Complete revision notes for Unit 3. Business objectives, growth strategies, decision-making techniques, competitiveness and managing change — everything you need for WBS13.
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How businesses set objectives and develop strategy — mission statements, corporate objectives, SWOT analysis and the relationship between strategy and tactics.
How businesses grow and the strategic choices involved — organic vs external growth, mergers, takeovers, joint ventures and the reasons businesses choose different paths.
Quantitative tools for business decisions — decision trees, critical path analysis, investment appraisal and the value and limitations of data-driven decision-making.
The internal and external forces that shape strategic decisions — corporate culture, ethics, stakeholder pressure, technology and the impact of the economic environment.
How businesses measure and improve their competitive position — financial ratios, core competencies, Porter's generic strategies and benchmarking against rivals.
How businesses plan for and manage change — causes of change, barriers to change, scenario planning and the leadership skills needed to drive transformation.
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