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Business 1.3

TermDefinition
Ethics Acting morally correct, the difference between right and wrong
Strategic Objectives The long-term goals that the whole organization continually strives to achieve
Tactical Objectives The short-term and specific goals of a business with definitive timelines for specific functional areas of an organization
CSR Values, decisions, and actions that impact society in a positive way
SWOT Analysis Can be used to assess the current and future situation of a product, brand, company Strength, weakness, opportunities, threats Add internal and external on the left, internal on the top, external on the bottom
SWOT Limitations Not detailed Static Not used alone
SWOT Benefits Quick and easy Wide range of decisions Objective and logical
Ansoff Matrix An analytical tool that helps managers to devise their product and market growth strategies
Market Penetration Strategy Existing products in an existing market
Product Development Strategy New products in an existing market
Market Development Strategy Existing products in a new market
Diversification New products in a new market
Created by: fionapennecke
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