The ultimate aim of a business such as survival, breaking even, making profit, increase market share
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What are corporate objectives?
Objectives are set to reach a businesses aim and develop the culture of the business
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What are strategic objectives?
Strategic objectives are the changes a business needs to make to reach the aim
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What are tactical objectives?
Short term objectives a business needs to achieve to reach the strategic objectives
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What is the importance of a SMART target?
Objectives need to be clear to be achieved. A business can monitor their progress using a SMART target
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What is the hierarchy of objectives?
A way of visualisng objectives as a hierarchy with each tier objective bringing the business closer to the next
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Importance of setting aims and objectives
provide employees with a clear sense of purpose to reach the shared objectives, Progress can be tracked and necessary actions taken if needed, shape the culture of a business
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how can objectives be communicated?
company web site, notice board, email, meetings, strategic plans
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How does the business sector affect aims and objectives?
A business in the private sector will want to achieve profit and a market share, whereas a third sector organisation will aim to make a charitable change
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What are consequences of miscommunication?
Mistakes cost money and time, can lead to someone feeling uninvolved, Lack of communication with customers, quick communication means goals are reached quicker
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How could objectives be better communicated?
use appropriate form of communication, stick to the point, acquire feedback, be honest, listen
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Why may objectives change?
business growth, competition, economic recessions, technology
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Other cards in this set
Card 2
Front
What are corporate objectives?
Back
Objectives are set to reach a businesses aim and develop the culture of the business
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