3.1.1 Corporate Objectives

Question 1

Mission Statements

Answer 1

A brief statement, written by the business, describing it’s purpose and objectives, designed to encapsulate it’s present operations

Question 2

What do Mission Statements reflect?

Answer 2

Reflects goals & values of business

Question 3

What do Mission statements describe?

Answer 3

Describes in general terms company core objectives

Question 4

What type of info is included Mission statements?

Answer 4

• The market it operates in
• Key commercial objectives
• Values they have for stakeholders
• Their ethics

Question 5

Two reasons why a business forms Mission Statements

Answer 5

1) To be committed to their customers-forms a promise to customers on what they can expect from their business and they aim to strive for
2) Can bring a company’s workforce together with a shared purpose-By having a mission statement it gives the employees something to believe in and strive for which creates a strong corporate culture

Question 6

Corporate objectives

Answer 6

The objectives of a medium to large-sized business as a whole

Question 7

Who sets corporate objectives?

Answer 7

Senior managers and directors of a business/company

Question 8

What should a corporate objective be specific to?

Answer 8

The businesses history and vision for the future

Question 9

Corporate objectives should sit well with what?

Answer 9

The businesses Mission statements

Question 10

Corporate objectives should focus on what over time?

Answer 10

Their performances and results over time

Question 11

Corporate should be something beginning with S…What is it?

Answer 11

SMART

Question 12

S meaning

Answer 12

Specific-what the business is aiming to achieve and should refer to a particular aspect or function of the business

Question 13

M meaning

Answer 13

Measurable-must be able to track progress so you can use it as evidence that you are actullay making progress

Question 14

A meaning

Answer 14

Attainable-Must make sure you can reasonably accomplish your goal within a certain timeframe

Question 15

R meaning

Answer 15

Relevant-Goals should align with values and long term objectives

Question 16

T meaning

Answer 16

Time-Based - Realistic & Ambitious end date for task prioritisation and motivation

Question 17

Department and functional objectives

Answer 17

The objectives of a department within a business.

Examples of departments include finance, operations, marketing

Question 18

What do functional objectives directly support?

Answer 18

Corporate objectives

Question 19

Business departmental functions are guided by what?

Answer 19

-corporate objectives so they should all be aligned with each other
go to book for example if confused lol

Question 20

Objective

Answer 20

A target/outcome for a business that allows it to achieve it’s aims

Question 21

What are the 3 uses of mission statement

FIP

Answer 21

1) Focus-can create high levels of focus and involvement from those within a business
2) Identity - Creates a sense of identity for the business and it can help establish the position in the marketplace
3) Profitability -strong corporate values which are reflected in mission statements will create profitability as employees will become more motivated + more efficient as they are aware of what they are doing on their job and they know is their a more significant purpose beyond just the general task/duty

Question 22

In what order is the hierarchy of business objectives?

Answer 22

1) Aim
2) Mission Statement
3) Corporate Objectives
4) Departmental Functional objectives
5) Individual targets