aims and objectives

Question 1

what are the 5 smart objectives ?

Answer 1

specific
measurable
achievable
realistic
time limited

Question 2

what is the specific smart objective ?

Answer 2

what does the firm want to achieve and does everyone understand it?

Question 3

what is the measurable smart objective ?

Answer 3

the objective must be in numerical form

Question 4

what is the achievable smart objective ?

Answer 4

are objectives attainable or they risk motivation

Question 5

what is the realistic smart objective ?

Answer 5

does the firm have the resources to meet the objectives?

Question 6

what is the time limited smart objective ?

Answer 6

how long do you have to achieve the objectives?

Question 7

what is a vision statement ?

Answer 7

a vision statement is a description of what a business sets out to achieve in the medium to long-term

it provides senior management with a sense of guidance and purpose and helps to direct strategic decision-making

they define the core values of a business and state the direction that the business is heading

Question 8

benefits of a vision statement:

Answer 8

• provides the business with a clear identity and ethos
• helps in setting strategic decisions
• focuses management on the tasks needed to achieve the vision
• communicates to employees their role in helping to achieve the vision
• commits resources to achieving the vision

Question 9

negatives of a vision statement:

Answer 9

• they can be difficult to distinguish from mission statements
• the vision needs to be realistic to be effective, and it must be seen to be supported by the senior management