1.3.3

Mission, Corporate Objectives & Strategy

Test yourself on Mission, Corporate Objectives & Strategy

After reading these notes, test your knowledge with free interactive questions on Seneca — used by over 10 million students.

The Distinction Between Strategy and Tactics

Businesses can use strategic and tactical approaches to achieving their objectives.

Strategy

Strategy

Strategic approaches are long-term plans which require many resources and can be difficult to reverse once implemented.

Tactics

Tactics

Tactical approaches are short-term plans which often require few resources and can be stopped or reversed if this is required.

The Link Between a Mission, Corporate Objectives, and Strategy

A business' mission, corporate objectives, and strategy all inform one another.

The link between a mission, corporate objective and strategy

The link between a mission, corporate objective and strategy

A business mission will inform the choice of corporate objectives as corporate objectives will be designed in such a way to meet the overall mission.
Businesses can use strategies to work towards their overall corporate objectives.

Example

Example

Google’s mission is to organise the world’s information.
This informs Google’s objectives which include improving user experiences and a strategy to support this objective is investing in long-term research and development to discover new technologies.

The difference between strategic and functional decisions

The difference between strategic and functional decisions

Strategic decisions made by businesses will influence departmental or functional decision making as every function within a business must support the overall organisation.

1

Business Organisation & Environment

1.1

Introduction to Business Management

1.1.1Why Businesses Exist & Sectors

1.2

Types of Organisation

1.2.1Sole Traders 1.2.2Limited Liability 1.2.3Non-Profit 1.2.4Franchising 1.2.5End of Topic Test - Franchising

1.3

Organisational Objectives

1.3.1External Environments 1.3.2Business Mission & Corporate Objective 1.3.3Mission, Corporate Objectives & Strategy 1.3.4SWOT Analysis 1.3.5End of Topic Test - SWOT Analysis

1.4

Stakeholders

1.4.1Stakeholders

1.5

External Environment

1.5.1Social & Technological Environment 1.5.2Lifestyle & Technological Environment 1.5.3Corporate Social Responsibility 1.5.4Economic Environment 1.5.5Political & Legal Change

1.6

Growth & Evolution

1.6.1Growth & Retrenchment 1.6.2Challenges of Growth 1.6.3Growth Models 1.6.4End of Topic Test - Diseconomies of Scale 1.6.5Internationalisation 1.6.6Sourcing Resources & Entering Markets 1.6.7End of Topic Test - Internationalisation 1.6.8Managing Internationalisation 1.6.9Impact of Internationalisation

1.7

HL Only: Organisational Planning Tools

1.7.1Organisational Planning Tools

2

Human Resource Management

2.1

Functions & Evolution of Human Resource Management

2.1.1Setting Human Resource Objectives 2.1.2Human Resource Management 2.1.3Labour Turnover & Retention 2.1.4Labour Productivity

2.2

Organisational Structure

2.2.1Organisational Structures

2.3

Leadership & Management

2.3.1Managers 2.3.2Management Theories 2.3.3End of Topic Test - Management

2.4

Motivation

2.4.1Motivating & Engaging Employees 2.4.2Taylor's Theory 2.4.3Maslow's Theory 2.4.4Herzberg's Theory 2.4.5Different Incentives 2.4.6Evaluating Incentives

2.5

Organisational (Corporate) Culture

2.5.1Managing Organisational Culture 2.5.2Organisational Structures

2.6

HL Only: Industrial/Employee Relations

2.6.1Improving Employer-Employee Relations 2.6.2Case Study - The Winter of Discontent

3

Finance & Accounts

3.1

Sources of Finance

3.1.1Internal Sources of Finance 3.1.2External Sources of Finance 3.1.3Factors for Financing 3.1.4End of Topic Test - Debt

3.2

Costs & Revenues

3.2.1Costs & Revenues

3.3

Break-Even Analysis

3.3.1Profit 3.3.2Break-Even Analysis

3.4

Profitability & Liquidity Ratio Analysis

3.4.1Profitability Analysis

3.5

Cash Flow

3.5.1Cash Flow 3.5.2Solutions to Cash Flow Problems 3.5.3Improving Cash Flow & Profits

