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Question 1

aim

Answer 1

what the business wants to achieve in long term, they are less specific than objectives and can be expressed as a vision

Question 2

mison

Answer 2

goals and values in short term and are more specific

Question 3

mission statements

Answer 3

states the businesses main purpose and also reflects goals and values and gives information

Question 4

what information is provided in a mission statement

Answer 4

-the market that they oprate in
-key commercial objectives
-how they value its stakeholders
-the ethics they go buy

Question 5

what are the main elements of a mission statement

Answer 5

-purpose(why the business exists,forwhom and why)
-values(corporate objectives and qualites like integrity and sustainability and innvation)
-standards and behavior(ethical behavior)
-strategy(outline how they want to achive smth or run the business)

Question 6

What are three limitations of mission statements?

Answer 6

Must be continually assessed to ensure they’re still relevant
Can be unrealistic and over optimistic
Can be a waste of management time and resources

Question 7

possible advantages of mission statements

Answer 7

1-help guide desion making of the firm
2-gives a sense of direction (brings workforce together)
3-helps generate profit
4-helps stay organized
5-show commitment to there costumers

Question 8

who set corporate objectives

Answer 8

senior mangers

Question 9

what are potential goals of the business

Answer 9

1-market share
2-profit levels
3-new poducts
4-ethical behavours

Question 10

what is SMART

Answer 10

Spcific
Measureable
Agreed
Realistic
Time

Question 11

what does specific mean

Answer 11

clearly states what a business is aiming to achieve

Question 12

what does measurable mean

Answer 12

you can evaluate of it can be tracked or if the have been achieved

Question 13

what does agreed mean

Answer 13

everyone has agreed to work towards one goal

Question 14

what does realistic mean

Answer 14

the resources available and market condition are in favor for the goals to be achieved

Question 15

what does time specific mean

Answer 15

a stated time frame to achive and a deadline is set

Question 16

why should Corporate objectives be SMART?

Answer 16

so that the business is able to set achievable goals and not have high or low expectations of what they can achieve

Question 17

what is funtional and departmantal objectives?

Answer 17

are more specific
to help make possible achieving the managers by setting day to day goals which include Human Resources, finance, operations, logistics and marketing

Question 18

What are Departmental and Functional objectives?

Answer 18

-these are more specific than corporate objectives which set the day-to-day goals and may include human resources, finance, operations, logistics and marketing.
-these all refer back up the hierarchy to the corporate objective and missions statements, so that the goals and activities of the business are consistent

Question 19

What is the Objectives Hierarchy?

Answer 19

it is a tool that helps analyse and communicate a project’s objectives
Aims
Mission Statement
Corporate objectives
Functional Objectives e.g. Finance, Marketing , Operations etc.
An objective will ultimately flow from the firm’s overall aim and be effective if it contributes to achieving the level above

Question 20

why are individual objectives set?

Answer 20

part of performance management and give direction to the individual within the company

Question 21

differences between small and large firms

Answer 21

large aim tawards profit and more finanatical objectives to satisfy stakeholders and easier to quantify
small are more direct and simple

Question 22

main features of a large business

Answer 22

-maximining sales
-achieving cost efficiencies
-looking farer employees
-ensuring customers are satisfied

Question 23

small business goals

Answer 23

Small businesses may have a wide variety of objectives, such as:

-To ensure that the company breaks even at he end of the tax year
-to improve the firm’s liquidity in the next six months
-To increase sales by 10% over the next 3 years
-To hire 5 new staff with skills in marketing, and build a strong marketing department over the next year
-reduce energy consumation

Question 24

critical appraisal of mission statements and corporate aims

Answer 24

they could be to unrealistic or too optimistic
this is why they have to be reevaluated every once and while
the balance of a mission statement should be established like:
-what is the purpose of the mission statement
-what audience is it for
-are the aims and goals realistic