1.3 Business Objectives

Question 1

What is a vision statement?

Answer 1

A vision statement points to the future and what a business would like to see itself as

Question 2

What is a mission statement?

Answer 2

A mission statement is based on where the business is now and how they can achieve their vision statement

Question 3

What are business objectives?

Answer 3

Business objectives are measurable targets

Question 4

What are strategic objectives?

Answer 4

Strategic objectives are long term targets

Question 5

What are tactical objectives?

Answer 5

tactical objectives areshort medium targets

Question 6

What internal changes to the environment cause a business to chnage their tactical objectives?

Answer 6

-Leadership style
-Product
-Finance

Question 7

What external changes in the environment cause businesses to change their tactical objetctives

Answer 7

-Social
-Technological
-Economic
-Ethical
-Political
-Legal
-Ecological

Question 8

What is corporate social responsibility?

Answer 8

Corporate social responsibility is the view that businesses should not just focus on making profits but also contribute to society economically, socially or environmentally