Aims and objectives Flashcards
1
Q
Vision statements
A
description of what a business sets out to achieve in the medium to long term
2
Q
benefits of vision statements
A
- A clear vision can give the business a clear identity and ethos
- Can help in setting objectives and support the business strategy
- Focus senior managers on the tasks to achieve the vision
3
Q
Mission statements
A
broad statement of its aims and values
4
Q
reasons for having a mission statement:
A
- Helps with the strategic planning since this should be the starting point
- Gives some transparency for investors – they understand how their capital will be put to use
- Helps customers understand the ethics and objectives of a company.
5
Q
Business aims
A
what the business wants to achieve in the future and they tend to be quite generic and broad.
They set out the goals for the business.
6
Q
Business objectives
A
more specific and measurable targets the business will set to achieve its aims
7
Q
categories of aims and objectives
A
- Survival
- Profit maximisation
- Sales maximisation
- Growth
- Increase shareholder value
- Corporate social responsibility/ Environmental/ Ethics
8
Q
SMART objectives
A
Specific measurable achievable realistic time limited
