afiaen fiolnraefj klanelfkna lknknflkanlkf nalknr lkanrlk awnlkr nalwrn/ Your reading focus for this unit

1. Paul Hoang’s Business and Management unit 1.2, pages 20 – 35

2. Course Companion 2014 Edition Business Management, pages 37-52

Vision and Mission Statements (AO2)

(a) Define the following terms

i. Mission statement ii. Vision statement

i. Mission statement describes a company’s function,advantages and markets also the written statement of the business goals and philosophies .
Also it defines what the organisation is, the reason it exists,the reason for being, who the customers are, the products and service that the organisation produce and the location where the organisation operate. ii. Vision statement serves as a guiding principles and outlines a business’s aspirations in the distant future.

(b) Explain how mission and vision statements differ from one another?

The vision statement is more forward looking and speaks to the long term aims and highest aspirations of a business.
And a mission statement is more grounded in the aim of accomplishing objectives to achieve the mission, an intermediate step on the way to the vision.

Aims, Objectives, Strategies and Tactics and their Relationships (AO3; AO4)

(a) Define the following terms
i. Aims (long-term goals/what it wants to achieve in the future or the aim on the delivery of the service) ii. Objectives (medium-to short-term goals that clarify how the business will achieve its aims and reach its vision) iii. Ethical objectives ( iv. Ethical behaviour (
v. Strategic objectives ( refers to as global objectives- are the medium to long term objective set by senior managers to guide the company in the right direction to achieve the aims) vi. Tactical objectives (the medium -to short-term objectives set by middle managers to achieve the strategic objectives) vii. Strategies ( viii. Tactics ( ix. Corporate Social Responsibility (
x. SWOT analysis ( is a business tool that developed to help business set these objectives .Although use of this tool has not been without criticism, in general many businesses rely on SWOT analyses for planning purposes. xi. Ansoff Matrix ( is a business tool that designed to help business plan and set objectives, many businesses use this tool to help plan their