Business Objectives And Stratedy Flashcards Preview

Business Unit 3 > Business Objectives And Stratedy > Flashcards

Flashcards in Business Objectives And Stratedy Deck (17):
1

Mission

An aim expressed in a particularly inspiring way

2

Mission statement

A short passage of texts that sums up an organization's mission, this may get displayed on walls, throughout the business and placed prominently on websites

3

Distinctive capabilities

Ways a firm operates that cannot be easily copied by rivals eg. ryanair's cost minimisation

4

Economies of scale

Factors that cause average costs to fall when output increases

5

Generic strategy

A strategic position that will prove effective in every market, ie. generically

6

Product differentiation

The extent to which consumers view one product as being distinct from its rivals

7

Stock units

The number of different brands and pack sizes stocked by a company

8

Diversification

When a company expands its activities outside its normal range-reduce risk or expand possible markets

9

Repositioning

Changing a product or its promotion to appeal to a different market segment

10

Benchmarking

Comparing your own performance with that of rivals to try to identify and learn from best practice

11

Demography

Factors relating to the population such as changes in the number of older people or level of immigration

12

Lobbying

Where electors came to talk to their local MP

13

Disruptive

Technology would shift a whole sector towards a new way of doing things, this may be painful for those left behind

14

What if questions

Hypothetical-used to test out different possibilities or theories

15

Competitive advantages

The factors that enable a business to sustain a profitable position in a competitive market

16

Substitutes

Similar products that consumers are happy to substitute with eachother

17

Aims

A generalised statement of where a business is heading