Different Stakeholder And Business Objectives

Question 1

Define what a business mission statement is

Answer 1

A mission statement is the main objective of the business

Question 2

Define what the business aim is

Answer 2

The business aim is what you are trying to achieve long term

Question 3

Define what the business objective is

Answer 3

A business objective is more short term than an aim and is more specific

Question 4

Name 2 benefits of having a mission statement

Answer 4

1. Helps recruit the best staff
2. Helps obtain loyal customers
3. Gives the company a sense of direction
4. Motivates workers as there is a purpose

Question 5

What is a strategic objective

Answer 5

A strategic objective is what your trying to achieve over a 12 month period

Question 6

What is a tactical objective

Answer 6

A tactical objective is what your trying to achieve over a 4 month period

Question 7

What do all objectives have to be

Answer 7

SMART

Question 8

What does SMARTV stand for

Answer 8

S - smart 
M - measurable 
A - achievable 
R - realistic 
T - time bound

Question 9

Define what a stakeholder is

Answer 9

A stakeholder is anyone who has an interest in the business

Question 10

Name 2 examples of conflict between stakeholders

Answer 10

1. Producers and consumers of best market price

2. GVMT and teachers on how to best run the school

Question 11

Name 2 constraints on business objectives

Answer 11

1. Demotivated workers
2. Workers want a higher wage
3. Haven’t got enough capital
4. Banks may not give loans
5. May not have money to make redundancy payments