Objectives and Strategy
- Created by: Jess
- Created on: 01-12-12 16:32
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- Objectives and Strategy
- Objectives
- These are the plans that a firm puts in place to achieve its overall aims.
- Objectives need to be SMART
- achievable
- measurable
- realistic
- specific
- timescale
- Corporate Objectves
- Set by the most senior management for the company as a whole.
- Often financial - easy to quantify
- Functional Objectives
- These are set by each department
- Aims
- What a business intends to do in the long term. Firms often have more than one aim
- Main aims tend to be:
- customer welfare
- growth
- employee benefits
- survival
- social objectives
- increasing profit
- Vision Statements
- A statement about what a company wants to be now and in the future
- They tend to be:
- motivational for staff
- inspirational
- helpful in communicating a message
- aspirational
- Mission Statements
- A statement about a firms purpose and primary objectives - the here and now
- Core Activities
- values
- ethics
- attitudes
- morals
- market they sell to
- Why have a mission statement?
- Negatives
- can sometimes conflict with the overall objective
- can be too simplistic
- can be overlong and may lose the main message
- Positives
- communicate a firms purpose
- can help motivate and inspire the staff and customers
- promote a business
- Negatives
- Objectives
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