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.