Please enable JavaScript.
Coggle requires JavaScript to display documents.
3.1.1 Corporate Objectives - Coggle Diagram
3.1.1 Corporate Objectives
Key Terms
Mission Statement - a brief statement, written by the business, describing its purpose and objectives, designed to encapsulate its present operations
Vision - this states the ultimate goal of what the business would like to achieve in the long-term or future
Corporate Objectives - The objectives of a medium to large-sized business as a whole, set by senior management
Departmental Objectives - The objectives of a department within a business
Purpose of Mission Statement
Differentiates the business from its competitors
Defines the markets or business in which the business wants to operate
Is relevant to all major stakeholders - not just shareholders and managers
Excites, inspires, motivates & guides – particularly important for employees
Requirements for Corporate Objectives
They should flow from the mission statement and corporate vision
They are usually set by senior management for the whole company
They are aimed at satisfying the shareholders so may be related to profits or dividends
SMART Objectives
Specific - must be a clear aim, often including a number
Measurable - so the achievement can be checked (as it progresses or at the end of set time period)
Achievable - so you can achieve your target, but may need to stretch yourself
Realistic - target should be sensible so you can achieve it
Time-related - setting a date for achievement or review
An example: "To achieve a 30% share of the total sales in the children's clothing market within 5 years."
Create your own diagrams like this
for free
with
Coggle
Use as Template
Public Diagram
made for free at coggle.it
3.1.1 Corporate Objectives
3.1.1 Corporate Objectives
Key Terms
Mission Statement - a brief statement, written by the business, describing its purpose and objectives, designed to encapsulate its present operations
Vision - this states the ultimate goal of what the business would like to achieve in the long-term or future
Corporate Objectives - The objectives of a medium to large-sized business as a whole, set by senior management
Departmental Objectives - The objectives of a department within a business
Purpose of Mission Statement
Differentiates the business from its competitors
Defines the markets or business in which the business wants to operate
Is relevant to all major stakeholders - not just shareholders and managers
Excites, inspires, motivates & guides – particularly important for employees
Requirements for Corporate Objectives
They should flow from the mission statement and corporate vision
They are usually set by senior management for the whole company
They are aimed at satisfying the shareholders so may be related to profits or dividends
SMART Objectives
Specific - must be a clear aim, often including a number
Measurable - so the achievement can be checked (as it progresses or at the end of set time period)
Achievable - so you can achieve your target, but may need to stretch yourself
Realistic - target should be sensible so you can achieve it
Time-related - setting a date for achievement or review
An example: "To achieve a 30% share of the total sales in the children's clothing market within 5 years."