Purpose of a Business

Question 1

What is a mission statement?

Answer 1

The most generalised type of objective

Question 2

What 4 things should a successful mission statement contain?

Answer 2

Purpose, strategy, policies and values

Question 3

Advantages & disadvantages of a mission statement

Answer 3

Advantages - help resolve conflict, help communicate strategy and values
Disadvantages - often meaningless and ignored

Question 4

What should an objective be?

Answer 4

SMART
Specific
Measurable
Attainable
Relevant
Time-bound

Question 5

Issues with objectives of Non-For-Profit organisations

Answer 5

Often multiple objectives
Difficult in measuring
Stakeholder conflicts
Financial constraints

Question 6

What is Mendelow’s matrix?

Answer 6

It is stakeholder analysis which helps to prioritise and manage stakeholders.

Question 7

Mendelows Matrix- Low interest & Low power

Answer 7

Minimal effort, can be directed

Question 8

Mendelows Matrix- Low interest & High power

Answer 8

Keep satisfied

Question 9

Mendelows Matrix- High interest & Low power

Answer 9

Keep informed

Question 10

Mendelows Matrix- High interest & High power

Answer 10

Key players need participation