The document discusses organizational objectives and strategy. It defines different types of objectives like corporate, departmental, and individual objectives. It also explains the difference between visions and missions, aims and objectives, and strategies and tactics. Finally, it outlines typical strategic objectives like profit maximization and growth and gives examples of tactical objectives like survival and sales revenue maximization.

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