Corporate Objectives

• corporate objectives: specific performance goals set by senior management which relate to the business as a whole, could be market share, profit or sales growth
• functional objectives: set for each key business function and are designed to ensure overall aims are achieved
• mission statement: an expression of a businesses overall aims, intended to make all stakeholders aware of what the business does and why, and to encourage employees to work towards these aims
• what is a limitation of mission statements?

  use is limited as doesn't detail how the business plans to achieve the aims they have set out
• what is the hierarchy of objectives?

  • mission
  • vision
  • aims
  • corporate objectives
• what does SMART stand for, in terms of SMART objectives?

  • specific
  • measureable
  • achieveable
  • realistic
  • time bound