Business theme 3

What is a corporate aim?

What the business is looking to achieve long term. Expressed as an overall vision and describes the business’ purpose.

What is a mission statement?

An expression of the business’ aim as well as its core values and context

What are corporate objectives?

Specific performance goals set by senior management for the business to achieve over time

What are functional objectives?

The day to day goals of departments within the business

What are the influences on a business’ mission statement?

Culture, ethos & values, shareholders, stakeholders

What is the difference between strategy and tactics?

Short term and long term

What is strategy?

a long term plan which requires many resources and can be difficult to reverse once implemented

What is a tactic?

A short term plan which requires few resources and can easily be reversed if needed

What are the features of SMART objectives?

Specific, measurable, achievable, relevant, time-bound