Strategic Management: Objectives.
Mission Statements: A mission Statement sets out the purpose of the business to all its employers, shareholders and any other interested stakeholders. The mission statement also usually includes information about the values and ethos of the business, as well as the aims and objectives.
The purpose of the mission statement is to make everyone associated with the business aware of its aims and objectives, and the purpose of its existence.
Main points of a mission statement:
- Sets out the purpose of the business to all interested stakeholders
- includes information on the values and ethos of the business
- can include its aims and objectives
- can be used to influence and motivate employee's.
Aims and objectives: Once the business has established its mission statement, it needs to determine how it will achieve the aims and objectives. The objectives of any business will depend on a number of different factors, including the following:
- Aims and objectives set depend upon the age of the business
- the size of the business
- the market in which the business is trading
- whether the business is a public or private company with shareholders, or a sole trader or partnership (Type of business)
- the wishes and priorities of the owner or board of directors (The directors/owners get to set the objectives, so they influence it a lot)
Strategic Objectives: refers to an objective for the whole business for the long term, usually determined…