3.1.1 Corparate Objectives

Question 1

What is a Mission or Misson Statement?

Answer 1

The overall Reason for a business’ existence

Question 2

What are Corporate Aims?

Answer 2

The LONG TERM targets and plans to fulfil the mission statement

Question 3

What are Corporate Objectives?

Answer 3

The MEDIUM TO LONG term quantifiable targets to fulfil the mission statement (SMART - quantifiable or achievable )

Question 4

What is a Corporate Stragegy?

Answer 4

The SHORT TERM actions to be taken by the business to achieve its (corporate) objectives / Plan of action

Question 5

Why is it important to share a business’ mission statement with employees?

Answer 5

• Staff know how to act

- Eveyone on the same page

Question 6

Why is it important for leaders to think back to the mission statement when making strategic decisions?

Answer 6

Strategic decisions should reflect the princibles of the mission statement

Question 7

What are some drawbacks to Business stratagies?

Answer 7

Require an investment of resources e.g. time and money

Once made are difficult to reverse

Question 8

What are strategies?

Answer 8

Medium to long term plans made by a business to meet ts “corpotate objectives”.