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THEME 3 (3.1 BUSINESS OBJECTIVES AND STRATEGY (3.1.1 CORPORATE OBJECTIVES,…

- - - - Corporate objectives are targets relating to the whole business, precise statements of aims/goals
      - Their purpose is to focus a business, measure performance, inform choices and prepare for functional objectives
    - - INTERNAL INFLUENCES
        
        Attitude to profit- not for profit?
        
        The role of ethics in decision making
        
        Structure and decision making within organisational culture
        
        How strong leadership is
        
        Realistic options based on strategic position and resources
        
        Stakeholder influence
        
        Business ownership
      - EXTERNAL INFLUENCES
        
        Short termism of external investors
        
        How competitor actions affect the business
        
        PESTLE
        
        How fast and disruptive is change
        
        Economic indicators e.g. growth, interest, spending
    - - Functional objectives are set for each business function
      - Business functions are any set of activities performed by each dept e.g. marketing
      - SMART objectives are specific, measurable, achievable, relevant and time bound
      - The mission is the overall business purpose
      - The vision is the overall business aspiration
      - Aims are statements of what they seek to accomplish