Using Objectives And Strategies

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Using Objectives And Strategies
- Corporate Objectives (MAIN OBJECTIVES!)
  - Improving profit
  - Increasing growth
  - Increasing market leadership / market share
  - Improve customer loyalty
  - Improve employee satisfaction
  - Survival
- Functional Objectives And Strategies
  - Marketing
    - OB; increasing sales
    - ST; widen to new markets
  - Operations
    - OB; innovation
    - ST; carry out more research and development
  - