Management May 2020

A business objectives are...

• is where the business wants to go in the future, it’s goals. It is a statement of purpose
• stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
• sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.

A mission statement...

• is where the business wants to go in the future, it’s goals. It is a statement of purpose
• stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
• sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.

"We want to achieve sales of £10 million in European markets in 2017" is an example of...

• a business aim.
• a business objective.
• a vision from a company mission statement.

"Our core purpose is to create value for customers to earn their lifetime loyalty." is an example of...

• a business aim.
• a business objective.
• a company mission statement.

When applying for a job, it is always a good idea to look at ......................... to give you an idea of the vision and values of that business.

• the company aims
• the company objectives
• the company mission statement

What is a mission statement?

• a short, specific written statement of the reason a business exists and what it wants to achieve

• expresses what the organization should become

• to provide a rigorous academic program which meets the needs of our diverse population

• valuing the dignity and work of all individuals

What is a vision statement?

• a short, specific written statement of the reason a business exists and what it wants to achieve

• expresses what the organization should become

• to provide a rigorous academic program which meets the needs of our diverse population

• valuing the dignity and work of all individuals

Choose 3 answers that are TRUE about the MISSION

• Refocusing the attention of investors and the public.

• Reflects the firm’s self-concept.

• Satisfy customer needs.

• Embodies the business philosophy.

• Used only by leaders.

What is the objective of the strategy based on? (select 2 answer)

• Company's human resource

• Company's mission

• Corporate structure

• Company's vision

• Company philosophy

What would be a potential threat to a business? (two possible answers)

• Changes in technology and markets e.g. The internet.

• Ability to prioritize

• Flexibility

• Interruptions in the market