Chapter 1.3/1.4

A vision statement should encapsulate what the business hopes to be in the future. It also remains constant.

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A mission statement describes how the business is doing now. It can't change at the time passes.

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Aims are long term goals

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Objectives are long term goals which allow a business to meet it aims.

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A business strategy is a plan of objectives in order to meet the aims.

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Business tactics are the actions and objectives which allow a business to implement a strategy.

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Ethical objectives are moral obligations for a business sets for itself.

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CRS is the concept that all business have an obligation to operate in a way that will have a positive impact on society.

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A SWOT analysis is a tool used in business planning. It involves analysing strenghts, weaknesses, opportunities and threats, only inside the business.

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The ANSOFF matrix is used to plan business growth. It considers new and existing products and new and existing markets to identify opportunities.

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