3.1 Flashcards
1
Q
objectives definition
A
statement of specific outcomes that are able to be achieved
2
Q
hierarchy of business objectives
A
- mission
- corporate
- functional
- team
- individuals
3
Q
purposes of corporate objectives
A
- provide strategic focus
- inform decision making
- measure the performance of the firm as a whole
- set the scene for more functional objectives
4
Q
smart acronym
A
specific
measurable
accurate
relevant/ realistic
time
5
Q
purpose of mission statements
A
- strategic perspective
- vision for the future
6
Q
good mission statement has
A
- a clear sense of purpose
- easy to understand
- differentiates business form competitors
- motivates and guides
