Different Stakeholder Objectives and Mission Statements Flashcards
Why should a business have clear intentions on where its going?
- Provides a target
- Enables all who work in the business to be aware of where the business is hoping to go.
How can a companies intentions be analyzed?
- Mission Statement
- Aims/Goals
- Strategic Goals
- Tactical Objectives
What is a Mission Statement?
- Gives a general idea of what the business exists to do and its purpose.
Who is this statement meant to appeal to?
- Customers
- Employees
What kind of statement is a Mission Statement?
- It is a qualitative statement, which contains no specific elements
When can a mission statement be used?
In marketing
What is Cadburys Mission Statement?
‘Our core purpose is working together to create brands people love’
What are Aims/Goals?
Are alternatively used for main objectives.
What are some Principle Aims of some businesses?
- Survival
- Breaking Even
- Share of Market/Growth
What are Objectives?
Companies seek to achieve their main aims or goals by setting various specific objectives
What does setting Objectives provide?
- Greater sense of direction for the business
- A possible motivational force for employees
- Aid to controlling future operations in the business
What does the Hierarchy of Objectives involve?
- The mission and overall purpose of the business
- The vision of the business
- The aims for achieving its mission
What are Strategic Objectives?
How a business aims to achieve its aims and goals, often a long-term approach
What kind of analysis does a business put in place before it makes strategic objectives?
S.W.O.T
What are Tactical Objectives?
The day-to-day (short term) objectives needed to ensure the strategic objectives are achieved.
What method can be used to help set objectives?
S.M.A.R.T
What does S.M.A.R.T stand for?
- Specific
- Measurable
- Agreed
- Realistic
- Time-bound
What two kinds of constraints are there for businesses?
- Internal Constraints
- External Constraints
What kind of Internal Constraints are there?
- Lack of Finance
- Poor Communication
- Industrial dispute with workforce
What kind of External Constraints are there on a business?
- Changes in the law
- State of the economy
- Behavior of competitors
Evaluative point for using S.M.A.R.T technique.
Shareholders can disagree.
Why are Corporate objectives useful?
Give a sense of direction for the business and help define the culture in which it operates
Why is a Social Objective useful?
- Effective Marketing tool
Give an example of how an business is seen to socially care?
- Waste reduction
