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3.1Business objectives and strategy - Coggle Diagram
3.1Business objectives and strategy
3.1.1 corporate objectives
aims - the overall long term goal for the business
objectives long term targets that will help help advice the aim
strategy - medium-long term plans to help reach objectives
tactics - day to day actions as part of the the strategy
mission statements - turning an aim inspiring statement ( it overall defines the the business aim in which they operate)
3.1.2 theories of corporate of corporate strategy: Ansoff matrix
market penetration - actions to further gain market share in an existing market
Product development : amending or upgrading an existing product for same market
market development - taking an existing product to a new market either finding a new use, or a new geographic market
Diversification doing something totally new. a new product a new market
As a business overs further away from what they already know it becomes, it becomes more risky
Competitive Advantage: porter's generic strategies
low cost approach - targeting the mass market with a low cost strategy
focused low cost - targeting the niche market with a low cost strategy
differentiation - targeting thee mass market with a differentiation strategy
3.1.3 SWOT analysis
strengths
weakness
opportunities
threats
3.1.4 impact of external influences
PESTLE analysis:
political
economic
social
Technological
legal
environmental
Porter five forces - A series of external factors that affect the nature of competition within a market
threat of new entrants
Supplier bargaining power
rivalry amongst competitors
threats of substitutes