Business Missions + Objectives

Question 1

What is a mission statement?

Answer 1

The overriding purpose of the business and the reason of its existence. It supports the ‘vision’.

Question 2

List the mission statement’s key audiences

Answer 2

Employees
Customers
Investors
Society

Question 3

What are the employees interests?

Answer 3

Working environment
Productivity
Motivation

Question 4

What are the Investors interests?

Answer 4

Supporting the mission + vision
Aligning values

Question 5

What are the customers and societies interests?

Answer 5

Ethics
Values

Question 6

Positives of Mission Statements

Answer 6

+ provides focus and direction
+ all the company pulling in the same direction
+ creates a sense of identity - brand image
+ increase purpose for employees

Question 7

Negatives of Mission Statements

Answer 7

• not supported by businesses actions
• vague and too general - limited impact on stakeholders
• statement of the obvious
• regarded cynically by staff - everyone has to ‘buy-in’

Question 8

What is an objective?

Answer 8

Statements of specific outcomes that are to be achieved

Question 9

What are corporate objectives?

Answer 9

Objectives that relate to the business as a whole

Question 10

Explain the order of objectives within a business

Answer 10

↑- (increasingly strategic)
| Mission |
| Corporate/strategic |
| Functional |
| Team |
| Individual |
(Increasingly detailed) -↓