Corporate objectives

Question 1

Define BUSINESS OBJECTIVES

Answer 1

Business objectives are goals that a business hopes to achieve.

Question 2

Define BUSINESS STRATEGY

Answer 2

Business strategy is the method that a business will use to achieve their objectives.

Question 3

What is the hierarchy of objectives?

Answer 3

1. Mission statement 2. Corporate aims 3. Corporate objectives 4. Departmental/functional objectives.

Question 4

What is SMART?

Answer 4

S - specific
M - measurable 
A - assignable 
R - realistic
T - time related
Corporate objectives a business makes should be all five of these things.

Question 5

Define MISSION STATEMENT

Answer 5

A mission statement is a short written statement, communicating to key stakeholders the values and overall purpose of the business.

Question 6

What are the advantages of mission statements and corporate aims?

Answer 6

• Should lead to easier decision making as problems can be compared with business objectives.
• Helps motivate staff
• Powerful way of uniting a workforce
• Encourages strong corporate culture

Question 7

What are the disadvantages of mission statements and corporate aims?

Answer 7

• Not always supported by actions of the business
• May be unrealistic and therefore ignored or regarded cynically by staff
• May be out of date
• May not be supported wholeheartedly by senior management