Buisness objectives

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Buisness objectives

  1. 1. What are objectives? • Well defined & clear direction to activities of an organisation / firm • Broad statements of values which orgn aims at achieving • Indicates destination towards which the business unit desires to move • It rational human activity • Categorized differently • Base for further planning • Focal point
  2. 2. Definition of business objectives • “Objectives are the ends towards which activities of any enterprise or department or project within it, are aimed.” • “Objectives are the goals, aims or purposes that organizations wish to achieve over varying period of time.”
  3. 3. Characteristics/ features • Combination of plural/ multiply objectives • Lengthy & continuous process • Must easy & clear to understand • Challenging & creative • Concrete & specific • Measurable & flexible • Relates to specific time frame • Involves all management functions • Subject to obstacles/ constraints • Hierarchy of objectives- categorized or priority basis • Future oriented –result oriented- growth , profit, expansion
  4. 4. Importance / role / need of objectives in biz management • Justify existence. • Facilitates planning • Define relationships with environment • Motives to achieve mission • Supports appropriate decision making • Standard of performance • Ensures participation & Build confidence of employee • Bring uniformity in operations • Helps allocation of jobs
  5. 5. Organic / basic objective • Survival • Growth • Recognition/ prestige/ Image
  6. 6. Economic Objectives • Earn Profit • Produce tangible wealth • Identify customer- create customer • Innovation • Bring down cost • Accelerate growth • Ensure optimum utilization of resources
  7. 7. Social Objectives • Offer satisfaction to consumers • Steady supply of goods • Reasonable returns on investment • Fair compensation & Good working conditions • Social responsibility-environment protection • Support employment • Ethical practices • Be good corporate citizen
  8. 8. Human objectives • Right compensation pattern • Good working environment • Build job satisfaction & retention policies • Career development programs • Training & development opportunities • Encourage labour participation practices
  9. 9. National objectives • Bring growth to nation • Ethical practices • Social welfare & justices • Promote exports-earn foreign exch • Support country in being self-sufficient • Mass employment opportunity • Bring new technology • Encourage R&D
  10. 10. Steps in Formulating Business objectives Consider environment factors ↓ Consider resources of the enterprise ↓ Consider individual dominance ↓ Consider value system ↓ Consider past objectives ↓ Determine final objectives

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