BUSS3 Key Term Glossary: Functional Objectives & Strategies
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Aims / goals
General statements of what a business intends to achieve. Precise details of those intentions are set out in objectives
Business unit strategy
How a business attempts to compete successfully in a particular market
Objectives that relate to the business as a whole. Usually set by top management.
Concerned with the overall purpose and scope of the business activities
A business strategy concerned with aiming to be the lowest-cost producer in an industry. Usually requires exploitation of economies of scale
Set for each major business function – designed to ensure that the corporate objectives are met
A statement of the overall purpose of the business
Where shareholders earn a return from their investment which is greater than their required rate of return
Objectives that are more likely to be achieved because they are Specific, Measurable, Achievable, Realistic and Timed
The way in which a business meets its responsibilities to society as a key external stakeholder
Assessment of the internal strengths and weaknesses of a business and the external opportunities and threats that the business needs to consider
Similar to objectives. Targets are often set at an individual or team level
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