corporate strategy Flashcards
1
Q
define an aim
A
a generalized statement of where a business is heading, from which objectives are set
- the success of a business depends on whether it can practice the aim
2
Q
define a mission statement
A
- a more short, passionate way of expressing their main aims over the medium/long term
- a statement of purpose, setting out
3
Q
define corporate objectives
A
- Corporate objectives should flow from the mission statement
- Usually set by senior management for the whole company (e.g. Board of Directors)
- Should reflect purpose, values, standards and strategy
- So can be linked to profit, sales, innovation, market share, environment, ethics
4
Q
pros of mission statments/aims/objectives
A
Differentiate business to rivals
Inspire, motivate
Understood and supported by staff
Provides direction/focus for all stakeholders
5
Q
cons
A
Problems:
Vague, ambiguous
Unrealistic
Leads to conflicts / inconsistencies of application
Can become outdated as the market changes
