Theme 3

Question 1

Mission statement

Answer 1

Outlines what a business aims to achieve and acts as a measure of how successful it was based on if they stuck to their mission

Question 2

Corporate objectives

Answer 2

Numerical targets in the mission statement eg. Growth, profitability, sustainability.

Question 3

Ansoffs matrix

Answer 3

Strategic tool to help decide which market to operate in and what product to sell in it

Question 4

Ansoffs matrix
Existing product and existing market

Answer 4

Market penetration

Question 5

Ansoffs matrix
existing market and new product

Answer 5

Product development

Question 6

Ansoffs matrix
Existing products and new market

Answer 6

Marketing development

Question 7

Ansoffs matrix
New product and new market

Answer 7

Diversification

Question 8

Boston matrix
High market share high growth

Answer 8

Star

Question 9

Boston matrix
High market share low growth

Answer 9

Cash cow

Question 10

Boston matrix
High growth low market share

Answer 10

Question mark

Question 11

Boston matrix
Low growth low market share

Answer 11

Dog

Question 12

When might diversification be suitable

Answer 12

When the current market is saturated and there is potential for growth