Book review

Business unit 3 Edexcel/Pearson notes

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Course
Business

Institution
Other

This is a semi-detailed summary of the A-level person unit 3 business content with syllabus sections written and highlighted at each point a new chapter topic or sub-topic is started. Using active recall with these notes helped me get a really good grade on this paper, I would highly recommend this...

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Uploaded on August 5, 2024
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business
business unit 3
a level business
as level business
a level business unit 3
unit 3 business
business notes
unit 3 business notes
pearson business
edexcel business

Institution
Other
Education
Other
Course
Business
School year 200

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, 3 3 1- Business
. .

objectives and
strategy
23 .
12 23 .

(1) :

Corporate objectives :

al

Corporate objectives Specific :
to the
company
and links to their mission ,
it should focus or
performance aims set
by
serior
management or directors
.

Mission statement A statement of : aims or a

purpose adopted by the business to direct or stimulate a
business
.

Corporate Things Businesses intered to do the their for existing usually down
aims :

statement
in
long run
,
purpose
with a

mission .

Hierarchy : Aims
Mission
Caporate objectives
Finial objectives
b)

Purpose of a mission statement :

Customer espectations : Shows them what the business strives for -

shows that the business has a clar direction .

Stimulate the bring the
organization : Shred
prgue
will organization together .

, 3 3 1- Business
. .

objectives and
strategy
23 .
12 23
.

Limitations of mission statements :

Could be overly optimistic and unrealistic to demotivation
.

·

Could lead to conflicts if mission statement not written
.
properly
·

Could be unclear ,
different
people interpach differently .

·

Can be a
waste of time and .
resources

Evaluation of mission statements :

Usefulness depends fullness to
employees For motivation) and urstones .
- For truch)
·

meaning
-

on

Needs to be checked after to check relevance
.

(2) Theories of
:
corporate strategies :

a)

Coperate strategy Parall and direction of business and the which its business work
:
scope
a
way
in various
operations together
to achieve
corporate objectives .

, 3 3 1- Business . .

objectives and
strategy
23 .
12 23.

·
Ansoff's metric :

Ansafts matia An choose and devise product
:
analytical tool that helps managers
and market
growth strategies .

(Product)

Existing New

Product
Existing to
- New Market
dadopment

Diversification
development

Fealies of each :

Market penetration :
Product developement :
Market development : Diversification :

Moderate risk
. Molerate risk rich
Minimal risk .
High
·
· · ·

- .

Innovation to replace
Maintain ↑ market share
.
Enlig int markets. Risk spread with
·
·

is
·
·

or overseas

·

Intense competition . existing products. ·
New distribution .
channels bigger product portfolio .

Product improving
upepading subsidiaries/strategic units
ther a
·

or .
·
.

(t) Focuses ·

on market and H) Creat way of exploiting the (t)· Good way to get from () Help spread risk if
:
:

away
products that the business existing customer base markets tab
may
be declining sewessful wider product
-

portfolio -

I

has knowledge of It) Already here
good insight H Possibility captive
· to entire (H) High risk high .
revard
·
·

(t) Can explocustomer
it the market
.
of market new (
Highly risky strategy
· ·

.
as

wants they have insights . 1) · Launching product into H Requires lot of Randd there :

of is
experience
as a a no

I SR benefits .

a market which they already
in then
product development. the product menkot
more or

H Market be .

may
have are
may
lead to tem C). Riskier then
in -

pro duct development ( High level R and D .

w

sahiratal .

taking merked share from themselves. too .
required
() ·

Being first is important
.

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