3.1 Mission statements Flashcards
1
Q
what is a mission statement?
A
A qualitative statement that sets out the businesses objectives and purposes for its stakeholders.
2
Q
What are the uses of a mission statement?
A
- Creates focus.
- Develops the businesses identity.
- Increase profitability due to increased staff motivation
3
Q
What are the limitations of mission statements?
A
- May be unrealistic and overoptimistic.
- Waste of time for management.
4
Q
What are SMART objectives?
A
Specific
Measurable
Achieveable
Realistic
