7.1a - Mission Statements Flashcards
1
Q
Corporate plan definition
A
A program that sets out how a business will achieve its objectives
2
Q
Mission statement definition
A
The means of communicating to key stakeholders what the organisation is doing and what it ought to be doing
3
Q
What does a business’ mission depend on?
A
- Size of the business
- Range of activities
- Views on CSR
- External factors
4
Q
What are corporate objectives drawn from?
A
The mission statement and corporate aims
5
Q
What are the internal influences on corporate objectives?
A
- Business ownership
- Power of stakeholders
- Ethics
- Culture
6
Q
What are the external factors on corporate objectives?
A
- PESTLE
- Competitors
- Government policy
- Financial crisis
7
Q
What are the functional areas of a business?
A
- Finance
- Operations
- HRM
- Marketing
8
Q
Why would a business make short-term changes?
A
- Maximise profits quickly
- Pressure from shareholders
