Business Objective - is 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.

Effective objectives should be:

Specific

Measurable

Achievable

Realistic

Time specific

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

• This enables employees, managers and customers and possible some suppliers to understand the conduct of the business.

• It is a statement of purpose, such as 'grow our market share in the UK'. Nike's mission statement is; "To bring inspiration and innovation to every world athlete".

Aim - is a generalised statement of what the business plans to achieve in the longer term. A goal or purpose of the business for the future, to inspire a range of stakeholders, including employees and customers.

• Corporate objectives and aims are normally developed from the mission statement and are usually set by those at the top of the organisation, such as the board of directors.

• Corporate objectives relate to the business as a whole, whereas all objectives below this relate to only part of the business. All objectives must relate back to corporate objectives so that each level of the business is contributing to those objectives.

Internal and external influences on Corporate Objectives 

Corporate objectives are influenced by a variety of factors that are within the control of management (internal) as well as factors that a business can do nothing about - except respond to them if significant (external)

The difference between Strategy and Tactics?

Strategy - How the business intends to achieve it objectives, usually long-term and made by seniot management.

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