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1.3 Organizational Objectives Day 1

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1.3 Organizational Objectives Day 1

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

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