3.1.1 corporate objectives

Question 1

what are the hierarchy of objectives?

Answer 1

aim, mission, corporate objectives, functional objectives, business unit / individual targets

Question 2

define mission statements

Answer 2

a short way of a business expressing their main intent

Question 3

who are the key audiences for mission statements

Answer 3

employees, customers, investors, society

Question 4

what are the influences on mission statements

Answer 4

purpose
values
strategy
standards and behaviours

Question 5

what are the uses of mission statements

Answer 5

focus, identity, profitability

Question 6

limitations of mission statements

Answer 6

unrealistic and over optimistic
waste of management time and resources
lead to conflicts and inconsistencies when not properly written
can be ambiguous

Question 7

define corporate objectives

Answer 7

objectives flow from the mission statement and corporate vision

Question 8

define department functional objectives

Answer 8

businesses divide up the work into departments or functions
sales, marketing, Human Resources, operations and finance

Question 9

smart objectives

Answer 9

specific, measurable, achievable, realistic / relevant, time-related