3.1.1

• What are corporate aims?

  Aims are what a business intends to do in the long term, its vision.
• How are corporate aims communicated?

  They are often communicated in mission statements.
• What is a mission statement?


  A mission statement defines what line of business a company is in, why it exists, and what purpose it serves.
• What is the purpose of a mission statement for employees?


  It provides a common goal for all employees to work towards.
• Who benefits from a mission statement?

  Different stakeholders such as customers, investors, and local communities benefit from understanding the company's aims and values.
• What is a disadvantage of mission statements?

  They are often seen simply as a PR exercise.
• When do mission statements have limited value?

  When the business's actions do not support it or if a business does not communicate it.
• Why might employees not take mission statements seriously?

  Because they may perceive them as insincere or not aligned with actual business practices.
• What is a corporate objective?

  A corporate objective is a target or outcome for a business that allows it to achieve its aims.
• What types of goals do corporate objectives often include?

  Goals such as market share, profit levels, and creation of new products.
• What are departmental objectives?


  Departmental objectives directly support corporate objectives and should also be SMART.
• What does SMART stand for in the context of objectives?

  Specific, Measurable, Agreed, Realistic, Time specific.
• Which departments might have their own objectives?

  Departments such as HR, marketing, production, and finance will have their own objectives.