Comprehensive A-Level Edexcel Business Notes: Master the intricacies of business studies with these meticulously crafted A-level Edexcel Business Notes. Designed to provide a deep understanding of essential concepts, these notes cover various topics, from business operations and marketing strategie...
Business Theme 3 Flashcard
https://quizlet.com/207325257/edexcel-asa-level-business-theme-3-flash-cards/
Corporate objective: the objective of medium to large-size businesses as a whole to
achieve their goals. for e.g. increase sales by 10% to become a market leader.
Mission statement: a statement based on the purpose of the business operation, the
values it shares with its employees or customers, what they are known for, and what the
firm hopes to achieve. For e.g. Apple, to create technology that empowers people and
enriches their lives.
SMART: acronym for setting a good objective. Specific, measurable, achievable,
realistic and time-bound
Corporate strategy: plans and policies developed to achieve long-term objectives,
especially to achieve CA. Concerns with how the business will achieve the goal such as
by the completion of a range of activities and SMART-focused (realistic in terms of the
size of the business) etc… e.g. acquiring an established firm to access a new market,
methods to cut cost. becoming more environmentally friendly (ethical sourcing)…
THE OBJECTIVES HIERARCHY
Business Theme 3 Flashcard 1
, The Objectives hierarchy provides a structured approach to firms while setting its
objective to achieve their goals. It sets clear instructions for what needs to be achieved
so consistency is maintained with a clear vision. Allows for strategic decision-making.
(FCMA)
Ansoff Matrix: a strategic tool that introduces a range of strategies to the firm in order
to achieve business growth. (Market development, product development, diversification,
and market penetration). FIND OUT THE BEST GROWTH STRATEGY BY FINDING
THE PROS AND CONS OF EACH STRATEGY, AND IMPLEMENT THE BEST
GROWTH STRATEGY.
Aim of portfolio analysis: make a strategic decision based on what's the best
investment that can be lucrative. Analyzing products against market share and market
growth that the business currently achieves. Allows better resource allocation planning.
Achieve financial goals.
Porter’s Strategic Matrix: the strategic tool that allows for achieving sustained
competitive advantage in the market.
Business Theme 3 Flashcard 2
, Focus on only one strategy depending on its potential and having the best
understanding from the business perspective of the strategies (allows clarity and
better decision-making, to achieve CA.
Distinctive Capabilities: something that is unique and the firm specializes in, not easily
copied by rivals. Achieved by focusing on Kay’s best practices which include:
(remember by RIA)
- Innovation: producing new, unique, and differentiated goods/ services, protected by
patent
- Architecture: Relationship in business, unity, and understanding with suppliers,
customers, and employees of the business.
- Reputation: established brand value through best providence, through customer
loyalty.
PRACTICES OF THESE ENABLE LONG-TERM SUCCESS AND SUSTAINABLE
OPERATION.
Business Theme 3 Flashcard 3
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