Aims and objectives Flashcards
What is a vision statement ?
A statement that provides a clear view of where the business wants to be and achieve in the future.
What are benefits of a vision statement?
provides a sense of direction/goal
Informs core values and strategic decision making
Helps improve employee engangement
What is SMART?
Specific (clear and well-defined)
Measurable(goals should be measured to allow progress to be tracked)
Achieveable(Goals should be attainable and reachable )
Relevant(Goals should be aligned with the overall mission of the business)
Time-bound(Deadlines)
What is a mission statement ?
A mission statement is a written statement that states the purpose of an organisation currently and therefore determines the business’ strategic position .A overall reason for the business existence.
What influences A mission statemtent ?
personal beliefs,values and objectives
Business ownership
Degree of competition
Nature of the Industry
What is a corporate aim?
The long term targets and plans to fulfil the mission statement.
what is corporate objectives?
The medium to long term quantifiable targets to fulfil the mission statement.
What is corporate strategy?
The actions to be taken by the business to achieve its objectives
What are the internal influences on vision and mission statements?
INTERNAL:
Mission statements
Performance
Leaders personal objectives and goals
Internal Stakeholders
What are the external influences on vision and mission statements?
EXTERNAL:
External environment PESTEL
Investors objectives
global markets
external stakeholders
competitive environment
Mission Statements VS Vision statements
A mission statements is a written document which goal is to say HOW you will get to the future from the present.(TALKS ABOUT PRESENT LEADING TO FUTURE)
A vision statement is a well written document which goal is to say WHERE you want to be(FINALE)(TALKS MAINLY ABOUT THE FUTURE)
