3.7.1 - mission, corporate objective and strategy Flashcards
Mission Statement
Sets out a business’s overall purpose to direct and stimulate the entire business
Corporate objectives
medium to long term goals established to coordinate the business
Functional Objectives
relate to objectives for a specific function in the business
Swot Analysis
a management technique used to identify a business’s strengths and weaknesses as well as the opportunities and threats
Strategy
a medium to long term plan detailing how the company intends to achieve its corporate objectives
Tactics
Involve meeting short-term targets, require fewer resources to implement and may be easy to
External Influences on corporate objectives and decisions
- External environment
- Society’s views
Internal influences on corporate objectives and decisions
- Business Ownership
- Short-termism
- Internal environment (business culture)
Short-termism
Where a business prioritises short term performance over long term performance