A Level

Question 1

What is a mission statement?

Answer 1

The overall purpose of a business - Example: Urban Kicks London works to provide all sneakerheads with the most exclusive pairs without charging an arm and a leg.

Question 2

What are corporate aims

Answer 2

A business setting medium to long term goals that will enable the business to achieve its mission.

Question 3

What are corporate objectives

Answer 3

Very specific short term goals that’ll enable the business to achieve its aims.

Question 4

What are functional objectives

Answer 4

Specific targets set for each functional area - For example: The marketing team, the operations department, customer service department

Question 5

What does SMART stand for?

Answer 5

Specific - It’s clear
Measurable - There’s a numerical target set
Achievable - Key stakeholders approved the aim
Realistic - It’s possible
Time Constrained - Theres a date to do it by

Question 6

What is a goal?

Answer 6

A goal is an achievable outcome that is generally broad and longer term

Question 7

What is an objective?

Answer 7

an objective is shorter term and defines measurable actions to achieve an overall goal.

Question 8

What would be the objective for: The goal of a business would be to reduce packaging costs.

Answer 8

reduce packing costs by 20% by the end of 2024.