1 Business & Its Environment - 1.4 Business Objectives

Question 1

Define Mission Statement

Answer 1

A statement of a business’ core aims, phrased in a way to motivate employees and stimulate interest from outside groups.

Question 2

Define Corporate Objectives

Answer 2

Goals or targets that provide specific detail for operational decisions (expressed in quantitative terms)

Question 3

Define CSR (a corporative objective)

Answer 3

The concept where a business should consider the society’s interest in its activities and decisions beyond their legal obligation by taking responsibility for the impact of their activities on consumers, employers, communities and the environment

Question 4

Define Management by Objectives (MBO)

Answer 4

Coordinating and motivating staff in an organisation by splitting the overall aim of the business into specific targets for each department, manager & employee.