3.1.1 - Corporate Objectives Flashcards

1
Q

What is a mission statement?

A

A mission statement communicates the purpose of a business and why it exists

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2
Q

What is the order of the components of the Hierachy?

A
  1. Aims
  2. Mission Statement
  3. Corporate Objectives
  4. Functional Objectives
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3
Q

What is an aim?

A

Long term goals of a business (Overall vision)

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4
Q

What are corporate objectives?

A

Specific, realistic and measurable goals which an organisation plans to achieve within a given period of time.
- Derived from firm’s aim
- Based on innvoation/growth etc

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5
Q

What factors impact corporate objectives?

A
  • Economic conditions
  • Natural disasters
  • Competitors
  • Technological change
  • Internal factors
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6
Q

What are functional objectives?

A

Relate to the goals of departments/functions (marketing etc) and derived from and to aid corporate objectives

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7
Q

What does SMART stand for and what objectives should meet these standards?

A

S - Specific
M - Measurable
A - Agreed
R - Realistic
T - Time bound

Corporate and functional objectives should meet these

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