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Summary Corporate Objectives $3.86
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  2.  
  3. PEARSON (PEARSON)
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  5. Business
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  7. Unit 3 - Business decisions and strategy

Summary

Summary Corporate Objectives
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  • Course
  • Unit 3 - Business decisions and strategy
  • Institution
  • PEARSON (PEARSON)

Describes missions statements (the advantages and criticisms of them), corporate objectives, aims, corporate strategy, types of functional areas and their objectives, and the development of corporate objectives

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Document information

  • September 28, 2020
  • 1
  • 2019/2020
  • Summary

Subjects

  • business
  • corporate objectives
  • mission statements
  • corporate aims
  • functional areas
  • smart targets

Written for

  • A/AS Level
  • PEARSON (PEARSON)
  • Business
  • Unit 3 - Business decisions and strategy
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Content preview

Theme 3 Topic 1
Corporate Objectives
Mission Statements
Mission statement – a qualitative statement of why the business exists i.e. its overall purpose

Advantages of Mission Statements:

 Gives a sense of purpose to all staff
 Makes decision making easier
 Giving staff a sense of belonging and purpose – can motivate them (Maslow – security needs)
 Helps in setting strategic objectives and corporate plans

Criticisms of Mission Statements:

 May just be used as a PR gimmick rather than serve a purpose
 Many employees pay little attention to them or are unaware of them
 If managers ignore it then many other staff will e.g. if staff suggestions to delight the customer are
constantly ruled out by managers due to the cost
 Difficult to measure as just qualitative aims

Key Terms:
Aims – long term intentions which allow objectives to be set. Normally aims are qualitative statements e.g. “to
achieve profitable and sustainable growth

Corporate objectives – specific and measurable targets set by the company

Corporate strategy – a medium to long term plan of how the firm will achieve its corporate objectives

Hierarchy of objective setting:

Mission statement -> corporate aims -> corporate objectives -> functional objectives

Types of Functional Areas and their Objectives

Marketing Operations Human Resources Finance
e.g. e.g. e.g. e.g.
Increase market share Minimise costs Reduce labour turnover Improve cash flow
Increase brand Increase capacity Reduce absenteeism Ensure borrowing is
popularity utilisation Increase productivity reduced
Increase quality


Development of Corporate Objectives
Objectives need to be:

Specific

Measurable

Achievable

Realistic

Time bound

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