Studied by 8 people
Unit 1 - only 1.3, 1.4, 1.5, 1.6
Business Objectives
Articulated, measurable targets necessary to achieve a business's long-term goals, categorized into strategic, tactical, and operational objectives.
SMART Objectives
Specific, Measurable, Achievable, Relevant, Time-specific criteria for effective goal setting.
Business Strategies
Plans to achieve strategic objectives, involving careful analysis, planning, implementation, and evaluation.
Stakeholders
Individuals or groups with a direct interest in a business, categorized as internal and external stakeholders.
SWOT Analysis
Examination of Strengths, Weaknesses, Opportunities, and Threats to aid strategic planning and market positioning.
Ansoff Matrix
Tool for assessing growth strategies based on market and product considerations, including Market Penetration, Market Development, Product Development, and Diversification.
PESTLE Analysis
Examination of Political, Economic, Social, Technological, Legal, and Ethical factors influencing business operations and growth.
Scale of operations
The size or volume of output of a business.
Economies of scale
The reduction in average unit cost as a business increases in size.
Diseconomies of scale
The increase in per unit production cost as output or activity increases.
Efficiency
Measured in terms of costs of production per unit.
Fixed costs
Costs that do not change according to the amount of goods or services produced.
Variable costs
Costs that increase or decrease according to the amount of goods or services produced.
Average costs
The total cost per unit produced.
Internal economies of scale
Advantages gained by a business due to its size or scale.
External economies of scale
Benefits that occur outside a business due to its size or scale.
Internal diseconomies of scale
Disadvantages experienced within a business due to its size or scale.
External diseconomies of scale
Disadvantages experienced outside a business due to its size or scale.
Internal growth
Business expansion relying on its own resources and capabilities.
External growth
Business expansion with resources not developed internally.
Mergers and acquisitions
Methods of external growth involving combining or acquiring other companies.
Joint ventures
Cooperation between businesses to enhance value without creating a new entity.
Strategic alliances
Legal cooperation between businesses to enhance value without creating a new entity.
Franchising
Distributing products or services by selling the right to use a brand to franchisees.
Globalisation
Integration of regional economies into a global unit.
Multinational companies (MNCs)
Companies operating in two or more countries.
Note 
Flashcard (108)