Theme 3: Business decisions and strategy. 3.1 Business objective and strategy syllabus 3.1.1 Corporate objectives 3.1.2 Theories of corporate strategy.

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Presentation transcript:

Theme 3: Business decisions and strategy

3.1 Business objective and strategy syllabus Corporate objectives Theories of corporate strategy SWOT analysis Impact of external influences REMINDER: Have you printed off the syllabus?

3.1.1 Corporate objectives syllabus Candidates should be able to: define corporate objectives, corporate aims and mission statements explain the link between corporate objectives and mission statements/aims evaluate mission statements and corporate aims What does evaluate mean in Edexcel terms?

Definitions: corporate aims and objectives Corporate aims are the ______ term goals of the _____________ whereas corporate objectives are the more _______ targets to help achieve the aims. Aims are what you want to achieve _________ and objectives are the ______ which must be achieved in order to fulfil the corporate aims. Aims are part of the firm’s __________ statement (see later). long, mission, organisation, overall, specific, targets

EXAM HINT Corporate aims can be used to judge the progress of the firm. E.g. “To what extent has the business achieved its aims over the last five years?”

Examples of corporate aims

SMART objectives All objectives should be SMART, what does this mean?

Mission statement definition A mission statement is a _______________ expression of the firm’s aims. It uses language intended to _________ staff within the firm and to convince those outside of their ___________ and commitment. It should give ________ a reason for their work and explain to other stakeholders why the firm _______. It is an attempt to put corporate _____ into words aims, exists, motivate, qualitative, sincerity, staff

Motivation recap What are the names of the FOUR motivation people and their theories on your syllabus?

How should firms produce a mission statement? Get everyone involved. Why? Senior managers discuss and agree statement Disseminate to staff (what does this mean?) and ensure everyone understands Tell other stakeholders e.g. Continually monitor and update if required

Criticisms of mission statements: