Functional objectives and strategies

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Functional objectives and strategies

  1. 1. Functional objectives and strategies Unit 3
  2. 2. What you will learn• Understand how functional objectives are derived from corporate objectives• Analyse a range of corporate objectives that larger businesses might pursue• Explain the relationship between functional objectives and strategies• Evaluate the contribution of functional objectives in achieving corporate objectives
  3. 3. Maximise returns or profits Corporate objectivesSurvival Growth
  4. 4. Functional objectives• Use the corporate objectives to set targets• If the corporate objectives are to be achieved all functional areas must co-ordinate so they do not contradict• The success of any department depends on the cooperation of all other areas-as companies grow this can be hard
  5. 5. Functional areas• Finance department• Marketing department These are not• Human Resources department definitive –each company will have its own structure• Operations department and therefore the departments which best meet its needs
  6. 6. Corporate objectives e.g. survival Marketing Operations Finance Human resource objectives objectives objectives objectivese.g. increase e.g. e.g. cash-flow e.g. make full sales innovation management use of the workforce The relationship between corporate and functional objectives
  7. 7. Functional strategies• Once the functional objectives have been agreed, detailed plans of how they can be achieved must be developedSmartMeasurableAgreedRealisticTime-based
  8. 8. The relationship between functional objectives and strategies Corporate objectives e.g. survival Marketing Operations Finance Human resource objectives objectives objectives objectives e.g. increase e.g. e.g. cash-flow e.g. make full sales innovation management use of the workforce Operation Marketing Finance HR strategies strategies objectives objectives e.g. training e.g. research e.g. new e.g. cost initiatives and and markets minimisation new workforce development

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