Objectives Flashcards
1
Q
What are Objectives?
A
- Objectives are statements of specific outcomes that are to be achieved
2
Q
What are Corporate Objectives?
A
- Objectives that the whole business relates to
3
Q
What is the purpose of Corporate Objectives?
A
- Provide strategic focus
- Measure performance
- Inform decision making
- Set scene for more Functional Objectives
4
Q
What are Functional Objectives?
A
- Set for each key business functions and are designed to ensure that Corporate Objectives are met.
5
Q
What are Mission Statements?
A
- The overriding purpose of the business
- Reason for existence
- Strategic perspective
- Vague vision
6
Q
What are the key audiences for Mission Statements?
A
- Society
- Employees
- Stakeholders
7
Q
What makes a good Mission Statement?
A
- Clear purpose
- Excites, motivates, inspires
- Easy to understand
- Differentiates from competitors
8
Q
What are common criticisms of Mission Statements?
A
- Not always supported by actions of the business
- Often too vague or general
- PR stunt?
- Often statements of the obvious
- To be effective, everyone has to ‘buy-in’
