7 - Mission, Corporate Objective & Strategy Flashcards
What Are Strategies?
Are medium to long term plans made by a business to meet its corporate objectives.
Who Are Strategies Created By?
Senior managers.
What Do Strategies Require?
An investment of resources.
What Is A Mission?
The overall reason for the businesses existence.
What Does A Mission Determine?
The businesses strategic position.
What Is A Mission Statement?
Written statement that states the purpose of an organisation.
What Does A Mission Statement Provide?
Common focus for everyone within an organisation.
What Are Some Influences On The Mission?
(6 Points)
~ Personal beliefs.
~ Values and objectives of the leaders.
~ Business ownership.
~ Value and relative power of stakeholders.
~ Nature of the industry.
~ Degree of competition.
What Are Corporate Aims?
The long term targets and plans to fulfil the mission statement.
What Are Corporate Objectives?
The medium to long term quantifiable targets to fulfil the mission statement.
What Is A Corporate Strategy?
The actions to be taken by the business to achieve its objectives.
What Is The Order In Objectives For The Business?
Mission statement.
Corporate aims.
Corporate objectives.
Corporate strategy.
What Is Short Termism?
Pressure on the business in the short term, which may be at the cost of long term growth.
What Are Internal Influences On Business Ownership?
(5 Points)
~ Mission statement.
~ Leaders objectives and values.
~ Performance.
~ Organisational culture.
~ Internal stakeholders.
What Are External Influences On Business Ownership?
(5 Points)
~ External environment (PESTEL).
~ Investors objectives.
~ Competitive environment.
~ Global markets.
~ External stakeholders.
