Unit 1.3

Question 1

mission statement

Answer 1

basically defines why a business exists. It is a clear and concise declaration of an organization’s fundamental purpose, i.e. a brief description of what the organization does, in order to become what it wants to be.

Question 2

vision statement

Answer 2

is an optimistic and inspiring declaration that defines the purpose and values of an organization and where it wants to be in the future.

Question 3

Profit-Based Objectives:

Answer 3

The previous example was a profit-based one. The focus on profit
can be long term or short term, depending on the current goals of the business. New
Businesses rarely have profit as an early objective, as it is too difficult to achieve, and
Therefore, they focus on Survival as an early objective to focus on.

Question 4

Growth-Based Objectives

Answer 4

New businesses focus on growth and this may be an objective for
an established business as well if they are looking to have increased Market Growth or too
expand into a new area or market.

Question 5

Ethical Objectives

Answer 5

with nearly every objective that is being formed, ethics must also be put
into consideration.

Question 6

Strategies

Answer 6

are how an organization intends to achieve its aims and strategic objectives. They are usually long term, overall corporate decisions made by senior management.

Question 7

Tactics

Answer 7

are short-term, smaller-scale or routine decisions about how an organization intends to achieve its aims and objectives on a day-to-day basis.

Question 8

SWOT ANALYSIS

Answer 8

Strengths – Internal factors that reveal what the organization does
well compared to its rivals
Weaknesses – Internal factors that reveal what the organization does not do so well compared to its rivals
Opportunities – External factors that may enable the organization to develop and prosper
Threats – External factors that may hinder the organization’s ability to achieve its aims