Functional and Corporate Objectives; Unit 3 - Notes

Notes made from a combination of resources including the Malcolm Surridge text book and Philip Allan revision guide.

Covers the overall theme of the unit, the functional and corporate objectives, aims and strategies.

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Preview of Functional and Corporate Objectives; Unit 3 - Notes

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Functional Objectives and Corporate Objectives
Corporate Objectives:
Overall goal for the whole firm
Varies according to size and history of the firm
Profit maximisation
Helps senior managers delegate authority to lower employees
Functional Objectives:
Goal pursued by a particular function within a firm
Numerical and timed
Achievement will help the firm achieve their corporate objective
All objectives should be:
S Specific
M Measurable
A Achievable
R Realistic
T Timed
Function Strategy: Medium-to-long term plan to achieve function objective
Functional objectives should contribute to corporate objective
The objective is set first and the strategy is devised to achieve it


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