Chapter 1: Understanding Mission, Aims And Objectives

Question 1

What are corporate aims?

Answer 1

These are the long term intentions of a business. They determine the way in which an organisation will develop, providing a common purpose for everyone to identify with and work towards, and a collective view that helps to build team spirit and encourage commitment.

Question 2

What are corporate objectives?

Answer 2

Corporate objectives are medium to long term targets that must be achieved in order to meet the stated aims of the business.

Question 3

What are corporate strategies?

Answer 3

Corporate strategies are the general approaches a company will use and the policies and plans it develops in order to achieve its corporate aims and objectives

Question 4

What are key corporate aims and objectives?

Answer 4

Survival
Profit
Growth 
Diversification 
Market Standing

Question 5

What are stakeholders?

Answer 5

Stakeholders are individuals or groups with a direct interest in the activities and performance of an organisation.

Question 6

What is a win-lose approach?

Answer 6

Win-lose approach is a strategy that, in focusing on the needs of one stakeholder group, acts to the detriment of other stakeholder groups.

Question 7

What is a win-win approach?

Answer 7

A win-win approach is a business strategy that aims to balance the needs of all stakeholder groups.

Question 8

What is a mission statement?

Answer 8

A mission statement is a qualitative statement of an organisation’s aims. It uses language intended to motivate employees and convince customers, suppliers and those outside the firm of its sincerity and commitment.