7.1.2

Mission, Corporate Objectives & Strategy

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The Distinction Between Strategy and Tactics

Businesses can use strategic and tactical approaches to achieving their objectives.

Strategy

Strategy

Strategic approaches are long-term plans which require many resources and can be difficult to reverse once implemented.

Tactics

Tactics

Tactical approaches are short-term plans which often require few resources and can be stopped or reversed if this is required.

The Link Between a Mission, Corporate Objectives, and Strategy

A business' mission, corporate objectives, and strategy all inform one another.

The link between a mission, corporate objective and strategy

The link between a mission, corporate objective and strategy

A business mission will inform the choice of corporate objectives as corporate objectives will be designed in such a way to meet the overall mission.
Businesses can use strategies to work towards their overall corporate objectives.

Example

Example

Google’s mission is to organise the world’s information.
This informs Google’s objectives which include improving user experiences and a strategy to support this objective is investing in long-term research and development to discover new technologies.

The difference between strategic and functional decisions

The difference between strategic and functional decisions

Strategic decisions made by businesses will influence departmental or functional decision making as every function within a business must support the overall organisation.

1

What is Business?

1.1

Understanding the Nature of Business

1.1.1Why Businesses Exist 1.1.2Business Aims & Objectives 1.1.3Revenue & Costs 1.1.4A-A* (AO3/4) - Cost Leadership 1.1.5Profit 1.1.6End of Topic Test - The Nature of Business

1.2

Understanding Different Business Forms

1.2.1Sole Traders 1.2.2Limited Liability 1.2.3Non-Profit 1.2.4Franchising 1.2.5A-A* (AO3/4) - Franchising at Blockbuster 1.2.6Key Business Terms 1.2.7Shareholders 1.2.8End of Topic Test - Different Businesses

1.3

External Environments

1.3.1External Environments

2

Managers, Leadership & Decision Making

2.1

Understanding Management

2.1.1Managers 2.1.2Management Theories 2.1.3End of Topic Test - Management

2.2

Understanding Management Decision Making

2.2.1Scientific Decision Making 2.2.2Intuition Decision Making 2.2.3Influences on Decision Making 2.2.4A-A* (AO3/4) - Taylorism & Jack Welch 2.2.5End of Topic Test - Management Decisions

2.3

Understanding Stakeholders

2.3.1Stakeholders

3

Decision Making to Improve Marketing Performance

3.1

Decision Making to Improve Marketing Performance

3.1.1Setting Marketing Objectives

3.2

Understanding Markets & Customers

3.2.1Market Calculations 3.2.2Market Research 3.2.3Market Mapping 3.2.4Methods of Market Research 3.2.5Interpreting PED & YED

3.3

Market Segmentation, Targeting & Positioning

3.3.1Segmentation 3.3.2Niche & Mass Markets

3.4

Marketing Mix

3.4.1Marketing Mix 3.4.2Product Decisions 3.4.3Pricing Decisions & Price Skimming 3.4.4Pricing Decisions & Price Penetration 3.4.5A-A* (AO3/4) - Pricing & Competition 3.4.6Promotional Decisions 3.4.7Promotional Decisions 2 3.4.8Promotional Decisions 3 3.4.9Distribution Decisions 3.4.10Distribution Decisions 2 3.4.11Digital Marketing 3.4.12Evaluating Digital Marketing 3.4.13A-A* (AO3/4) - The Marketing Mix & Promotion

4

Decision Making to Improve Operational Performance

4.1

Setting Operational Objectives

4.1.1Setting Operational Objectives

4.2

Analysing Operational Performance

4.2.1Operations Data 4.2.2A-A* (AO3/4) - The Problem with Operations Data

4.3

Increasing Efficiency & Productivity

4.3.1Capacity 4.3.2Productivity & Efficiency 4.3.3Technology & Efficiency

4.4

Improving Quality

4.4.1Importance of Quality 4.4.2Measuring & Identifying Quality 4.4.3Total Quality Management 4.4.4Evaluating Total Quality Management 4.4.5A-A* (AO3/4) - Toyota Production System

