Edexcel Business A Level Revision

Growth - A common corporate objective which means expanding the sales revenue of a business, probably in the hope that profits will increase too. Another aim is to achieve increased market share and brand recognition, which overlap gently with increased market power. Increased market share gives greater control today and higher brand recognition gives greater influence over what will happen to the business in the future

Corporate culture - The values, beliefs and standards shared by people and groups within an organisation. These will impact on the way that people within the organisation interact with each other and with other stakeholders. "The way we do things around here" - Charles Handy The culture of a business is reflected in many ways, e.g; How employees are recruited - the cultural factors that make one applicant more suitable than another  The way that visitors and guests are looked after How the working space is organised The degree of delegation and individual responsibility (effects decision making) How long new employees stay in a business (retention) How contracts are negotiated and agreed The personality and style of the sales force The responsiveness of communication (impacts staff motivation) The methods used for communication (impacts staff motivation) How staff address each other (first name, last name etc) The speed in which decisions are made (effects de...

Brand - a product produced by one business using a specific name. Tangible - something you can physically see as a difference Intangible - something you cannot physically see as a difference Branding involves the creation of an identity for the business that distinguishes that firm and it's products from other firms . Consumers have a perception of what to expect from a particular brand. BRANDING CAN ADD VALUE to a product allowing firms to charge higher prices and also leads to brand loyalty whereby customers will continue to buy products from that firm. Brands help build loyalty and repeat business as well as adding value allowing businesses to charge higher prices. Sometimes a brand is so strong it filters into our everyday language e.g Google, we now say we are going to Google something, it's turned into a verb. Other benefits of having a brand and add value to a product are: • BRAND EXTENSION Brand extension can mean adding new product ranges to ...