Key term
Edexcel A-Level Business 9BS0
Meeting Customer Needs
Marketing Mix and Strategy
Managing People
Entrepreneurs and Leaders
Financial Planning
Managing Finance
Resource Management
External Influences
Business Objectives and Strategy
Decision-Making Techniques
Influences on Business Decisions
Assessing Competitiveness
Globalisation
Global Markets and Business Expansion
Global Marketing
Global Industries and Companies
Business Objectives and Strategy
- 4 subtopics
- 23 things to know
- Paper 2 and Paper 3
What Business Objectives and Strategy covers
Business objectives and strategy opens Theme 3 and is examined on Paper 2. It covers the mission a business sets itself and the objectives that follow from it, the main theories of how to compete, and the tools used to read a business's own position and the world outside it.
Where it is assessed
Paper 2 and Paper 3
Theme 3, examined on Business activities, decisions and strategy, then the pre-released synoptic paper.
Check the Pearson Edexcel specification ↗The 4 subtopics
Each one has its own page.
- Corporate objectivesMission statements, corporate aims and SMART objectives, how each follows from the one above, and the criticisms made of mission statements.Open →
- Theories of corporate strategyAnsoff’s Matrix and the risk attached to each quadrant, Porter’s generic strategies and being stuck in the middle, portfolio analysis, distinctive capabilities, and strategic against tactical decisions and their impact on resources.Open →
- SWOT analysisStrengths, weaknesses, opportunities and threats, which of them are internal and which external, and what the analysis is and is not good for.Open →
- Impact of external influencesPESTLE analysis across political, economic, social, technological, legal and environmental factors, and Porter's five forces on the competitive environment.Open →
What you need to know
Answer each one before you reveal it.
Your recallNot started
Key term
Why must corporate objectives follow the mission statement, and what does SMART mean?
Evaluation
What criticisms are made of mission statements?
Evaluation
How can mission statements benefit communication with external parties?
Key term
What is Ansoff's Matrix, and what strategies does it set out?
Evaluation
Which Ansoff strategies carry the most and least risk?
Key term
What are Porter's three generic strategies?
Key term
What are Kay's distinctive capabilities?
Key term
Distinguish strategic from tactical decisions.
Process
How does scope distinguish strategic from tactical decisions?
Key term
How might a strategic decision affect supply chain arrangements?
Key term
How might a strategic decision affect capital structure?
Key term
What is SWOT analysis, and what are strengths and weaknesses?
Evaluation
Which internal factors appear in a SWOT analysis?
Numbers
How might market trends appear in the external section of a SWOT analysis?
Numbers
In what way do economic conditions form part of the external analysis in SWOT?
Key term
What are the six categories in a PESTLE analysis, and what do political factors cover?
Process
Which technological and legal factors does PESTLE examine?
Key term
Which legal factors must a business monitor?
Key term
Which environmental factors affect strategy, and what changes the competitive environment?
Evaluation
What are barriers to entry, and which of Porter's forces covers suppliers?
Evaluation
Which force in Porter's framework assesses the power that customers have in negotiations?
Key term
Which of Porter's forces focuses on competition between firms already operating in the industry?
Take Business Objectives and Strategy further
The same content, four other ways.
Commonly confused
Pairs that lose marks when they are blurred together.
Aim vs Objective
Aim: a broad long-term statement of what the business intends to achieve. Objective: a specific measurable target with a deadline attached.
Strategy vs Tactic
Strategy: the long-term plan for achieving a major goal. Tactic: a short-term action taken to carry that plan out.
Strength vs Opportunity
Strength: an internal factor that gives the business an advantage. Opportunity: an external factor the business could exploit.
Questions from this topic
Each one with the model answer underneath.
- 1
What is a mission statement?
Model answer
A brief declaration of an organisation's core purpose, values, and reason for existence that guides strategic direction.
- 2
Define corporate aims.
Model answer
The long-term goals that an organisation seeks to achieve, derived from and consistent with its mission statement.
- 3
What are corporate objectives?
Model answer
Specific, measurable targets that translate corporate aims into actionable goals with defined timeframes.
- 4
In the hierarchy of objectives, what does the mission statement establish?
Model answer
It establishes the organisation's purpose and values.
- 5
What role do corporate aims play in the hierarchy of objectives?
Model answer
They set the broad long-term direction for the organisation.
- 6
How do corporate objectives function within the hierarchy of objectives?
Model answer
They provide specific measurable targets derived from corporate aims.
What is inside Levo
Six ways to work the same material.
Business Objectives and Strategy revision questions
- What does Business Objectives and Strategy cover in Edexcel A-Level Business?
- 4 subtopics: corporate objectives, theories of corporate strategy, swot analysis and impact of external influences. Each one has its own page with questions and model answers.
- How is Business Objectives and Strategy organised?
- By the Edexcel 9BS0 specification, subtopic by subtopic, so it matches the order you are taught it in.
Every question in Business Objectives and Strategy, on a schedule.
Attempt a question from memory, write the correct version, then attempt it again. Levo records the jump between your first attempt and your last, and brings each question back on the day you are due to forget it.
Or £46 a year, about £3.83 a month. Cancel anytime.