Mission, Aims & Objectives

Question 1

What is the mission of a business?

Answer 1

A overall purpose or main corporate aims

Question 2

What is a mission statement?

Answer 2

A written description of these aims

Question 3

What does a mission statement intend to make all stakeholders aware of?

Answer 3

What the business does and why and to encourage employees to work towards these aims

Question 4

What does a mission statement tell you? 4 points

Answer 4

Its purpose
Values
Aims
Strategies

Question 5

Why do businesses set objectives?

Answer 5

To enable them to achieve their mission

Question 6

What do the objectives turn the aims into?

Answer 6

Specific goals that must be met

Question 7

What are corporate objectives?

Answer 7

The goals of the business as a whole.

Question 8

What do corporate objectives depend on?

Answer 8

The size of the business

Question 9

What are functional objectives?

Answer 9

The objectives of each department

Question 10

Why do businesses need to set functional objectives?

Answer 10

To help them achieve their corporate objectives

Question 11

What does setting objectives help improve? 2 points

Answer 11

Coordination between departments and motivation for employees

Question 12

Why do managers compare performance with their objectives?

Answer 12

To measure the success of the business and review decisions

Question 13

What does SMART objectives mean?

Answer 13

Specific
Measurable
Attainable
Realistic
Timely

Question 14

What does the Specific mean?

Answer 14

Making them specific so then they are more likely to be achieved

Question 15

What does Measurable mean?

Answer 15

if it isnt, the business won’t know if it has been achieved or not

Question 16

What does Agreed mean?

Answer 16

Everyone who will be involved in achieving the objective will know about it and agree.

Question 17

What does Realistic mean?

Answer 17

Make sure they are not impossible or too ambitious

Question 18

What does Timely mean?

Answer 18

Specific timeframe that the objective needs to be achieved in

Question 19

What are profit objectives?

Answer 19

Businesses that are currently making a loss might aim to become profitable.

Question 20

How can businesses achieve their profit objectives?

Answer 20

By setting functional objectives to minimise costs or to increase sales

Question 21

What are growth objectives?

Answer 21

To grow the business

Question 22

What are growth objectives based on?

Answer 22

Increasing revenue, market share or expanding a business

Question 23

What are survival objectives?

Answer 23

That a business can continue to trade rather than running out of money or being forced out of the market

Question 24

When does survival objectives become key?

Answer 24

During periods of strong competition from other companies or when economy is declining

Question 25

What are cash flow objectives?

Answer 25

To improve their cash flow

Question 26

What is cash flow?

Answer 26

The money that moves in and out of a business over a set period of time

Question 27

What does increasing cash flow give the company?

Answer 27

A greater chance of survival

Question 28

What are social objectives?

Answer 28

Objectives that relate to benefitting society or people in need.

Question 29

What are ethical objectives?

Answer 29

Based on moral principles about how businesses treat people and environment

Question 30

What do NGOs need to focus on?

Answer 30

Social and ethical objectives

Question 31

What do long-term objectives include?

Answer 31

Long term growth and objectives that tend to set the direction of a business

Question 32

What do short-term objectives include?

Answer 32

Short-term survival and profit