Mission And Objectives

Question 1

Mission Statements

Answer 1

A statement of the overriding direction and purpose of an organisation (Johnson et al., 2006)

• Can be interchanged with vision
• Neither too broad nor narrow
• Simple, clear, to the point
• Current, realistic, relevant, achievable
• Distinctive
• Flexible

Question 2

Objectives

Answer 2

-Spell out the goals that must be achieved to realise the mission
-Relate to the whole organisation
-Medium - long term
-Must be: realistic, achievable, measurable, consistent with the mission
Operational objectives: more specific and relevant to business units
Closed objectives: quantifiable/measurable.
SMART: Specific, Measurable, Agreed, Realistic, Time bound
Open objectives: qualitative, statements

Question 3

Economic Missions

Answer 3

• Profit Maximisation
• Tempered profit maximisation
• Indirect profit maximisation (eg trade associations)

Question 4

Stakeholders

Answer 4

A person/grouping with an interest in the operation of a particular organisation (Tribe, 1997)
-Stakeholder analysis - key for cooperation and to prevent problems or mitigate issues.