Issues in understanding forms of business02

Which of the following are two differences between mission and objectives?

• Mission is long-term and broad, while objectives are short-term and specific.

• Mission is short-term and specific, while objectives are long-term and broad.

• Mission and objectives are both long-term and broad.

• Mission and objectives are both short-term and specific.

State whether each of the following statements is a mission or an objective.

• To become the world's favourite car rental business.

• To bring healthy eating to Wigan.

• To achieve a 40 per cent market share by the end of 2018.

• To achieve a 70% increase per month.

Outline two possible risks if a business such as Sainsbury's sets itself the objective of rapid growth.

Outline why 'survival' might be the wisest objective for a brand new start-up business.

• To ensure long-term growth

• To avoid early failure

• To attract investors

• To expand market share

Why might a business suffering bad publicity emphasise a new set of ethical objectives?

• To improve its public image

• To increase profits

• To reduce operational costs

• To expand its market share

Outline one strength and one weakness of a business such as Aston Villa FC setting itself objectives for the coming season.

• Strength: Provides clear direction; Weakness: May be unrealistic

• Strength: Increases motivation; Weakness: Can be inflexible

• Strength: Enhances performance; Weakness: May cause stress

• Strength: Improves teamwork; Weakness: Can lead to short-term focus