Formation of objectives

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What is a strategic objective?
Strategic objectives are goals or targets that firms set themselves to achieve, that concern the medium to long term direction of the business as a whole.
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What issues may strategic objectives deal with?
In what market sectors should we compete? How big do we want to be? Home market or export? How is the organisation to be financed?
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What are tactical objectives?
Goal or targets that must be achieved by particular divisions or departments to ensure the strategic objectives are met.
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Factors influencing business objectives
Size and legal status/ Views of owners and managers/ Availability of finance/ Risk/ State of the economy/ Changes in demand/ Type of market they're in
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What does strategic planning involve?
Carrying out a number of analytical and evaluative procedures in order to determine an appropriate plan of action to achieve a business's objectives and the means of implementing such a plan.
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What is a mission statement?
A description of the overall purpose of a business, its values, and the long term targets it is working towards.
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What is a corporate plan?
A document that breaks down overall corporate objectives for a given period, in to a series of sub-objectives.
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To be effective in motivating and co-ordinating employees, what should a mission statement be?
Realistic and achievable
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What should a mission statement clarify?
1. What the business does. 2. What the business hopes to achieve. 3. Key values. 4. Distinctive features of the firm. 5. Action required to achieve its aims
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Other cards in this set

Card 2

Front

What issues may strategic objectives deal with?

Back

In what market sectors should we compete? How big do we want to be? Home market or export? How is the organisation to be financed?

Card 3

Front

What are tactical objectives?

Back

Preview of the front of card 3

Card 4

Front

Factors influencing business objectives

Back

Preview of the front of card 4

Card 5

Front

What does strategic planning involve?

Back

Preview of the front of card 5
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