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UNIT 7 Business - Coggle Diagram
UNIT 7 Business
missions statement
Sets out the purpose of a business existing. The mission relates to all stakeholders and typically focuses on:
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Importance of different groups such as employees, customers and investors.
SWOT analysis
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pros cand cons
It can assist managers to think in a structured way-and focus on both the internal operations of the business and its external environment.
low-cost and straightforward technique-that can be used by managers in all types of businesses and may be very suitable to assist managers of small businesses in devising strategy.
SWOT analysis is unlikely to offer any solutions- and its results will require further analysis by managers.
coporate objectives
Important, broadly defined targets that a business much reach to achieve its overall aim
tactics
tend to be short term, to involve fewer resources and involve less uncertainty.
strategy
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For example, if a firm's vision was to become the market leader.
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