Unit 7 Flashcards
Explain what is meant by the ‘mission’ of a business?
The mission of the business’s is the purpose and reason for existence, written as a mission statement.
What is meant by a business’s ‘philosophy’
A business’s philosophy is the set of beliefs and principles the business is working towards. A philosophy is likely to outline the values of the business
What is meant by a business having a ‘Corporate objective’
Corporate objectives are goals set for the business as a whole that will lead to achievement of the mission. Corporate objectives need to be SMART.
Corporate objectives need to be …..
SMART
Corporate objectives are influenced by what two factors?
Internal
External
What internal factors could influence corporate objectives
Business ownership
Business culture
Business performance
Briefly explain what