Why do businesses exist: What benefits do businesses bring to the UK?

Question 1

Name the things business bring to the UK

Answer 1

• Create employment - Create wealth

- Create new products - Enhance a country’s repuation

Question 2

AIM

Answer 2

Long term goal

Question 3

OBJECTIVE

Answer 3

Shorter-term goal (target)

Question 4

MISSION STATEMENT

Answer 4

Sets out the businesses overall purpose to direct and stimulate the entire organisation.

Question 5

CORPORATE AIMS

Answer 5

Long term targets and plans to fulfil the mission statement and from which objectives are derived.

Question 6

CORPORATE OBJECTIVES

Answer 6

Medium to long-term quantifiable targets to fulfil aims of the business.

Question 7

CORPORATE STRATEGY

Answer 7

Medium to long-term plans made by a business to meet its corporate objectives.

Question 8

FUNCTIONAL OBEJCTIVES

Answer 8

Medium to long-term quantifiable targets to be taken by the function (department) to achieve the objectives.

Question 9

FUNCTIONAL TACTICS

Answer 9

Day-to-day actions taken to support strategy.

Question 10

What do mission statements focus on?

Answer 10

• What the business wants to be
• The values of the business
• The range of the firms activities
• The importune of different groups such as employees, customers and investors.