Edexcel A-Level Business Theme 3.1 Business objectives and strategy overview quiz quiz

They are exactly the same thing, with mission and corporate objectives meaning the same in practice

Corporate objectives are set first and the mission is then written afterwards to fit around them

Neither one has any influence on the other, so they are decided completely separately by the firm

The mission states the overall purpose; corporate objectives are medium-term goals that pursue it

Strategy is the long-term plan; tactics are the short-term actions that implement it

Strategy is the short-term day-to-day work, while tactics are the long-term overall plan of the firm

They are identical terms and describe exactly the same thing within a business in every situation

Tactics set the overall long-term direction, while strategy is just the routine daily action taken

Opportunities and threats

Strengths and weaknesses

Political and economic factors

Buyers and suppliers

Market penetration

Diversification

Cost leadership

Product development

Market penetration

Market development

Product development

Diversification

Market penetration

Diversification

Product development

Market development

Differentiating a product from those of rivals by making it distinctive in the eyes of customers

Being stuck in the middle, committing to neither cost leadership nor differentiation

Targeting a narrow niche segment of the market rather than trying to serve the whole market

Lowering costs across the business in order to compete as the cheapest producer in the industry

The mission statement, which sets out the overall purpose of the whole business

The Ansoff matrix, a tool used for planning the growth strategy of a business

The bargaining power of buyers

Functional objectives, the specific targets set for each department of the firm

Higher potential profit

No effect on profit

Guaranteed monopoly

Lower potential profit

PESTLE scans the macro environment; five forces analyse the industry

They are the same model

Five forces scan the macro environment; PESTLE analyses the industry

Neither relates to strategy