3.6

HL Only: Investment Appraisal

3.6.1Investment Appraisal

3.7

HL Only: Budgets

3.7.1Cash-Flow & Budgets

4

Marketing

4.1

The Role of Marketing

4.1.1Setting Marketing Objectives 4.1.2Market Calculations

4.2

Marketing Planning

4.2.1Marketing Mix 4.2.2Segmentation 4.2.3Niche & Mass Markets

4.3

Market Research

4.3.1Market Research 4.3.2Market Mapping 4.3.3Methods of Market Research

4.4

The 4 Ps

4.4.1Product Decisions 4.4.2Pricing Decisions & Price Skimming 4.4.3Pricing Decisions & Price Penetration 4.4.4End of Topic Test - Pricing & Competition 4.4.5Promotional Decisions 4.4.6Promotional Decisions 2 4.4.7Promotional Decisions 3 4.4.8Digital Marketing 4.4.9Evaluating Digital Marketing 4.4.10Case Study - The Marketing Mix & Promotion 4.4.11Place & Distribution

4.5

HL Only: The Extended Marketing Mix

4.5.1The Extended Marketing Mix

4.6

HL Only: International Marketing

4.6.1International Marketing

4.7

E-Commerce

4.7.1E-Commerce

5

Operations Management

5.1

The Role of Operations Management

5.1.1Setting Operational Objectives

5.2

Production Methods

5.2.1Production Processes Overview 5.2.2Production Processes 5.2.3Production Efficiency 5.2.4Technology & Production

5.3

HL Only: Lean Prodution & Quality Management

5.3.1Importance of Quality 5.3.2Measuring & Identifying Quality 5.3.3Total Quality Management 5.3.4Evaluating Total Quality Management 5.3.5Case Study - Toyota Production System

5.4

HL Only: Production Planning

5.4.1Capacity 5.4.2Productivity & Efficiency 5.4.3Technology & Efficiency 5.4.4Improving the Supply Chain 5.4.5Inventory 5.4.6Outsourcing

5.5

HL Only: Research & Development

5.5.1Organisational Planning Tools

Jump to other topics

1

Business Organisation & Environment

1.1

Introduction to Business Management

1.1.1Why Businesses Exist & Sectors

1.2

Types of Organisation

1.2.1Sole Traders 1.2.2Limited Liability 1.2.3Non-Profit 1.2.4Franchising 1.2.5End of Topic Test - Franchising

1.3

Organisational Objectives

1.3.1External Environments 1.3.2Business Mission & Corporate Objective 1.3.3Mission, Corporate Objectives & Strategy 1.3.4SWOT Analysis 1.3.5End of Topic Test - SWOT Analysis

1.4

Stakeholders

1.4.1Stakeholders

1.5

External Environment

1.5.1Social & Technological Environment 1.5.2Lifestyle & Technological Environment 1.5.3Corporate Social Responsibility 1.5.4Economic Environment 1.5.5Political & Legal Change

1.6

Growth & Evolution

1.6.1Growth & Retrenchment 1.6.2Challenges of Growth 1.6.3Growth Models 1.6.4End of Topic Test - Diseconomies of Scale 1.6.5Internationalisation 1.6.6Sourcing Resources & Entering Markets 1.6.7End of Topic Test - Internationalisation 1.6.8Managing Internationalisation 1.6.9Impact of Internationalisation

1.7

HL Only: Organisational Planning Tools

1.7.1Organisational Planning Tools

2

Human Resource Management

2.1

Functions & Evolution of Human Resource Management

2.1.1Setting Human Resource Objectives 2.1.2Human Resource Management 2.1.3Labour Turnover & Retention 2.1.4Labour Productivity

