Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
Mission Statement
|
The overall reason for the business' existence.
|
|
|
Benefits of good mission statements
|
1. Attracts people and resources
2. Great for public relations 3. Targets to direct workers 4. Motivate the staff to achieve the targets set |
|
|
Corporate Aims
|
The long term targets and plans to fulfil the mission statement.
|
|
|
How do we know if the business has achieved its aims?
|
1. Satisfied customers (good service)
2. Expansion (stimulated orders) 3. Local community 4. Revenue/sales 5. Customer loyalty |
|
|
Corporate Objectives
|
The medium to long term quantifiable targets to fulfil the mission statement.
|
|
|
Definition of S.M.A.R.T
|
S. Specific
M. Measurable A. Achievable R. Realistic T. Time bound |
|
|
What does the corporate objectives do?
|
Coordinate functional areas within the business.
Inform corporate strategy. Quantifiable targets against which performance can be measured. |
|
|
Who wants to know the corporate objectives in a business?
|
Shareholders, Managers, Employees
|
|
|
Why are objectives measurable?
|
Implement the mission
Provide a clear focus for decision making Provide a target Motivates employees Facilitate control of actual performance Provide a criteria for evaluating performance Reduce uncertainty Provide a sense of unity |
|
|
Problems caused not by meeting objectives.
|
Customer complaints
Customers by else where Unhappy staff Unhappy shareholders Decrease in sales Negative public opinions |
