business 3.1

Question 1

what are the heirachy of objectives

Answer 1

aim (overall vision and reasonf or business existing)
mission statement(expression of a businesses overal aim and core values
corporate objective(specific performance goals set by senoir management for the business to achieve over time)
functional goals(day to day goals)

Question 2

What should corporate and functional objectives be

Answer 2

specific
measurable
achievable
relevant
time bound

Question 3

what is a distinctive capability?

Answer 3

when a business has a particular strenght that is very difficult for competitors to copy)

Question 4

what are some examples of distinctive capability

Answer 4

operation skills and expertise
reputation and image
innovation and ability to change
relationships and networks

Question 5

what is swot analysis used for

Answer 5

analyical tool used to identify internal strengths and weaknesses and external opportunities and threats

Question 6

what does pestle analyse

Answer 6

external factors that are likely to to impact activites and outcomes of a business

Question 7

what is the acronym pestle stand for

Answer 7

political
economic
social
technological
legal
environmental

Question 8

what are some reasons for change in market sr=tructure

Answer 8

businesses leaving and entering
growthof internet
globalisation
change in consumer tastes and prefrences

Question 9

what does porters five forces identify

Answer 9

key pressures on an industry that impact he ability of a business to compete with rivls

Question 10

what are porteres five forces

Answer 10

level of competition
threat of substition
buyer power
threat of new entry
supplier power