1(i).What is a mission statement?

a) What does it usually cover?

b) What is its purpose?

c) What should happen once a mission statement (and values) have been established? Why?

d) What is a vision statement?

e) What type of objectives are businesses likely to have?

ii) What is the purpose of setting objectives?

a) Why is it necessary to have multiple business objectives?

b) What should happen once objectives are set?

c) What principles should objectives conform to?

d) Explain these principles.

e) Give an example of an objective that conforms to these principles.

f) What is the benefit of setting objectives using these principles?

g) Why is the difference between goals, objectives, and targets?

iii) Explain the term, gap analysis.

a) Why is gap analysis necessary?

b) What does gap analysis promote?

c) Explain the term, strategic formulation.

d) How may formulation of strategies be achieved? Explain each.

e) Why is strategic flexibility important?

f) What elements influence an organisations mission statement, corporate goals, and strategies? Explain each.

iiii) Who are an organisations potential stakeholders?

a) What difficulties do businesses face in relation to their different stakeholders?

b) Explain the term, stakeholder management, and describe its importance.

c) In what ways do organisational culture influence the purpose and strategies of an organisation?

d) Explain Miles & Snows (1978) and Handys (1976) typologies of culture.

f) In what ways can external influences impact on the purpose and strategies of an organisation?

g) What role does the accountant have in relation to an organisations strategies?