business objectives and strategies Flashcards
mission statement
tells you about a businesses intentions
overall purpose or main cooperate aim
written description of the aims
can involve standards and values and how it will achieve its mission
needs to be clear and straight to the point
purpose of a mission statement
intends to make stakeholders all aware of what business does and why
encourage all employees to work towards these aims
adv of mission statements
can give staff a sense of shared purpose
encourage them to work towards a common goal
dis of mission statements
business does not have to prove that what’s in their mission statement is accurate
can say what they think consumers want to hear, without doing anything about it
if consumers catch on, can cause bad reputation and it will be damaged
use is limited as it doesn’t go into detail about how the mission will be achieved-doesn’t set out tactics or strategies
what are the hierarchy of objectives business set
mission statement
cooperate objectives
departmental objectives
cooperate objectives
goals of the business as a whole
departmental objectives
objectives of each department
more detailed
more specific to each department
need to set departmental objectives that help them reach coperate objective
objectives should be SMART
specific-improve quality doesn’t really tell staff what they need to do
making objectives specific means more likely to achieve them
measurable-if not measurable, business wont know if they have achieved it or not
agreed-everyone involved in acheiving objective needs to know about it and agree to doing it
realistic-no point in setting objectives that are too ambitious
impossible objectives just demotivate staff
timely-should have specific timeframe or else staff wont see it as urgent and may put it to the side
what is a strategy
long term plan of action to achieve objectives
