3.7.1 Mission, Corporate Objectives, Functional Objectives And Strategy

Question 1

What is a mission for a business

Answer 1

Is its overall purpose, is influenced by what the owner wants to achieve, beliefs and personal values

Question 2

Internal factors that could influence a businesses objectives

Answer 2

-Ownership: the form of business eg if it is a LTD OR PLC there is shareholders to answer to.
- internal environment: the size, culture and resources will affect the objectives

Question 3

External influences on objectives

Answer 3

External envioemnt: political, legal and economic, social , technology, competition. For example, changes in economy will affect whether a business wants to focus on survival instead of aiming to increasing profits.

Question 4

What is the difference between a tactic and a strategy

Answer 4

A strategy is a medium to long term plan of action to achieve the businesses objectives. Whereas tactics are short term plans for implementing strategy.