Week 5 BM Business Objectives

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

• True

• False

A vision statement tends to be narrow and specific.

• True

• False

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

• True

• False

An organization’s moral duties to its internal and external stakeholders in acting as a good corporate entity is known as corporate social responsibility (CSR).

• True

• False

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

• True

• False

What are common critiques about vision and mission statements (3)?

• Being too vague

• They are created by CEOS

• Virtually impossible to really analyse or disagree with

• They don't tie to Corporate Social Responsibility

• Too long-term

Reducing pollution and environmental damage by using non-fossil fuels is an example of an ethical objective set by a business.

• True

• False

Fairer trade with low-income countries is an example of an ethical objective set by a business.

• True

• False

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

• True

• False

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

• True

• False