Corporate Objectives

Question 1

Define Strategy

Answer 1

Medium to long term plans of a business to achiee its corporate objectives

Question 2

Examples of strategy

Answer 2

Made by senior management
Require an investment of resources
Once made are difficult to reverse

Question 3

Tactic

Answer 3

Short term actions taken by a business

• Made by managers lower down the hierarchy
• Made on a day to day basis
• Once made decision can be changed fairly easily

Question 4

Mission statement

Answer 4

Brief written statement that states the main purpose of a business or organisation

Question 5

Mission statements designed to

Answer 5

• Provide guidance for the overall direction of the business
• State the overall goals
• Help inform decision making at all levels
• Create a shared focus for all employees, it should therefore be communicated

Question 6

Influences on the mission of a business

Answer 6

• Personal beliefs, value adn objectives of teh leaders
• Degree of competition
• Nature of the industry
• Values and relative power of stakeholders

Question 7

Corporate objectives

Answer 7

Specific medium to long term goals of a business whcih form its guiding principles.

• Tend to be quanitifiable (SMART)
• Specfic
• Measurable
• Achievable
• Realistic
• Timed