Queensland Academy Of Science, Mathematics And Technology
Book
Business Management for the IB Diploma Study and Revision Guide
These notes are intended for the IB HL Business Management course and contain key information and details for Unit 1: Business Organization and Environment and made specific to 1.3 syllabus objectives. These notes also contain the syllabus objective for Unit 1.3 which is linked to each information....
Queensland Academy of Science, Mathematics and Technology
IB HL Business Management
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CHAPTER 1.3 ORGANIZATIONAL
OBJECTIVES
Vision statement and mission statement (AO2)
Having a vision = having an image of an ideal situation in the future
- Vision statement = outlines an organizations aspiration (where it want to be) in the
distant future.
- Example = “to be leading sport brand in the world” is the vision of Adidas
Having a mission = having a clear purpose
- Mission statement = tend to be a simple declaration of the underlying purpose of an
organizations existence and its core value
- Example = “provision of wide opportunities and achievement for all” a mission of a
school
Differences are:
Vision statement addresses the question (what do we want to become) where
mission statement deals with the question (what is our business).
Vision statement are focused on the very long term where mission statements focus
on the medium or long term
Mission statements are updates more frequently than vision statements
Vision statements do not have to be actual targets that must be achieved (this is the
purpose of having a mission statement), instead vision statements allow people to
see what could be
The mission statement tends to outline the values of the business (its belief and
principles)
Limitations:
Critics argue that such statements are no more than a public relations stunt.
Because most business aim is to make a profit.
Aims, objectives, strategies and tactics, and their relationship (AO3)
Aims:
Definition = the general and long term goals of an organization.
Notes:
, - Broadly expressed as vague and unquantifiable statements
- Usually set by senior directors of the organization
Example = “to provide high quality education to all”
Objectives:
Definition = are short to medium term and specific targets an organization sets in
order to achieve it aims.
Example = a schools objective could be “to achieve a 95% pass rate with two years”
Important reasons for aims and objectives:
- To measure and control
- To motivate
- To direct
Differences between aims and objectives:
Aims:
- What the business wants to achieve
- Not necessarily time – bound
- Vague or abstract goal
- What a business wants to happen
- Set by senior leaders
Objectives:
- What the business has to do to achieve the aims
- Time – bound
- Specific and measurable target
- What a business needs to happen
- Set by managers or their subordinates
Strategies:
Definition = are the plans of action to achieve that strategic objectives of an
organization (share tactics purpose).
Strategic objectives:
Definition = are the longer term goals of a business
Strategic objectives include:
- Profit maximisation
- Growth
- Market standing
- Image and reputation
Tactics:
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