1.3: Business Objectives

An organisation can change its business objectives over time due to changes in both the internal and external environments.

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A vision statement tends to be narrow and specific.

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Answer explanation

it tends to be broad and abstract

The statement which sets out an organisation’s purpose and its corporate values is known as the vision statement.

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Answer explanation

This is the mission statement

The statement which sets out an organization’s long-term aspirations is known as the vision statement.

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A vision statement gives a clear timeframe for when future goals will be achieved.

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An organization’s mission and vision statements serve to guide the its strategic goals and corporate strategies.

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Business objectives are the clearly defined and measurable targets or goals of an organisation.

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Mission statement is a motivational declaration for the business entities.

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The core purpose of the organisational will be determined in vision statement.

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One of the similarities of vision statements and mission statements is that both statements can become a motivational factor towards the employees.

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• FALSE