Business edexcel Unit 3-revision 2022 Updated

Business edexcel Unit 3-revision 2022 Updated AIM - ANS-long term ideas on how a business should develop . Mission Statement - ANS-a qualitative statement of an organization's aims . it conveys to everyone the value of the brand and why it exists. It can influence customer perceptions of the products as well as encouraging employees to focus on issues such as costs or quality. Hierarchy of mission statements - ANS-mission statements > corporate objectives > department objectives Corporate objectives - ANS-Corporate aims + Mission statements = corporate objectives. They are SMART plans to achieve over a period of time to make decisions. Corporate objectives should flow from the mission statement and corporate vision Usually set by senior management for the whole company SMART objectives - ANS-Specific; This means there must be a clear definition, often including a number Measurable; This means the achievement can be checked Achievable; This means you can achieve your target but you may need to stretch yourself Realistic; This means that the target should sensible so that you can achieve it Time-related; this means setting a date for achievement or review Strategy - ANS-Plan of action to fulfil an objective Main uses of mission statement; - ANS-Focus; helps to focus and involve all employees in the business Profitability; helps to motivate employees to become more efficient which could have an impact on profitability CONTINUES...