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Edexcel Business Studies A level: Theme 3.1 and 3.2 Exam 2024 Questions and Answers
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Edexcel Business Studies A level: Theme 3.1 and 3.2 Exam 2024 Questions and Answers
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Edexcel Business Studies A level:Theme 3.1 and 3.2 Exam 2024 Questions
and Answers
Mission statement - Answer>>A sentence describing a
company's function, markets and competitive advantages
Nike - "To bring inspiration and innovation to every athlete* in the
world."
Mission statement objectives - Answer>>- be memorable
- be inspiring
- look towards the future
- show current goals
Corporate objectives - Answer>>relate to the business as a
whole.
- They are usually set by the top management of the business
and they provide the focus for setting more detailed objectives for
the main functional activities of the business.
Aimed at satisfying the shareholders so may be related to profit or
dividends:
Increase operating profit 4% over the next 24 months
Increase dividends by 2% over the next three years
They may also aim to appeal to/appease/appeal to other
stakeholders
Increase local employment by 3%
Reduce CO2 emissions by 7%
, Department functional objectives - Answer>>the division of
work into departments or functions; sales, marketing, human
resources, operations and finance
-> Each department will set their own objectives which should
flow from the corporate objectives
For example the marketing department may aim to increase sales
3% each quarter, or increase sales revenue 2% each year
-> This will help the business to achieve its corporate objectives
of more dividends for the shareholders
SMART objectives - Answer>>Specific; This means there must
be a clear definition, often including a number
Measurable; This means the achievement can be checked
Achievable; This means you can achieve your target but you may
need to stretch yourself
Realistic; This means that the target should sensible so that you
can achieve it
Time-related; this means setting a date for achievement or review
Mission statement uses - Answer>>Focus; Internally, having a
mission statement can create a high level of focus and
involvement from those within the organisation whilst assisting in
the reinforcement of direction in which the organisation will take.
Identity; Externally it can create a sense of identity for the
organisation and it can help in establishing the position in the
marketplace the organisation will fit.
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