Functional Objectives and Strategies: Using Objectives and Strategies

Section 3.1

Chapter 1

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Objectives

Objectives are statements of specific outcomes that are to be achieved 

Corporate Objectives: a quantifiable statement of a businesses goals which should include measurable targets 

  • Established once the mission of the company and its aims have been set out
  • Should be measurable so that executives can assess progress 

E.g. Maximise profit, survival, growth. 

Functional Objectives: a quantifiable statement of a departments goals designed to ensure the corporate objectives are achieved 

  • Should not contradict between departments
  • Need to be discussed and coordinated so that time and effort isn't wasted sorting out conflicts

 

 

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Strategies & SMART

Strategies are the plans by which the departments intend to follow in order to achieve their functional objectives on a day-to-day basis

 

Business objectives should be SMART 

  • SPECIFIC- clear what is required
  • MEASURABLE- quantifiable goals
  • AGREED- established once consulted upon with those involved
  • REALISTIC- impossible to achieve will demotivate employees
  • TIME-BASED- so that progress towards achievement can be measured
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