
  • Unknown
  • Unknown
  • 200
avatar-seller
UNIT 3 – Business Decisions
& Strategy

Produced by Félix Gómez-Guillamón Jurado

Notes from all syllabus content




1

, Mission and vision statements
L.O:

 Understand how mission statements can help to shape company policy
 Appreciate why businesses may wish to use vision statements – and the potential
positive and negative consequences of doing so.



Mission Statements

- Encapsulates the spirit and the purpose of the business in a short and clear manner
(This will outline the overall reasons for the firm´s existence)
- Enables key stakeholders to understand what the business is about
- Shows where the business is heading


Vision Statements

- Visionary
- Inspirational
- Motivational
- Far-reaching
- Hard to achieve



Advantage and disadvantages of Mission/Vision Statements

ADVANTAGES DISADVANTAGES
Sense of common purpose Hard to encapsulate purpose briefly

Provides sense of direction Regarded as meaningless by key stakeholder groups

Clarifies essence of business Public perception is not aligned to mission/vision
statement
Makes it easier for stakeholders to understand what Stakeholder conflict can arise as result of statement
the business is about
Can provide motivation and drive to workers Sets unrealistic expectations

Useful marketing tool Demotivates workforce




2

, Corporate Aims and Objectives


Corporate objectives


Business direction


- Businesses must have a purpose and direction, otherwise they are unlikely to
survive

- To achieve this, they will need to:
 Decide upon the aims of the business
 Communicate their aims in a “Mission Statement”
 Set corporate objectives


- These should all be linked like this:




The Aims of Businesses
“A business aim is a long-term vision or goal”



 Aims are usually quite vague goals
 Most businesses will have more than one aim, but not in excess
 The aims of a business should be determined by:
| The purpose of the business
| The size of the business
| The ownership of the business




3

, What is an objective?


“Objectives are specific, measurable targets to help achieve the overall aims of the business”



Objectives should therefore be:

- Be small steps towards achieving an overall aim
- Be precise
- Be measurable
- Be SMART (Specific, Measurable, Achievable, Realistic, Time Bound)




Corporate objectives


 Objectives are at the centre of everything a business does and are likely to fall into one
of three broad areas:

1. SURVIVAL
2. GROWTH
3. PROFIT



1. SURVIVAL

 This is usually an objective when the business is threatened

 This can occur either in: The early stages of the business, when trading is difficult,
when there is a threat of takeover


 This objective is designed to make staff think whether their actions are putting the
business in danger

 Not all organisations look for long-term survival!




4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 felixggj02. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.33. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Recently viewed by you


$11.33
  • (0)
  Add to cart