1
Q
Mission Statement
A
A brief statement of the businesses’ core aims , phrased in a way to motivate employees and stimulate interest from outside groups
2
Q
Advantages of Mission Statement (3)
A
- Quickly inform outside groups about company
- Motivate employees - have goal
- Act as benchmark - measuring performance
3
Q
Disadvantages of Mission Statement (2)
A
- Too vague
- May be false
4
Q
Objectives
A
A stated measurable target that a business tries to achieve
5
Q
Strategy
A
Long term plan of action designed for a business to achieve a particular objective
6
Q
Tactics
A
Short term action as a part of an overall strategy
7
Q
Stages in business decision making (5)
A
- Setting objectives - realistic targets
- Gathering info - analyze situation around
- Selecting strategy - analysis
- Implementing strategy - use various tactics
- Reviewing - check if target is achived
8
Q
How Objectives might change overtime? Internal reasons (3)
A
- Stage of business - survival -> growth
- Financial resources
- Change of ownership - different veiw
9
Q
How Objectives might change overtime? External reasons (3)
A
- Government Laws - consumer and labor protection laws
- High Competition - Profit -> Survival
- Technology - Profit -> growth (training)
10
Q
How business communicates objectives (5)
A
- Adress by CEO
- Team meetings
- Training days
- Digital platforms
- Internal advertisement
