Using Objectives And Strategies

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  • Using Objectives And Strategies
    • Corporate Objectives (MAIN OBJECTIVES!)
      • Improving profit
      • Increasing growth
      • Increasing market leadership / market share
      • Improve customer loyalty
      • Improve employee satisfaction
      • Survival
    • Functional Objectives And Strategies
      • Marketing
        • OB; increasing sales
        • ST; widen to new markets
      • Operations
        • OB; innovation
        • ST;  carry out more research and development
      • Finance
        • OB; cash flow management
        • ST; cost minimisation
      • Human Resources
        • OB; make full use of the workforce
        • ST; training initiatives and new workforce
    • SMART Objectives
      • Specific- clearly and easily defined
      • Measurable- quantifiable
      • Agreed- managers and subordinates are involved in setting targets
      • Realistic- achievable and not conflicting with other objectives
      • Time bound- so that progress towards achievement can be measured
  • CORPORATE OBJECTIVES: Targets of the whole organisation, usually based on its mission or aims
  • FUNCTIONAL OBJECTIVES: Targets of each of the functional areas of a business, usually based on the corporate objectives
  • FUNCTIONAL STRATEGIES: the plan by which the department intends to achieve its functional objectives on a day to day basis
  • SMART Objectives help us to.. assess the extent to which objectives have been achieved, ensure people are clear about what the business is trying to achieve, provide direction, motivate staff

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