Developing Corporate Objectives: Aims, Mission, and Strategy
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Developing Corporate Objectives: Aims, Mission, and Strategy

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Questions and Answers

What is the purpose of aims and objectives in a business?

To guide the business's overall strategy and direction, helping to focus efforts and resources towards a common purpose

What is the hierarchy of objectives in a business, in order?

Aims, mission statement, corporate objectives, functional objectives

What is the purpose of a mission statement?

To express a business's overall aim and core values, providing direction and a common purpose for employees

What is the difference between a corporate objective and a functional objective?

<p>Corporate objectives are specific performance goals set by senior management for the business to achieve over time, while functional objectives are the day-to-day goals of functions or departments within the business</p> Signup and view all the answers

What does SMART stand for in relation to objectives?

<p>Specific, Measurable, Agreed, Realistic, Time-bound</p> Signup and view all the answers

Why should businesses critically assess their mission statements and corporate aims?

<p>To ensure they continue to reflect the current corporate vision and are realistic and achievable in the current trading environment</p> Signup and view all the answers

What is the purpose of revising the business aim and mission statement?

<p>To involve a variety of stakeholders, including workers and suppliers, in determining the direction of the business, and to acknowledge newly-identified opportunities and threats</p> Signup and view all the answers

What is the purpose of corporate objectives?

<p>To set specific performance goals for the business to achieve over time, derived from the firm's overall aim and mission statement</p> Signup and view all the answers

What is the importance of aligning functional objectives across departments?

<p>To ensure that all parts of the business are working towards the shared goal</p> Signup and view all the answers

What is the purpose of a business's overall aim?

<p>To describe the business's reason for being, often expressed as an overall vision</p> Signup and view all the answers

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