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UNIT 3 – Business Decisions
& Strategy

Produced by Félix Gómez-Guillamón Jurado

Notes from all syllabus content




1

, Mission and vision statements
L.O:

 Understand how mission statements can help to shape company policy
 Appreciate why businesses may wish to use vision statements – and the potential
positive and negative consequences of doing so.



Mission Statements

- Encapsulates the spirit and the purpose of the business in a short and clear manner
(This will outline the overall reasons for the firm´s existence)
- Enables key stakeholders to understand what the business is about
- Shows where the business is heading


Vision Statements

- Visionary
- Inspirational
- Motivational
- Far-reaching
- Hard to achieve



Advantage and disadvantages of Mission/Vision Statements

ADVANTAGES DISADVANTAGES
Sense of common purpose Hard to encapsulate purpose briefly

Provides sense of direction Regarded as meaningless by key stakeholder groups

Clarifies essence of business Public perception is not aligned to mission/vision
statement
Makes it easier for stakeholders to understand what Stakeholder conflict can arise as result of statement
the business is about
Can provide motivation and drive to workers Sets unrealistic expectations

Useful marketing tool Demotivates workforce




2

, Corporate Aims and Objectives


Corporate objectives


Business direction


- Businesses must have a purpose and direction, otherwise they are unlikely to
survive

- To achieve this, they will need to:
 Decide upon the aims of the business
 Communicate their aims in a “Mission Statement”
 Set corporate objectives


- These should all be linked like this:




The Aims of Businesses
“A business aim is a long-term vision or goal”



 Aims are usually quite vague goals
 Most businesses will have more than one aim, but not in excess
 The aims of a business should be determined by:
| The purpose of the business
| The size of the business
| The ownership of the business




3

, What is an objective?


“Objectives are specific, measurable targets to help achieve the overall aims of the business”



Objectives should therefore be:

- Be small steps towards achieving an overall aim
- Be precise
- Be measurable
- Be SMART (Specific, Measurable, Achievable, Realistic, Time Bound)




Corporate objectives


 Objectives are at the centre of everything a business does and are likely to fall into one
of three broad areas:

1. SURVIVAL
2. GROWTH
3. PROFIT



1. SURVIVAL

 This is usually an objective when the business is threatened

 This can occur either in: The early stages of the business, when trading is difficult,
when there is a threat of takeover


 This objective is designed to make staff think whether their actions are putting the
business in danger

 Not all organisations look for long-term survival!




4

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