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KEYWORDS LIST:
1. Strategy - a medium to long-term plan of
KEYWORDS LIST: action of how to achieve objectives
1. Mission - the business' overall purpose 2. Tactics - short-term plans for implementing
2. Objectives - the goals set in order to strategy, more day to day focused
achieve mission 3. Strategic decisions - long-term, high risk
3. Corporate Objectives - goals of the decisions that influence overall direction of
business as a whole business
4. Functional Objectives - objectives of each 4. Functional decisions - decisions made by
department and help achieve corporate individual departments, based on strategic
objectives decisions, short term and lower risk STRATEGY - achieving objective
must outline aims and objective
before initiating strategy
small firms - strategy may not
INFLUENCING FACTORS - INTERNAL INFLUENCING FACTORS - EXTERNAL formally written down
the owner's personal values, beliefs politics, legalities, the economy, social strategy can be simple e.g. a
objectives for cash flow, survival, profit, growth, factors, technological factors, sequence of decisions made ove
social/ ethical performance competition with an intended end goal
size, culture and resources e.g. economy will determine if large firms - clearly defined
ownership - the form of the business, share objectives are for survival or profit strategy as it influences individu
holders or just you? for-profit or non profit? increase departments
short-termism - if shareholders demand a quick
return, short term objectives may have to be
made at the cost of long term interests
SWOT ANALYSIS
4 factor model to help manager
make decisions
Strengths
7 - Mission, Corporate Weaknesses
Opportunities
Objectives & Strategy Threats
strengths and weaknesses are
internal factors
threats and opportunities are th
beyond control of business
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