Different Stakeholder And Business Objectives Flashcards Preview

A Level Business Studies - Business Objectives And Strategies > Different Stakeholder And Business Objectives > Flashcards

Flashcards in Different Stakeholder And Business Objectives Deck (11)
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1

Define what a business mission statement is

A mission statement is the main objective of the business

2

Define what the business aim is

The business aim is what you are trying to achieve long term

3

Define what the business objective is

A business objective is more short term than an aim and is more specific

4

Name 2 benefits of having a mission statement

1. Helps recruit the best staff
2. Helps obtain loyal customers
3. Gives the company a sense of direction
4. Motivates workers as there is a purpose

5

What is a strategic objective

A strategic objective is what your trying to achieve over a 12 month period

6

What is a tactical objective

A tactical objective is what your trying to achieve over a 4 month period

7

What do all objectives have to be

SMART

8

What does SMARTV stand for

S - smart
M - measurable
A - achievable
R - realistic
T - time bound

9

Define what a stakeholder is

A stakeholder is anyone who has an interest in the business

10

Name 2 examples of conflict between stakeholders

1. Producers and consumers of best market price
2. GVMT and teachers on how to best run the school

11

Name 2 constraints on business objectives

1. Demotivated workers
2. Workers want a higher wage
3. Haven’t got enough capital
4. Banks may not give loans
5. May not have money to make redundancy payments