4.5

Managing Inventory & Supply Chains

4.5.1Improving the Supply Chain 4.5.2Inventory 4.5.3Outsourcing

5

Decision Making to Improve Financial Performance

5.1

Financial Objectives

5.1.1Setting Financial Objectives 5.1.2Influences on Financial Objectives

5.2

Analysing Financial Performance

5.2.1Cash-Flow & Budgets 5.2.2Break-Even & Profitability Analysis

5.3

Sources of Finance

5.3.1Internal Sources of Finance 5.3.2External Sources of Finance 5.3.3Factors for Financing 5.3.4A/A* (AO3/4) - Debt

5.4

Improving Cash Flow & Profit

5.4.1Improving Cash Flow & Profits

6

Improving Human Resource Performance

6.1

Human Resource Objectives

6.1.1Setting Human Resource Objectives 6.1.2Human Resource Management

6.2

Analysing Human Resource Performance

6.2.1Analysing Human Resource Performance 6.2.2Analysing Human Resource Performance 2 6.2.3Analysing Human Resource Performance 3

6.3

Improving Organisational Design

6.3.1Job Design 6.3.2Organisational Design 6.3.3Human Resource Flow 6.3.4A-A* (AO3/4) - Amazon & Netflix Org Design

6.4

Improving Motivation & Engagement

6.4.1Motivating & Engaging Employees 6.4.2Taylor's Theory 6.4.3Maslow's Theory 6.4.4Herzberg's Theory 6.4.5Different Incentives 6.4.6Evaluating Incentives

6.5

Improving Employer-Employee Relations

6.5.1Improving Employer-Employee Relations 6.5.2A-A* (AO3/4) - The Winter of Discontent

7

Analysing the Strategic Position of a Business

7.1

Mission, Corporate Objectives, Strategy

7.1.1Business Mission & Corporate Objective 7.1.2Mission, Corporate Objectives & Strategy 7.1.3SWOT Analysis 7.1.4A-A* (AO3/4) - SWOT Analysis

7.2

Financial Ratio Analysis

7.2.1Financial Ratios

7.3

Overall Performance

7.3.1Non-Financial Data 7.3.2Core Competences 7.3.3Assessing Business Performance 7.3.4A-A* (AO3/4) - Assessing Financial Performance

7.4

Political & Legal Change

7.4.1Political & Legal Change

7.5

Economic Change

7.5.1Economic Environment 7.5.2Business Considerations from Globalisation 7.5.3A-A* (AO3/4) - Interest Rates in the UK

7.6

Social & Technological Environment

7.6.1Social & Technological Environment 7.6.2Lifestyle & Technological Environment 7.6.3Corporate Social Responsibility

7.7

Competitive Environment

7.7.1Porter's Five Forces 7.7.2A-A* (AO3/4) - The 5 Forces

7.8

Investment Appraisal

7.8.1Investment Appraisal

8

Choosing Strategic Direction

8.1

Choosing Areas of Competition

8.1.1Choosing Areas of Competition 8.1.2A-A* (AO3/4) - Diversification

8.2

Choosing How to Compete

8.2.1Choosing How to Compete

9

How to Pursue Strategies

9.1

Change in Scale

9.1.1Growth & Retrenchment 9.1.2Challenges of Growth 9.1.3A-A* (AO3/4) - Diseconomies of Scale

9.2

Assessing Innovation

9.2.1Assessing Innovation

9.3

Assessing Internationalisation

9.3.1Internationalisation 9.3.2Sourcing Resources & Entering Markets 9.3.3A-A* (AO3/4) - Internationalisation in Guatemala 9.3.4Managing Internationalisation 9.3.5Impact of Internationalisation

9.4

Digital Technology

9.4.1Assessing Use of Digital Technology 9.4.2Impact of Digital Technology

10

Managing Strategic Change

10.1

Managing Change

10.1.1Managing Change

10.2

Managing Organisational Culture

10.2.1Managing Organisational Culture 10.2.2Organisational Structures

10.3

Managing Strategic Implementation

10.3.1Managing Strategic Implementation

10.4

Problems with Strategy

10.4.1Problems with Strategy 10.4.2A-A* (AO3/4) - Divorce of Ownership from Control

Jump to other topics

1

What is Business?

