3.1.1

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