Business aims, objectives and mission statements

Question 1

Objective

Answer 1

The short term goal that help to achieve the aim

Question 2

Mission statement

Answer 2

Gives a sense of direction, helps with motivation, can show how much you are progressing

Question 3

Factors effecting corporate objectives of a business

Answer 3

Corporate culture
Size and legal form of business
Public sector or private sector businesses
Number of years the business has been operating
Divisional, departmental and indiviual objectives

Question 4

Management by objectives (MBO)

Answer 4

A method of coordinating and motivating all staff in an organisation by dividing its overall aim into specific targets for each department, manager and employees.