3.1 Corporate Objectives Flashcards
Aim
The ultimate goal or desired outcome for a business.
Corporate Objectives
statements of specific outcomes that are too be achieved
Corporate planning
Creating a plan that lays out strategies to improve company and meet goals
Mission statement
The businesses intent, provides employees with purpouse whilst expressing core values.
Functional objective
Day to day goals or functions of specific departments.
Corporate
Medium to large businesses
What makes a good mission?
Clear sense of business purpouse
Excites, Inspires, motivates and guides
Differentiates business from competitiors
Common criticisms of mission statements
Not always supported by actions of business
Often too vague and general
To be effective everyone in business has to be cooperative
Purposes of corporate objectives
Provide strategic focus
Measure decision making
Inform decision making
What does smart stand for?
Specific
Measurable
Achievable
Realistic
Time bound
What do businesses need to consider when looking at cooperate objectives and mission statements?
Short to medium strategies support aim and mission.
Aim and objectives are realistic and achievable.
Communicates messages to shareholders effectively.
Why is it important to check cooperate objectives and mission statements?
Involve stakeholders
Opportunities and threats can be acknowledged
Generate positivity with public.
Objectives
long term targets that help a business achieve their aim.
strategy
medium to long term plans which help a business achieve their objective.
Tactics
Day to day actions
