Professional Documents
Culture Documents
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VISSION MISSION
-Image of ideal situation in the future -States clear purpose
-what do we want to become -what is our business
-long term (very) -medium or long term
-not usually updated -updated usually
-don’t need to be actual targets\ -outline of values of the buisness
-can be achieved
-
MISSION STATEMENT:
-objectives are short to long term,they help to achive aims and are specific
and quantifiable
-aims and objectives help to mrasure And control plans , gives sense of
direction what it wants to be
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-to motivate the empoyees
-help to inspire and achieve goals
unity
-help to think strategically
-to direct, provides focus
objective
-quantifiable
-what business needs to do
not option
-set by managers or subordinates
Strategies:
-plans of actions to achieve the strategic objectives to achieve the aims
and TACTICs
-short term methods to achieve the tactical objectives
both help to achive objective
Tactical objectives
-short teerm goals that affect a section of the organization
-guide certain sections
-specific goods
but impacts long term
for survival: new will get more problems, no recognition and competition
and sales revenue maximization: goal from day one only after estabilishes
business
MAIN GOAL OF BUISNESS
survival
sales revenue p b90
Profit maximization
Growth
Market standing
Image and reputation
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finance- if not enough money to set objective so set accordingly
Crises management- hwo does business deal w probs, if cant
handle then the objectives should be low
(Extrnal Factors)
CSR
Corporate social responsibility
Efficient
Contributions to society
Society
Stakeholders
Media
Pressure groups
SWOT ANALYSIS:
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1)competitor analysis
2)assessing opportunities
3) risk assessment
4) reviewing corporate strategy
5)strategic planning
Market penetration- same products for existing customer, low risk, seek
to maintain or increase market share, intense comp
SMART OBJECTIVES
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1.4 STAKEHOLDERS
INTERNAL STAKEHOLDERS:
EMPLOYEES
Have a stake aka an interest
They will strive to improve pay,working conditions and
job security and oppo
Produce and communicate for customers
Motivate better output
SHAREHOLDERS:
Limited liability companies owned by them
Invest money by buying shares
Vote and say how company runs
2 objectives: maximize didvidents and to achive a
capital gain in the value of the shares (rise in share
price)
EXTERNAL STAKEHOLDERS:
Arent a part of the business but have a direct
interest and involvement
CUSTOMERS
CAN SPEND ELSE WHERE THREATENING BUISNESS
Listen to option of customers
The most important part
If they hppy then yay
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Market research producers identify customer needs and
wants In order to satisfy creates brand loyalty and more
customers
SUPPLIERS
Need to make a product and supply it
Good relationship as yiu need credit, can deffer payments
instead of cash flow probs
Cred terms can be longer
On time and quality goods
GOOD COMMUNICATION
PRESSURE GROUPS
To be ethical
Consists of individuals that come together w a common
agenda to achieva a goal in ider to help society
Good relations w them so they don’t bitch
May pressure to sponcer local fund raising events
COMPETITORS:
THEY ARE RIVALS
Give incentive to workharder
To be better
To be aware of what rival is up to
benchmark
GOVN:
Import
They influence a lot
That no unfair business practices
Tax paid from each
Health and safety standards
Consumer protection law are upheld
Competition policies
Small business survive
Aims to ensure they act in publics interest
STAKEHOLDER CONFLICT
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More price to maximize profit
Consumers v/s producers
Consumer want low price high quality good
Producer v/s employes
Producer v/s PG
Produvers v/s govt
1.5
STEEPLE
Its all external
SOCIAL
TECHNOLOGICAL
ECONOMIC
ENVIRONMENTAL
POLOTICAL
LEGAL
ETHICAL
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Recovery stage; getting back, more invest ment,
sunsidies
Economic growth: gdp
Economic development: standard of living
ETHICAL
o Employees will ike towork in this business
o Motivational
o Attracts
o Expensive
o Profits reduce
o
Ethics are the moral values and judgements (of what is right) that
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society believes businesses ought to consider in their decision-making.
The exchange rate is the value of a country's currency in terms of
other currencies.
Strategies are plans of action that businesses use to achieve their targets, i.e.
the long-term plans of the whole organization.
SWOT analysis is an analytical tool used to assess the internal
strengths and weaknesses and the external opportunities and threats of
a business decision, issue or problem.
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Tactics are the short-term plans of action that firms use to achievetheir
objectives.
A vision statement is an organization's long-term aspirations, i.e. where it
ultimately wants to be.
KEY TERMS
thefirmsmissionstatement.Theyareageneralstatementofa firm's
purpose or intentions and tend to be qualitative in nature.
The Ansoff matrix (1957) is an analytical tool to devisevarious
product and market growth strategies, depending on whether
businesses want to market new or existing products in either new or
existing markets.
Strategies are plans of action that businesses use to achieve their targets, i.e.
the long-term plans of the whole organization.
SWOT analysis is an analytical tool used to assess the internal
strengths and weaknesses and the external opportunities and threats of
a business decision, issue or problem.
Tactics are the short-term plans of action that firms use to achievetheir
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objectives.
A vision statement is an organization's long-term aspirations, i.e. where it
ultimately wants to be.
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