Objectives - Statements of specific outcomes that need to be achieved by the business over a specific period of time.
Mission is the overall purpose of the business.
Vision is the overall aspirations of the business.
Aims / goals are the statements of what the business intends to achieve.
Objective are precise statements of how the goals will be achieved.
Hierarchy objectives of a business:
Mission - eg. To meet a specific market demand or need
Corporate - eg. Gaining a market share of 12%
Functional - eg. Sales per customer of £45
Unit / Team - eg. Shop sales of £500,000
Individual - eg. Don't be late more than three times
(The higher it is, the more strategic the objective is. The lower it is, the more detailed the objective…