Stakeholder objectives and mission statements Flashcards
What is the purpose of a mission statement?
Gives a general, visionary idea of what the business exists to do
Benefits of a mission statement;
Shows purpose Provides direction Advertising Referred too in conflict Framework for decision making
Limitations of a mission statement;
Unrealistic
Ambiguous
Conflict
Out of date
What is an aim?
More specific
Goals a business would like to achieve
What is an objective?
Companies seek to achieve their main aim/ goals by setting various and specific objectives, more specific than an aim
Why do businesses make objectives?
Provides a greater sense of direction
Motivation
What is a corporate objective?
Relate to business as a whole
Set by top management
Satisfying shareholders
What is a strategic objective?
HOW it will achieve
Long term
What is a tactical objective?
Short term objectives to achieve strategic objectives
What is a functional objective?
Set the objectives e.g. marketing, sales, finance
What does SMART stand for?
Specific Measurable Agreed Realistic Time
How can objectives be communicated?
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