Missions Aims and Objectives
- Created by: georgiemcd
- Created on: 19-02-14 11:05
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- Understanding Mission, Aims and Objectives
- Hierarchy of objectives
- Mission
- A Qualitative Statement of the business's aims
- Corpoarte/Strategic
- Functional
- Team
- Individual
- Mission
- Aims
- A long term plan from which a business's objectives are derived
- Objective
- A target which must be acheived in order to realise the stated Aim
- A time assigned target dervied from the goals and set in advance of strategy
- Tactical Objectives
- Focus on short term
- Set by line management
- Relitively low risk
- Limited resources invested
- Relatively easy to change at minor financial cost
- Realistic and Achievable
- Strategic
- Focuses on long term
- Set by the board
- Involove high risk and uncertainty
- likely to involve significant investment / business resources
- Difficult to change in the short term
- Stretching and challenging
- Factors influencing strategic aims and objectives
- Age of the business
- Size and legal status
- Ownership
- View of owners and managers
- Market condition
- Legislation
- State of the economy
- Competition
- Risk and attitude to risk
- Corporate Culture
- Political Factors
- Social Attitudes
- Hierarchy of objectives
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