3.1 Flashcards
1
Q
Corporate aims
A
An aim provides a general sense of what is to be achieved.
If everyone in a business is aware of what the firm is trying to achieve, they will be more driven to achieve their part of that whole.
Focusing on aims helps employees to understand what factors should be prioritised when making decisions. This allows decisions to be made quickly, without the need of consultation from the manager.
Typical corporate aims include:
- Growth
- Maximising profit
- Entering a new market
- Survival
- Improving communities
2
Q
Mission statement
A
Why the business exists.
3
Q
Corporate objectives
A
All businesses have corporate objectives.
These are developed from corporate aims and mission statement.
