1.3 Organizational Objectives   Day 1
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  • 1. ORGANIZATIONAL OBJECTIVES Section 1.3 (Day 1)
  • 2. Types of Organizational Objectives To be the leading sports brand in the world To make products that outperform competitors Gain 40% market share in athletic shoes Introduce three new athletic shoe products To make athletic shoes that outperform competitors
  • 3. What are the functions of organizational objectives?
    • To control or set boundaries for a business
    • To motivate and inspire employees to reach a goal
    • To direct and provide focus
  • 4. Why do businesses set aims and objectives?
    • Give the business a sense of direction
    • Form the foundation for business decision-making
    • Help to encourage strategic thinking
    • Basis for measuring performance
  • 5. What are the levels of business objectives?
    • Corporate objectives
    • Departmental objectives
    • Individual objectives
  • 6. What is the difference between a vision and a mission?
    • Vision
      • Outlines a business’ aspirations
      • Visualization of what success would look like
      • Focused on the very long term
      • Do not have to have actual targets
    • Mission
      • Outlines how a vision statement will be achieved
      • States the purpose of the business
      • Can focus on medium or long term and must be updated
  • 7. What is the difference between aims and objectives?
    • Aims
      • Long-term goals of an organization
      • Usually unquantifiable
      • Serve to give a purpose to the general direction of an organization
      • Often expressed in a mission statement
    • Objectives
      • Short term and specific goals of an organization based on aims
      • More likely to be quantifiable or measurable
  • 8. What is the difference between strategies and tactics?
    • Strategies are plans or schemes to achieve the long-term aims of a business
    • Tactics are short-term ways that firms use to achieve their aims and objectives
  • 9. What are the levels of strategy?
    • Organizational strategies
      • Day-to-day methods to improve efficiency
      • Aimed at trying to achieve the tactical objectives
    • Generic strategies
      • Affect the business as a whole
    • Corporate strategies
      • Aimed at the long-term objectives
      • Used to achieve the strategic objectives
  • 10. What are typical strategic objectives?
    • Profit maximization
    • Growth
    • Image and reputation
    • Market standing
  • 11. What are tactical objectives?
    • Short-term objectives that affect a segment of the organization, such as a department
      • Goals that guide the daily functioning of certain operations
      • Short-term objectives are for 6-12 months
    • Examples
      • Survival (in cases of a recession or takeover bid from a rival)
      • Sales revenue maximization