MISSION + VISION STATEMENT

Question 1

What is a Vision statement?

Answer 1

A vision statement outlines the desired position of a company in the future, mentions the biggest aspirations of the business. A vision statement never changes.

Question 2

What is a Mission Statement?

Answer 2

Outlines the comany’s purpose and why it exists. It communicates what needs to be done in order to achieve the vision statement by indicating its aims and values. A mission statement can change to meet new circumstances.

Question 3

What are Strategic Objectives?

Answer 3

Medium to Long Term objectives set by the senior managers. Their purpose is to guide the business in the correct path to achieve it aims. Strategic objectives affect the whole company.

Question 4

What are Tactical Objectives?

Answer 4

These are medium to short term objectives set by middle managers. Their purpose is to achieve strategic objectives. These only affect certain departments.

Question 5

What are Operational Objectives?

Answer 5

These are day to day objectives to achieve the tacictal goals as efficiently as possible.

Question 6

Three common business objectives

Answer 6

1. Growth: Through growing the organization (increase market share, increase sales) the business will be able to achieve profitability in the future.
2. Profitability: Focus on achieving inmediate profitability.
3. Balance between both: Protect present shareholder value by making profits but also that this value is kept in the future.
4. Ethical Objectives