3.1.1 Corporate objectives

Business Objective

A goal set by a business, usually in the medium to long term.

Corporate Objectives

Measurable, clearly defined targets for how to achieve business aims.

SMART Objectives

Effective objectives that are Specific, Measurable, Achievable, Realistic, and Time specific.

Mission Statement

A short term statement of the company's vision and values which helps to set aims and objectives.

Aim

A generalised statement of what the business plans to achieve in the longer term.

Internal Influences on Corporate Objectives

Factors within the control of management that influence corporate objectives.

External Influences on Corporate Objectives

Factors outside the control of management that influence corporate objectives.

Strategy

How the business intends to achieve its objectives, usually long-term and made by senior management.

Tactics

Support achievement of specific targets, usually routine and short-term and often delegated by junior management.