Missions/aims/objectives

• what is a mission statement?

  A mission statement is a short passage of text that sums up the firms mission
• What is an aim?

  long term plan e.g., be a CEO
• What is a corporate aim?

  plan for the firm
• What is an objective?

  tangible targets which people will be judged against
• What is an example of a corporate objective?

  increase market share by 3%
• What makes a good mission statement?

  makes a company stand out

  is relevant and authentic

  defines the market

  brief
• What makes a mission statement bad?

  vague

  long

  too obvious

  not reflecting the businesses values

  viewed cynically by employees
• what does a mission statement depend on?

  type of business

  target market

  goals and values
• What are some common corporate objectives?

  growth

  profit maximisation

  profit optimisation

  not-for-profit
• What are the four functions?

  operations department

  marketing department

  HR department

  finance department
• What would be a potential mission statement for the operations department?

  reduce Production costs by 8% over the next two years
• What would be a potential mission statement for the marketing department?

  increase sales by 1% each quarter
• What are the four fundamental elements the mission model shows?

  Purpose

  values

  standards and behaviours

  strategy