3.1.1/3.1.4 Corporate Objectives

Question 1

Define aim

Answer 1

All round goal that a business/individual wants to achieve
Long term target

Question 2

Define objectives

Answer 2

Smaller aims to achieve an end goal
Steps

Question 3

Corporate objective

Answer 3

A generalised statement of where a business is headed

Question 4

Advantages of corporate objectives

Answer 4

-Provides direction for the business
-reduces conflict as everyone’s working towards the same goal

Question 5

Disadvantages of corporate objectives

Answer 5

-Demotivate employees
-negative publicity
-constantly renewed/chaneged

Question 6

Mission statement
Influence

Answer 6

Attempt to put corporate aims + objectives into words that inspire
-changes in laws/visions/strategy

Question 7

Internal

Answer 7

Factors inside business that business can control

Question 8

External

Answer 8

Factors outside business nit in control
Outside market

Question 9

PESTEL

Answer 9

Political, economic, social, technological enviromental and legal

Question 10

What is pestel?

Answer 10

Analytical tool business use to analyse external enviroment

Question 11

Political

Answer 11

Gov regulations can change (depending on who’s in power)

Question 12

Economical

Answer 12

Interest rates, inflation, recession

Question 13

Social

Answer 13

Aging population, migration (different demographics)

Question 14

Technological

Answer 14

AI/new tech

Question 15

Environmental

Answer 15

Sustainable transportation

Question 16

Legal

Answer 16

Health + safety/minimum wage