3.1 Business Objectives and Strategy

Question 1

What is a mission statement?

Answer 1

The main purpose and vision of a business. Its a short way of expressing the businesses intent

Question 2

What is a corporate objective?

Answer 2

quantifiable statement of business aims which should include measurable targets

Question 3

What is a department objective?

Answer 3

aims set by each department in order to achieve corporate objectives

Question 4

What are uses of mission statements?

Answer 4

• provides focus and shows direction
• identity - helps establish market place position
• profitability

Question 5

What are limitations of mission statements?

Answer 5

• can be unrealistic
• waste of management time and resources
• can lead to conflicts
• can be ambiguous
• can become obsolete as business grows
• can be seen as another pr tool