Objectives and Strategy

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  • 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

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