Edexcel AS/A Level Business - Theme 3 Revision Questions and Answers

Corporate objectives The objectives of a medium to large-sized business as a whole Departmental and functional objectives The objectives of a department within a business Mission statement A brief statement, written by the business, describing its purpose and objectives, designed to encapsulate its present operations Objective (or goal) A target of or outcome for a business that allows it to achieve its aims SMART Acronym for the attributes of a good objective: Specific, Measurable, Agreed, Realistic and Time Specific Corporate strategy The plans and policies developed to meet a company's objectives. It is concerned with what range of activities the business needs to undertake in order to achieve its goals. It is also concerned with whether the size of the business organisation makes it capable of achieving the objectives set.