BS2- Mission Statements

Question 1

What is a mission statement?

Answer 1

a formal summary of the aims and values of a company, organization, or individual.

Question 2

Define the term “business aim” giving an example

Answer 2

Is the overall target of the business, for example apples is ‘sell great products to gain value for shareholders’

Question 3

Feline the term “strategic objective” and give an example

Answer 3

How a business plans to achieve its aims or goals, often a long term approach
A strategic goal for apple would be to sell more iPhones of the new model than they did on the last

Question 4

Feline the term “tactical objective” and give an example

Answer 4

The day to day short term objectives, needed to ensure that strategical objectives are achieved.

Question 5

List 3 things that an effective mission statement should be

Answer 5

Contain what the business overall goal is
To appeal to employees and customers
Snappy and short

Question 6

List 3 reasons why a motion statement is often criticised

Answer 6

It cannot contain everything that everyone wants it too
It has to be short so lacks detail
They can be very vague