Unit 7 Flashcards

1
Q

Explain what is meant by the ‘mission’ of a business?

A

The mission of the business’s is the purpose and reason for existence, written as a mission statement.

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2
Q

What is meant by a business’s ‘philosophy’

A

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

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3
Q

What is meant by a business having a ‘Corporate objective’

A

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.

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4
Q

Corporate objectives need to be …..

A

SMART

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5
Q

Corporate objectives are influenced by what two factors?

A

Internal
External

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6
Q

What internal factors could influence corporate objectives

A

Business ownership
Business culture
Business performance

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7
Q

Briefly explain what

A
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