Corporate objectives

Question 1

What is a mission statement, and what is its purpose?

Answer 1

Tells you the overall intentions of a business and helps stakeholders to become aware of what the business does and why

However, can have limited detail/use

Question 2

What are the three types of objectives?

Answer 2

1. Mission Statement
2. Corporate Objectives = goal of the business as a whole
3. Departmental Objectives = objectives of each department, more detailed and specific than corporate

Question 3

Why should Objectives be SMART?

Answer 3

S - need to be specific = means business is more likely to achieve them
M - have to be measurable = so business knows if they have achieved it
A - needs to be agreed/achieveable = won’t happen if not everyone has agreed to it
R - has to be realistic = no point setting unattainable goals/ambitions (demotivates staff if/when not achieved)
T - needs to be time-bound = if theres no time limit, staff won’t see it as urgent or might think it doesn’t matter