BUSS3 Key Term Glossary: Functional Objectives & Strategies

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Anonymous
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272580
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BUSS3 Key Term Glossary: Functional Objectives & Strategies
Updated:
2014-04-30 19:25:28
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Business term
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business
Description:
All key terms in BUSS3 Functional Objectives & Strategies
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  1. Aims / goals
    General statements of what   a business intends to achieve.  Precise   details of those intentions are set out in objectives
  2. Business unit strategy
    How a business attempts to compete successfully in a particular market
  3. Corporate objectives
    Objectives that relate to   the business as a whole.  Usually set   by top management.
  4. Corporate strategy
    Concerned with the overall   purpose and scope of the business activities
  5. Cost leadership
    A business strategy   concerned with aiming to be the lowest-cost producer in an industry.  Usually requires exploitation of economies   of scale
  6. Functional objectives
    Set for each major business   function – designed to ensure that the corporate objectives are met
  7. Mission statement
    A statement of the overall   purpose of the business
  8. Shareholder value
    Where shareholders earn a   return from their investment which is greater than their required rate of   return
  9. SMART objectives
    Objectives that are more   likely to be achieved because they are Specific, Measurable, Achievable,  Realistic and Timed
  10. Social responsibility
    The way in which a business   meets its responsibilities to society as a key external stakeholder
  11. SWOT analysis
    Assessment of the internal   strengths and weaknesses of a business and the external opportunities and   threats that the business needs to consider
  12. Targets
    Similar to objectives.  Targets are often set at an individual or   team level

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