Theme 3- Corporate Objectives

Theme 3- Corporate Objectives

1. Business Aims

   • All businesses have aims, the main aim of a business is striving to achieve.
   • A business will often communicate its aims through a mission statement

2. Mission Statement

   • A mission statement is an attempt to put corporate aims into words that inspire. Mission statements give staff a common vision to work towards.
     • Helps guide the decision making in a business
   • Two reasons why a business may form and share a mission statement
     • Commitment to its customers
       • Mission statement forms an image as to what the customer can expect
     • Can bring a company's workforce together with a shared purpose
       • Many have a mission statement that their employees believe in so can form a strong corporate culture

3. Development of Corporate Objectives

   • Corporate objectives are specific methods that the business implements in order to achieve its primary goals
     • Corporate objectives must be SMART-Specific, Measurable,Agreed, Realistic and Time specific.

4. Departmental and Functional Objectives

5. The Objectives Hierarchy

6. Difference between small and large firms

7. Critical Appraisal of Mission Statements and Corporate Aims