Unit 5- Aims and Objectives

Question 1

Vision statement

Answer 1

This is a description of what a business sets out that it wants to achieve in the meduim to long term. It should provide a clear guide to senior management of the future direction and help to direct strategic decison making across the business

Question 2

Mission statements

Answer 2

This is a broad statement of its aims and values. It will guide the everyday operations and decision making of the business. Sometimes seen a crucial element in the strategic planning of a business organisation. Purpose is to bring cohesivness so that everyone knows the aims

Question 3

What are the business aims

Answer 3

• Survival
• Profit maximisation
• Sales maximisation
• Growth
• Increase shareholder value
• Corporate social responsibility

Question 4

SMART Obejectives

Answer 4

1. Specific
2. Measurable
3. Achieveable
4. Realistic
5. Time limited