Business Objectives and Strategy (Edexcel A-Level Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Corporate objectives
Corporate objectives
Targets set by senior managers & directors for whole business
Business aims
Business aims
Long-term purpose/reason for organisation's existence
Mission statement
Mission statement
Formal declaration of business's overriding purpose
SMART acronym stands for
SMART acronym stands for
Specific, Measurable, Agreed, Realistic, Time specific
SMART: Specific means
SMART: Specific means
Objective clearly states what business aims to achieve
SMART: Measurable means
SMART: Measurable means
Evidence available to show if objective achieved
Departmental/functional objectives
Departmental/functional objectives
Day-to-day targets for specific business functions/departments
Two purposes of mission statements
Two purposes of mission statements
Customer commitment & workforce unity around shared purpose
Small vs large firm objectives
Small vs large firm objectives
Small: wider variety; Large: focus on financial objectives
Departmental objectives must
Departmental objectives must
Refer back to corporate objectives & mission statement