UNIT 1.3: Business Objectives

Question 1

What is a Vision Statement?

Answer 1

it is an inspiring declaration of what an organization aims to achieve or become in the long term future, it reflects the business’s vision and helps make decisions

• it tends to be broad and vague

Question 2

What is a Mission Statement?

Answer 2

it is a long term motivating declaration of an organization’s purpose, focus and identity.

• tends to be specific and more detailed

Question 3

Why are Mission and Vision Statements Important?

Answer 3

• it motivates and guides employees
• it gives stakeholders a sense of direction and purpose

Question 4

What are Strategic Objectives:

Answer 4

they are long term. goals that an organization occasionally strives to achieve

Question 5

What are Tactical Objectives

Answer 5

they are short term goals that are more specific, with clear deadlines and a focus on daily operations

Question 6

What are Ethical Objectives?

Answer 6

goals set by businesses based on moral values and principles, they aim to do what is right for society and the environment