Studied by 1 person
aim
long term goal/target
objective
short term target to reach an aim
5 types of objectives
market share, profit maximisation, sales maximisation, survival, cost efficiency
mission statement
declare the business’ overriding purpose but may also reflect goals and values
why are mission statements formed
form a commitment to customers and to bring the workforce together with a shared purpose
corporate objective specific to
company history, vision of the future, desired performance and results
objectives hierarchy
aims, mission statement, corporate objectives, functional objectives
critical appraisal
mission statments must be constantly assessed to ensure that they are relevant
PASAR
purpose? audience? strategy? achievable / realistic?
small firm goals
break even, survive, hire new staff
large firms goals
financial- keep stakeholders satisfied, easier to communicate and quantifiable
