Aims and Objectives

Question 1

Business objective

Answer 1

A goal set by a business, usually in the medium to long term

Question 2

Business objective

Answer 2

A goal set by a business, usually in the medium to long term

Question 3

Functional objective

Answer 3

A target for an individual department such as marketing, so that staff can ensure that the corporate objective is achieved

Question 4

Vision statement

Answer 4

Sets out what the business desires in the long term and the key activities that will achieve this

Question 5

Mission statement

Answer 5

A short statement of a business’s vision and values which help to set its aims and objectives.

Question 6

Aim

Answer 6

A generalised statement of what the business plans to achieve in the longer term.

Question 7

Benefits of vision statements (3)

Answer 7

• it’s a guide for strategic planning and implementation
• it helps to define performance standards and expectations
• it communicates the business’s purpose to its stakeholders

Question 8

Drawbacks of vision statements

Answer 8

• it’s difficult to get a balance between one that is forward looking and challenging without being unachievable.
• employees can view the, as worthless if their individual objectives do not meet the ideals of the vision statement.
• it will be ineffective if the business does not communicate and reinforce its vision statement with all its stakeholders

Question 9

Features of a good mission statement:

Answer 9

• differentiate the business from all its competitors
• be relevant to all major stakeholders
• define the market in which the business wants to succeed
• inspire and motivate stakeholders, especially employees