Unit 7

Question 1

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

Answer 1

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

Question 2

What is meant by a business’s ‘philosophy’

Answer 2

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

Question 3

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

Answer 3

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.

Question 4

Corporate objectives need to be …..

Answer 4

SMART

Question 5

Corporate objectives are influenced by what two factors?

Answer 5

Internal
External

Question 6

What internal factors could influence corporate objectives

Answer 6

Business ownership
Business culture
Business performance

Question 7

Briefly explain what