3.1.1 Corporate Objectives

Question 1

What is a mission statement?

Answer 1

short statement explaining the businesses purpose referring to their goals and values

Question 2

What is a mission statement used for?

Answer 2

telling the customers what they can expect from a business and can bring workforce closer together

Question 3

Define a business aim?

Answer 3

What they business hopes to to in the long term

Question 4

Define corporate objectives?

Answer 4

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

Question 5

What is the term SMART used for and what does it stand for?

Answer 5

defines what a good objective should be:
Specific
Measurable 
Achievable 
Realistic 
Time-Management

Question 6

What are the five stages of an objective hierarchy from top to bottom?

Answer 6

Aims
Mission statement
Corporate objectives
Functional objectives

Question 7

What are the 4 departments in the functional department of a business?

Answer 7

Finance
Marketing
Operations
People

Question 8

What are three objectives that a small firm could have?

Answer 8

Ensure it breaks even at end of year
improves firms liquidity
survival

Question 9

What sort of objectives do larger firms have and why?

Answer 9

Most multi-national companies have financial objectives due to having shareholders to satisfy

Question 10

What appraisals should a critical re-assessment involve? (3)

Answer 10

what is the purpose of mission statement
who is the intended audience?
are the aims and objectives realistic?