2.2

Organisational Structure

2.2.1Organisational Structures

2.3

Leadership & Management

2.3.1Managers 2.3.2Management Theories 2.3.3End of Topic Test - Management

2.4

Motivation

2.4.1Motivating & Engaging Employees 2.4.2Taylor's Theory 2.4.3Maslow's Theory 2.4.4Herzberg's Theory 2.4.5Different Incentives 2.4.6Evaluating Incentives

2.5

Organisational (Corporate) Culture

2.5.1Managing Organisational Culture 2.5.2Organisational Structures

2.6

HL Only: Industrial/Employee Relations

2.6.1Improving Employer-Employee Relations 2.6.2Case Study - The Winter of Discontent

3

Finance & Accounts

3.1

Sources of Finance

3.1.1Internal Sources of Finance 3.1.2External Sources of Finance 3.1.3Factors for Financing 3.1.4End of Topic Test - Debt

3.2

Costs & Revenues

3.2.1Costs & Revenues

3.3

Break-Even Analysis

3.3.1Profit 3.3.2Break-Even Analysis

3.4

Profitability & Liquidity Ratio Analysis

3.4.1Profitability Analysis

3.5

Cash Flow

3.5.1Cash Flow 3.5.2Solutions to Cash Flow Problems 3.5.3Improving Cash Flow & Profits

3.6

HL Only: Investment Appraisal

3.6.1Investment Appraisal

3.7

HL Only: Budgets

3.7.1Cash-Flow & Budgets

4

Marketing

4.1

The Role of Marketing

4.1.1Setting Marketing Objectives 4.1.2Market Calculations

4.2

Marketing Planning

4.2.1Marketing Mix 4.2.2Segmentation 4.2.3Niche & Mass Markets

4.3

Market Research

4.3.1Market Research 4.3.2Market Mapping 4.3.3Methods of Market Research

4.4

The 4 Ps

4.4.1Product Decisions 4.4.2Pricing Decisions & Price Skimming 4.4.3Pricing Decisions & Price Penetration 4.4.4End of Topic Test - Pricing & Competition 4.4.5Promotional Decisions 4.4.6Promotional Decisions 2 4.4.7Promotional Decisions 3 4.4.8Digital Marketing 4.4.9Evaluating Digital Marketing 4.4.10Case Study - The Marketing Mix & Promotion 4.4.11Place & Distribution

4.5

HL Only: The Extended Marketing Mix

4.5.1The Extended Marketing Mix

4.6

HL Only: International Marketing

4.6.1International Marketing

4.7

E-Commerce

4.7.1E-Commerce

5

Operations Management

5.1

The Role of Operations Management

5.1.1Setting Operational Objectives

5.2

Production Methods

5.2.1Production Processes Overview 5.2.2Production Processes 5.2.3Production Efficiency 5.2.4Technology & Production

5.3

HL Only: Lean Prodution & Quality Management

5.3.1Importance of Quality 5.3.2Measuring & Identifying Quality 5.3.3Total Quality Management 5.3.4Evaluating Total Quality Management 5.3.5Case Study - Toyota Production System

5.4

HL Only: Production Planning

5.4.1Capacity 5.4.2Productivity & Efficiency 5.4.3Technology & Efficiency 5.4.4Improving the Supply Chain 5.4.5Inventory 5.4.6Outsourcing

5.5

HL Only: Research & Development

5.5.1Organisational Planning Tools

Practice questions on Mission, Corporate Objectives & Strategy

Can you answer these? Test yourself with free interactive practice on Seneca — used by over 10 million students.

1
What two approaches can businesses use to achieve their objectives?Fill in the list
2
What are corporate objectives designed to do?Multiple choice
3
What will strategic decisions influence?Multiple choice

Answer all questions on Mission, Corporate Objectives & Strategy

Unlock your full potential with Seneca Premium

Unlimited access to 10,000+ open-ended exam questions
Mini-mock exams based on your study history
Unlock 800+ premium courses & e-books

Get started with Seneca Premium

Business Mission & Corporate Objective

SWOT Analysis