Component 2 - Aims and objectives

Question 1

Explain : What is a vision statement

Answer 1

A Vision Statement is a declaration of the long-term desired future or overarching goal of an organisation

Question 2

Explain : How can a vision statement aide in achieving business aims

Answer 2

A vision statement can serve as a rallying point for employees, customers, and other stakeholders, who can be motivated and inspired by the company’s aspirations and mission.

Question 3

Explain : What is an objective ?

Answer 3

Objectives - Used by a business in order to achieve its aims by providing a clear and measurable framework for success, by Decision-making, Monitoring progress, Motivating employees, and communicating the business’s goals and aspirations to stakeholders.

Question 4

Explain : How objectives are used by a business
in order to achieve its aims

Answer 4

Focus - Objectives provide a clear focus for a business, helping it to concentrate its efforts and resources on the most important areas.

Planning - Objectives serve as a starting point for planning and decision-making. They provide a basis for determining the resources and actions needed to achieve the business’s aims.

Monitoring and evaluation - Objectives provide a means of monitoring and evaluating progress towards the business’s aims. By tracking the achievement of objectives, a business can determine whether it is on track to achieve its overall goals and make adjustments as needed.

Question 5

Explain : What is meant by SMART objectives

Answer 5

Specific: Objectives should be clear and specific, defining exactly what the business wants to achieve.

Measurable: Objectives should be measurable, with clearly defined metrics and targets that allow the business to track progress and determine whether it has achieved its goals.

Achievable: Objectives should be achievable, taking into account the resources and capabilities of the business.

Relevant: Objectives should be relevant to the business’s overall aims and goals, and should support its long-term success.

Time-bound: Objectives should have a defined timeline, with a specific start and end date, to help the business stay focused and on track.

Question 6

Explain : What is a Mission Statement and what its two purposes ?

Answer 6

The purpose of a mission statement is to define a business’s purpose and its reason for existence, helping to provide a clear sense of direction and focus.

Goals - It can provide a clear expression of a business’s goals and aspirations, helping to provide a framework for decision-making and planning.

Differentiation - A well-crafted mission statement can help a business to stand out from its competitors.

Question 7

Explain : what is a Mission Statement

Answer 7

A mission statement is a description of the core purpose and focus of an organization

Question 8

Evaluate : Vision statements, objectives and mission statements and
their impact on a business and its stakeholders

Answer 8

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