BUSS 3 Key Terms

General statements of what a business intends to achieve, precise details are set out in objectives.

How a business attempts to compete successfully in a particular market.

Objectives that relate to the business as a whole, usually set by top managment.

Concerned with the overall purpose and scope of business activities

A business strategy concerned with aiming to be the lowest-cost producer in an industry, usually requires exploitation of economies of scale.

Set for each major business function, designed to ensure that the corporate objectives are met.

A statement of the overall purpose of the business.

Where shareholders earn a return from their investment which is greater than their required rate of return.

Objectives that are more likely to be achieved because they are Specific, Measurable, Achieveable, Realistic and Timed.

The way in which a business meets its responsibilities to society as a key external stakeholder.

Assesement of the internal strengths and weaknessess and externa opportunities and threats that a business needs to consider.

Similar to objectives. Targets are often set at an individual or team level.