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7 Cards in this Set
- Front
- Back
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What is a Mission? |
An organisation's aims or long-term intentions, its ultimate purpose; a business mission is sometimes the same as its corporate aims |
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What is a Mission Statement? |
A qualitative statement of an organisation's aims that uses language intended to motivate employees and convince customers, suppliers and those outside the firm of its sincerity and commitment |
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What are Business Objectives? |
Goals that must be achieved in order to realise the stated aims of an organisation, department or individual team. Business objectives tend to be medium to long term. They can be corporate or functional objectives |
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What are Corporate Objectives? |
Goals of the whole organisation rather than of different elements of the organisation. They are set in order to co-ordinate the activities of, give a sense of direction to, and guide the actions of the whole organisation. They are dictated by the mission or corporate aims of an organisation |
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What are Functional Objectives? |
Goals of each of the functional areas of a business (including marketing, finance, operations and human resources). They are designed to ensure that the business achieves its corporate objectives and thus its overall aims or mission. Like corporate objectives, functional objects are set in order to co-ordinate the activities of, give a sense of direction to, and guide the actions of a division or department |
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What is a Strategy? |
The medium - to long - term plans through which an organisation intends to achieve its objectives |
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What are SMART business objects? |
Specific - clearly and easily defined Measurable - quantifiable ( e.g. to increase market share from 15% to 20% within the next two years) Agreed - mangers and subordinates are involved in setting the targets Realistic - achievable and not in conflict with other objects |
