corporate objectives
- Created by: Chloelxcke
- Created on: 12-01-18 17:55
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- corporate objectives
- what is an aim?
- long term goals
- benefit the local company
- maximise growth
- maximise shareholder value
- maximise profits
- maximise employee benefits
- survival
- what is an objective?
- how the business will achieve its aims. They're known as short term goals
- They need to be SMART
- agreed
- can achieve target but need to stretch yourself
- measurable
- means the achievement can be checked
- realistic
- target should be sensible so you can achieve it
- specific
- must be a clear definition often includes a number
- timescaled
- setting a date for achievement or review
- agreed
- They can be 3 different types:
- short term - 1yr
- long term - 5yrs+
- medium term - 1-5 yrs
- objectives are set at various levels:
- corporate objectives - the whole company
- department / functional objectives
- long term goals
- mission statements
- states the aims and provides a vision for stakeholders also provides a promise for customers on what they should expect. employees should believe in it and therefore, creates a strong corporate culture
- they must be constantly assessed looking at: the purpose, audience, how realistic, achievable and if it fits with the aims and objectives
- uses and limitations of aims and objectives
- limitations
- can be unrealistic and over optimistic
- can be a waste of management time
- can lead to conflicts & inconsistencies when not properly written
- can become obsolete as the business develops but the mission statement stays the same
- can be ambiguous
- uses
- identity; externally can create a sense of identity for the organisation & it can help in establishing
- profitability; strong corporate values lead to profitability & motivated & efficient employees as are aware their job has more purpose than just a general task
- Focus; creates high levels of focus and involvement from people within the company, while assisting in the reinforcement of direction in which the organisation will take
- limitations
- what is an aim?
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