1.1

Understanding the Nature of Business

1.1.1Why Businesses Exist 1.1.2Business Aims & Objectives 1.1.3Revenue & Costs 1.1.4A-A* (AO3/4) - Cost Leadership 1.1.5Profit 1.1.6End of Topic Test - The Nature of Business

1.2

Understanding Different Business Forms

1.2.1Sole Traders 1.2.2Limited Liability 1.2.3Non-Profit 1.2.4Franchising 1.2.5A-A* (AO3/4) - Franchising at Blockbuster 1.2.6Key Business Terms 1.2.7Shareholders 1.2.8End of Topic Test - Different Businesses

1.3

External Environments

1.3.1External Environments

2

Managers, Leadership & Decision Making

2.1

Understanding Management

2.1.1Managers 2.1.2Management Theories 2.1.3End of Topic Test - Management

2.2

Understanding Management Decision Making

2.2.1Scientific Decision Making 2.2.2Intuition Decision Making 2.2.3Influences on Decision Making 2.2.4A-A* (AO3/4) - Taylorism & Jack Welch 2.2.5End of Topic Test - Management Decisions

2.3

Understanding Stakeholders

2.3.1Stakeholders

3

Decision Making to Improve Marketing Performance

3.1

Decision Making to Improve Marketing Performance

3.1.1Setting Marketing Objectives

3.2

Understanding Markets & Customers

3.2.1Market Calculations 3.2.2Market Research 3.2.3Market Mapping 3.2.4Methods of Market Research 3.2.5Interpreting PED & YED

3.3

Market Segmentation, Targeting & Positioning

3.3.1Segmentation 3.3.2Niche & Mass Markets

3.4

Marketing Mix

3.4.1Marketing Mix 3.4.2Product Decisions 3.4.3Pricing Decisions & Price Skimming 3.4.4Pricing Decisions & Price Penetration 3.4.5A-A* (AO3/4) - Pricing & Competition 3.4.6Promotional Decisions 3.4.7Promotional Decisions 2 3.4.8Promotional Decisions 3 3.4.9Distribution Decisions 3.4.10Distribution Decisions 2 3.4.11Digital Marketing 3.4.12Evaluating Digital Marketing 3.4.13A-A* (AO3/4) - The Marketing Mix & Promotion

4

Decision Making to Improve Operational Performance

4.1

Setting Operational Objectives

4.1.1Setting Operational Objectives

4.2

Analysing Operational Performance

4.2.1Operations Data 4.2.2A-A* (AO3/4) - The Problem with Operations Data

4.3

Increasing Efficiency & Productivity

4.3.1Capacity 4.3.2Productivity & Efficiency 4.3.3Technology & Efficiency

4.4

Improving Quality

4.4.1Importance of Quality 4.4.2Measuring & Identifying Quality 4.4.3Total Quality Management 4.4.4Evaluating Total Quality Management 4.4.5A-A* (AO3/4) - Toyota Production System

4.5

Managing Inventory & Supply Chains

4.5.1Improving the Supply Chain 4.5.2Inventory 4.5.3Outsourcing

5

Decision Making to Improve Financial Performance

5.1

Financial Objectives

5.1.1Setting Financial Objectives 5.1.2Influences on Financial Objectives

5.2

Analysing Financial Performance

5.2.1Cash-Flow & Budgets 5.2.2Break-Even & Profitability Analysis

5.3

Sources of Finance

5.3.1Internal Sources of Finance 5.3.2External Sources of Finance 5.3.3Factors for Financing 5.3.4A/A* (AO3/4) - Debt

