3.1.1 Corporate objectives
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9 Terms
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Business Objective
A goal set by a business, usually in the medium to long term.
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Corporate Objectives
Measurable, clearly defined targets for how to achieve business aims.
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SMART Objectives
Effective objectives that are Specific, Measurable, Achievable, Realistic, and Time specific.
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Mission Statement
A short term statement of the company's vision and values which helps to set aims and objectives.
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Aim
A generalised statement of what the business plans to achieve in the longer term.
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Internal Influences on Corporate Objectives
Factors within the control of management that influence corporate objectives.
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External Influences on Corporate Objectives
Factors outside the control of management that influence corporate objectives.
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Strategy
How the business intends to achieve its objectives, usually long-term and made by senior management.
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Tactics
Support achievement of specific targets, usually routine and short-term and often delegated by junior management.
Flashcards (38)