topic 7

Question 1

mission statement

Answer 1

qualitative description of what the business intends to do
-its overiding purpose, also so stakeholders can know of it intent

Question 2

amazons example of mission statement

Answer 2

Earths most customer-centric company

Question 3

corporate objectives

Answer 3

define overall objectives of the business- statements ofspecific outcomes
-usually written as SMART targets

Question 4

functional(departmental) objectives

Answer 4

define objectives of each department e.g. marketing, HR
-highly detailed and more precise

Question 5

why have these objectives ?

Answer 5

-measures success and performance of the business
-coordination of managers and employees
-gives focus and direction

Question 6

Tactics

Answer 6

.a carefully planned action created to achieve a specific short term objective
.determines how strategy will be executed

Question 7

Strategy

Answer 7

.a long term plan based on an organisations vision
.an organised set of objectives that can DIFFERENTIATE and org from its rivals