Different Stakeholder Objectives and Mission Statements

Question 1

Why should a business have clear intentions on where its going?

Answer 1

• Provides a target

- Enables all who work in the business to be aware of where the business is hoping to go.

Question 2

How can a companies intentions be analyzed?

Answer 2

• Mission Statement
• Aims/Goals
• Strategic Goals
• Tactical Objectives

Question 3

What is a Mission Statement?

Answer 3

• Gives a general idea of what the business exists to do and its purpose.

Question 4

Who is this statement meant to appeal to?

Answer 4

• Customers

- Employees

Question 5

What kind of statement is a Mission Statement?

Answer 5

• It is a qualitative statement, which contains no specific elements

Question 6

When can a mission statement be used?

Answer 6

In marketing

Question 7

What is Cadburys Mission Statement?

Answer 7

‘Our core purpose is working together to create brands people love’

Question 8

What are Aims/Goals?

Answer 8

Are alternatively used for main objectives.

Question 9

What are some Principle Aims of some businesses?

Answer 9

• Survival
• Breaking Even
• Share of Market/Growth

Question 10

What are Objectives?

Answer 10

Companies seek to achieve their main aims or goals by setting various specific objectives

Question 11

What does setting Objectives provide?

Answer 11

• Greater sense of direction for the business
• A possible motivational force for employees
• Aid to controlling future operations in the business

Question 12

What does the Hierarchy of Objectives involve?

Answer 12

• The mission and overall purpose of the business
• The vision of the business
• The aims for achieving its mission

Question 13

What are Strategic Objectives?

Answer 13

How a business aims to achieve its aims and goals, often a long-term approach

Question 14

What kind of analysis does a business put in place before it makes strategic objectives?

Answer 14

S.W.O.T

Question 15

What are Tactical Objectives?

Answer 15

The day-to-day (short term) objectives needed to ensure the strategic objectives are achieved.

Question 16

What method can be used to help set objectives?

Answer 16

S.M.A.R.T

Question 17

What does S.M.A.R.T stand for?

Answer 17

• Specific
• Measurable
• Agreed
• Realistic
• Time-bound

Question 18

What two kinds of constraints are there for businesses?

Answer 18

• Internal Constraints

- External Constraints

Question 19

What kind of Internal Constraints are there?

Answer 19

• Lack of Finance
• Poor Communication
• Industrial dispute with workforce

Question 20

What kind of External Constraints are there on a business?

Answer 20

• Changes in the law
• State of the economy
• Behavior of competitors

Question 21

Evaluative point for using S.M.A.R.T technique.

Answer 21

Shareholders can disagree.

Question 22

Why are Corporate objectives useful?

Answer 22

Give a sense of direction for the business and help define the culture in which it operates

Question 23

Why is a Social Objective useful?

Answer 23

• Effective Marketing tool

Question 24

Give an example of how an business is seen to socially care?

Answer 24

• Waste reduction

Question 25

What is a Contingency Plan?

Answer 25

A plan which businesses have for unforeseen circumstances

Question 26

What could happen if businesses fail to communicate their objectives clearly?

Answer 26

• If employees feel that growth will be achieved with the cost of jobs for machinery.