COORGANISATIONAL OBJECTIVES

The importance of Objectives and Overall aims
Direction-> Every business should have an aim
Control-> Control of staff to achieve aim
Revsion-> Compare outcome, reviewing th success of a company

Mission vs. Vision Statements

Mission- where we are at the moment, Present, Internal & External Vision- Sets out future, External

ROLE OF MISSION AND VISION STATEMENTS:

Arugements in favor: Quick info to external stake holders, Motivate employees, Guide employee behaviour, Establish external belief about the company

Criticsed of being: Too vague & general, just a PR exercise, Impossible to analyyze, Lacking in specific detail

Corporate Strategic Objectives:
What- Broadly defined targets
Why- Achieve overall aim of the whole organisation
How- Achievable, measurable and communicated SMART

Specific Measurable Achievable Realistic & Relevant Time- specific

COMMON CORPORATE SRATEGIC OBJECTIVES
Profit Maximation, Profit Statisficing, Growth, Increasing market share, Survival,

Profit Maximation (all)- Producing at the level of output where the greatest postive difference between total revenue & total costs is achieved

Profit Satisficing (small)- Achieve enought profit to satisfy owners & therefor priortise objective or aims

Increasing Market Share (long)- Retailers stock and promote the best selling shares. Retailers profit margins can be reduced. Effective promotional campaigns.

Corporate Social Responsibility- Consideration of sociey by taking responisbility of action on customers, employees and environment.

Maximising short-term sales revenue: Benefits both owners & manager & staff but if achieved by reducing prices actual profit might fall

Maximising Share-holder value: mainly plcs increase share price and divends. Shareholders interest above others.

Potential Objectives Conflicts: Growth vs profit, Short term vs long, stakeholders.

Factors Determining Corporate Objectives: Corporate culture, Size & legal form, Public and private sector businesses

TACTICAL OR OPERATIONAL OBJECTIVES
What: Short term goals for each departmet or divsion set by senior departmen or divsion management
Why: Set to ensure co-ordinations between all divsions, consistency with srategic corporate obejectives ad adequate resources are provided to allow for successful acheivement of objectives

Ethics: moral guidelines that determine decsion making Ethical code: document detailing a company's rules on staff behaviour that must be followed by all emplyees

Long term benefits: Fine costs reduction, good publicity, attract growing numbers of ethical customers, more likely to be awarded government contracts, attraction of well qualified staff

Short term expenses: Ethical and Fairtrade supplies are costly, not taking bribes can mean loss of sales, limiting advertising to children might lower sales, no fixed prices mean lower prices, paying fair wages raises costs

Environmental audit: asseses the impact of a businesses impact on the enviroment

Social audit: an independent ereport on the impact a business has on society. Pollution levels, health and safety record.

CHANGES IN CORPORATE RESPOSIBILITY
1. CHANGES IN SOCETIAL NORMS
2. CHANGES IN CORPORATE STRATEGIC OBJECTIVE
3. CHANGE IN PUBLIC ATTITUDES TOWARDS FIRMS SOCIAL RESPONSBILITIES.

	Created by glover.hanna about 11 years ago

Business Note on Business and Mangement, created by glover.hanna on 18/09/2013.