5.4

Improving Cash Flow & Profit

5.4.1Improving Cash Flow & Profits

6

Improving Human Resource Performance

6.1

Human Resource Objectives

6.1.1Setting Human Resource Objectives 6.1.2Human Resource Management

6.2

Analysing Human Resource Performance

6.2.1Analysing Human Resource Performance 6.2.2Analysing Human Resource Performance 2 6.2.3Analysing Human Resource Performance 3

6.3

Improving Organisational Design

6.3.1Job Design 6.3.2Organisational Design 6.3.3Human Resource Flow 6.3.4A-A* (AO3/4) - Amazon & Netflix Org Design

6.4

Improving Motivation & Engagement

6.4.1Motivating & Engaging Employees 6.4.2Taylor's Theory 6.4.3Maslow's Theory 6.4.4Herzberg's Theory 6.4.5Different Incentives 6.4.6Evaluating Incentives

6.5

Improving Employer-Employee Relations

6.5.1Improving Employer-Employee Relations 6.5.2A-A* (AO3/4) - The Winter of Discontent

7

Analysing the Strategic Position of a Business

7.1

Mission, Corporate Objectives, Strategy

7.1.1Business Mission & Corporate Objective 7.1.2Mission, Corporate Objectives & Strategy 7.1.3SWOT Analysis 7.1.4A-A* (AO3/4) - SWOT Analysis

7.2

Financial Ratio Analysis

7.2.1Financial Ratios

7.3

Overall Performance

7.3.1Non-Financial Data 7.3.2Core Competences 7.3.3Assessing Business Performance 7.3.4A-A* (AO3/4) - Assessing Financial Performance

7.4

Political & Legal Change

7.4.1Political & Legal Change

7.5

Economic Change

7.5.1Economic Environment 7.5.2Business Considerations from Globalisation 7.5.3A-A* (AO3/4) - Interest Rates in the UK

7.6

Social & Technological Environment

7.6.1Social & Technological Environment 7.6.2Lifestyle & Technological Environment 7.6.3Corporate Social Responsibility

7.7

Competitive Environment

7.7.1Porter's Five Forces 7.7.2A-A* (AO3/4) - The 5 Forces

7.8

Investment Appraisal

7.8.1Investment Appraisal

8

Choosing Strategic Direction

8.1

Choosing Areas of Competition

8.1.1Choosing Areas of Competition 8.1.2A-A* (AO3/4) - Diversification

8.2

Choosing How to Compete

8.2.1Choosing How to Compete

9

How to Pursue Strategies

9.1

Change in Scale

9.1.1Growth & Retrenchment 9.1.2Challenges of Growth 9.1.3A-A* (AO3/4) - Diseconomies of Scale

9.2

Assessing Innovation

9.2.1Assessing Innovation

9.3

Assessing Internationalisation

9.3.1Internationalisation 9.3.2Sourcing Resources & Entering Markets 9.3.3A-A* (AO3/4) - Internationalisation in Guatemala 9.3.4Managing Internationalisation 9.3.5Impact of Internationalisation

9.4

Digital Technology

9.4.1Assessing Use of Digital Technology 9.4.2Impact of Digital Technology

10

Managing Strategic Change

10.1

Managing Change

10.1.1Managing Change

10.2

Managing Organisational Culture

10.2.1Managing Organisational Culture 10.2.2Organisational Structures

10.3

Managing Strategic Implementation

10.3.1Managing Strategic Implementation

10.4

Problems with Strategy

10.4.1Problems with Strategy 10.4.2A-A* (AO3/4) - Divorce of Ownership from Control

Practice questions on Mission, Corporate Objectives & Strategy

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1
What two approaches can businesses use to achieve their objectives?Fill in the list
2
What are corporate objectives designed to do?Multiple choice
3
What will strategic decisions influence?Multiple choice

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Business Mission & Corporate Objective

SWOT Analysis