Businesse Objectives And Stratergies Flashcards
What is an organisational aim?
The overall goal or target of the business.
What are cooperate objectives?
They relate to the business as a whole and are set by management teams.
What are functional objectives?
Set for each business function designed to achieve the corporate objective.
What does SMART stand for?
- Specific
- Measurable
- achievable
- relevant
- Time bound
What is the point of SMART acronym?
What is meant by the hierarchy of objectives?
It helps to analyse and communicate a projects objectives.
Why set business aims and objectives?
To ensure everyone from the top to the bottom of the business knows what they are doing and working towards.
Explain how 2 sectors can have different aims and objectives ?
Public Vs Private - welfare Vs profit
Primary vs secondary - profit vs growth
Explain how objectives can be communicated?
Through the mission statement.
What are the consequences of miscommunication of objectives and aims ?
- lack of motivation
- stakeholders may be deceived, or unhappy
- lost employees
