BUSS3 - CORPORATE AND FUNCTIONAL OBJECTIVES

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…