Edexcel Business a-level 3.1 key terms

Strategic

The term strategic describes plans, decisions etc. that have a number of common characteristics

Corporate strategy

A plan or series of medium to long-term plans for achieving aims and objectives

strategy

a plan of action that has been designed to fulfil  an objective. A strategy cannot be formed until an objective has been defined 

Mission statments

the aims of a business expressed in qualitative terms such as the despite to ‘be the best in the industry’. They highlight the culture. Values and belief of the business

aim/vision

overall goals/intentions that indicate the future directions of a business, not specific but are used to ‘paint the big picture’

Functional tactic

the means to carry out strategy and are managed at a functional level

Tactics are often linked between functions

Marketing develops new products, must be linked with investment/finance, new staff or training (HR), new technology (operations)