Mission statement, Corporate objectives and Functional

Question 1

What is a mission statement?

Answer 1

A qualitative statement about the organisation so stakeholders can understand its intent.

Question 2

What do corporate objectives do?

Answer 2

Define overall objective of business.
They are driven by mission statement.
Drive functional objectives.

Question 3

Example of a corporate objective?

Answer 3

e.g. growth, survival, maximise profit. etc

Question 4

What do functional objectives (departmental objectives) do?

Answer 4

They define the objectives of each department.

Question 5

Why use these?

Answer 5

Give a measure of success.

Gives focus and direction