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...
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 .
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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