1. What is a business? Flashcards
1
Q
What is a mission statement?
A
qualitative description about the organisation- so stakeholders understand its intent
(aims, values, vision ect)
2
Q
Corporate objectives
A
Define overall objectives of business driven by the mission statement
Drive functional objectives
3
Q
What objectives are made using SMART?
A
Corporate
4
Q
What does SMART stand for?
A
Specific
Measurable
Accurate
Realistic
Time frame
5
Q
What are functional objects?
A
Detailed objectives of each department
driven by corporate
6
Q
Why do we have objectives?
A
Measure success
Coordination of managers/employees
Gives focus and direction
7
Q
Why is profit important? 6 reasons
A
Source of finance
Reward for taking risks
Not-for-profit
motivate employees
sign of financial stability
success indicator
8
Q
A
