3.1.1 corporate objectives

Question 1

why are objectives and aims important

Answer 1

-they give a business focus and something to work towards to
-speed up productivity if employees know what the goal is

Question 2

what is a corporate objective

Answer 2

targets set out for a business in a given time period

Question 3

what are typical corporate aims

Answer 3

-maximise profits
-survive for two years
-improve market share

Question 4

mission statement

Answer 4

a summary of the rerason why a business exists
for example tesla. Tesla’s mission is to accelerate the world’s transition to renewable energy.
if the business has a clear mission it can motivate employees without needing extra motivational tecjniques.
for example the NHS motivates staff by having the mission of providing care for everyone.

Question 5

influences on mission statements

Answer 5

-the purpose of the business (why the business exists)
-the values of the business (what the business belives in doing)
-standards and behaviour (the way the staff act)

Question 6

limitation of mission statements

Answer 6

-unrealistic
-if not all staff share values then there is no purpose created from the mission.

Question 7

advantages of mission statements

Answer 7

-motivation
-focus
-provide template for decision making
-attract customers with similar values

Question 8

lack of mission statements

Answer 8

mission statments help to create purpose in a business, without purpose it may create uncertainty and contradiction