3.1.1 - Co-operative Objectives

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What is a co-operate vision?
Something that outlines what the business wants to be, or how it wants to change the world around it.
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What is a mission statement?
A statement that defines the fundamental purpose of a business or organisation.
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What does a mission statement outline?
It outlines why a business exists and what it does to achieve its vision.
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What is a departmental objective?
An objective that helps separate parts of the business to achieve its mission or aims.
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What does a mission statement set out about a business?
The business' purpose and main primary objectives.
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A mission statement should be...
Short, memorable and inspiring to both consumers and the business.
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State the advantages of a mission statement.
It is a motivator and is memorable (so it can improve a business' reputation.) Shows clarity of the vision of a business as well as being something for the organisation to aim towards. Its Public and so everyone can see it.
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State the advantages of a mission statement.
Summarises the business' purpose, and gives reference to the business for when direction is lost.
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State the disadvantages of mission statements.
Lacks authenticity, wrongly or badly worded statements may lead to misdirection of the business, and it is too focused in one area. Mission statements also change frequently as a result of the external environment.
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Who usually sets co-operate objectives?
Senior management for the entire company.
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Co-operate objectives are specific to help the business...
Meet its long-term aims or mission.
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What are co-operate objectives a statement of?
An organisation's goals, which should be measurable.
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Who may be satisfied by co-operate objectives and why?
Shareholders, as it may be related to the business' profit of dividends.
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What do SMART objectives need to be?
Specific, Measurable, Achievable, Realistic, and Time-bound.
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Other cards in this set

Card 2

Front

What is a mission statement?

Back

A statement that defines the fundamental purpose of a business or organisation.

Card 3

Front

What does a mission statement outline?

Back

Preview of the front of card 3

Card 4

Front

What is a departmental objective?

Back

Preview of the front of card 4

Card 5

Front

What does a mission statement set out about a business?

Back

Preview of the front of card 5
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