BUSS3 definitions 0.0 / 5 ? Business StudiesFunctional objectives and strategiesA2/A-levelAQA Created by: AmeliaCreated on: 29-09-14 12:58 Aims/Goals General statements of what a business intends to achieve 1 of 12 Business unit strategy How a business attempts to compete sucessfully in a particular market 2 of 12 Corporate objectives Objectives that relate to the business as a whole 3 of 12 Corporate strategy Concerned with the overall purpose and scope of the business activities 4 of 12 Cost leadership A business strategy concerned with aiming to be the lower-cost producer in an industry 5 of 12 Functional objectives Set for each major business function - designed to ensure that the corporate objectives are met 6 of 12 Mission statement A statement of the overall purpose of the business 7 of 12 Shareholder value Where shareholders earn a return from their investment which is greater than their required rate of return 8 of 12 SMART objectives Objectives that are more likely to be achieved because they are Specific, Measurable, Achievable, Realistic and Timed 9 of 12 Social responsibility The way in which a business meets its responsibilities to society as a key external stakeholder 10 of 12 SWOT analysis Assessment of the internal strengths and weaknesses of a business and the external opportunities and threats that the business needs to consider 11 of 12 Targets Similar to objectives. Targets are often set at an individual or team level 12 of 12
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