mission/vision statement
1. What is a vision statement?
2. What are examples (discussed) of a vision statement?
1. A vision statement is a long term goal that speaks to the highest aspirations of a business.
2. Ex of a vision statement:
Toyota aims to be the most successful and respected car company in America.
Microsoft aims for there to be a personal computer in every home running Microsoft software.
3. The aims of a business are it's long term goals.
Businesses are ______ when they take that vision and transform it into specific ______ . The best business ________ are ______.
1. What are business tactics?
2. What is a business strategy?
Business tactics are the actions and objectives which allow a business to implement strategy.
A business strategy is an over-achieving plan of objectives used to work towards the aims of the business.
What does the S in STEEPLE stand for and what does it refer to?
and it refers to changes to society or culture, such as a demographic change
1. What are ethical objectives?
2. What is CSR (corporate social responsibility)?
1. Ethical objectives are goals that a business sets for itself based on established codes of behavior.
2. Corporate social responsibility (CSR) is the concept that all business have an obligation to operate in a way that will have a positive impact on society.
1. What is a mission statement?
2. What should be produced first, mission or vision and why?
1. A mission statement is a present, immediate step on the way to the vision.
2. A vision statement should be produced first in order to stand as a guiding principle for the mission statement.
What does the S stand for in SMART?
what do businesses ask themselves?
The S stands for specific. Is the objective clear and well defined? It should relate to the nature of the business and be straightforward.
Business strategies require careful _____ of _____ the business is, the ________ of a plan (_____) to get the business where they want to be (___) and a careful ______ to determine how to _______ the strategy or if after a specific period, the plan has _______ or is _______.
Business strategies require careful analysis of where the business is, the development of a plan (strategy) to get the business where they want to be (aims) and a careful evaluation to determine how to implement the strategy or if after a specific period, the plan has worked or is working.
1. What does the T in STEEPLE stand for and what does it refer to?
What does the two Es in STEEPLE stand for and what does it refer to?
1. The T stands for technological- rapid technological change changes the environment for business.
2. Economic- Changes in market conditions, the economy, or presence of new competitors. Ex. Global financial crisis.
Ethical- The values of a society changing forces a business to change it's practices.
Name 4 reasons why companys set ethical objectives.
1. Create a positive image, build customer loyalty, develop a positive work environment, and reduce the risk of legal redress (reparations/consequences)
1. What is an objective?
3. What is the "aim" of a business?
1. An objective is a short-medium term goal which allows the business to meet its aims. Objectives should be SMART
3. The aims of a business are it's long term goals.
1. What does the M stand for in SMART? what do businesses ask themselves?
2. What does the A stand for in SMART?
what do businesses ask themselves?
1. Measurable- Can this objective be measured to see whether it has been achieved or not?
2. Achievable- Can the objective be achieved? Is it realistic? When it's achievable, it can be motivational.
Sometimes, businesses need to change objective. Objectives change because...
Objectives change because of change either internally (changes in conditions within the business) or externally (changes outside the business that have an impact on the business's operation of peformance.
What does the P in STEEPLE stand for and what does it refer to?
Political- Change to the political system very often causes a business to change it's approach.
1. Why are businesses decisions and actions more visible than ever before?
2. How can behaving ethically as a business increase profits?
3. What things can being ethical as a business impact?
1. Because of the worldwide web
2. banks will not led to businesses that are dubious, and being an ethical business builds more customers.
3. Impact on the business itself, suppliers, customers, the local community and the gov.
1. What are two differences between a mission statement and a vision statement?
1. - Vision statements should remain constant, Mission statements need to be modified as time passes.
Vision statements refers to how the business should be in the future, and mission statements describe what the business is doing now
What does the R stand for in SMART?
what do businesses ask themselves?
What are 4 changes in the internal environment that causes businesses to change objectives?
1. Leadership- new leaders can have different leadership styles than their predecessor, which can require a significant change in objectives.
HR- Recruiting, hiring, training and terminating employees
Finance- Circumstance of finance change.
Product- Peformance of the product may require change
What does the L in STEEPLE stand for and what does it refer to?
Legal- when responsibility for legislation changes from one party (or coalition) to another, changes in the legal environment can occur.
ex. taxes, regulations, etc.
What is SWOT?
SWOT helps businesses set objectives apart of SMART.
SWOT is the first stage in the planning process.
Mission and vision statements are sometimes confused. They have different _______, but they _______ eachother and go ________.
What does the T stand for in Smart?
What do businesses ask themselves?
1. The T stands for time specific.
IF objectives are not time specific, or do not have a deadline, then they are not meaningful.
What abbreviation is used to recognize external factors that impact a company's objectives?
STEEPLE
What does the last E in STEEPLE stand for and what does it refer to?
What does SWOT stand for?
Strengths, weakness, opportunities, and threats.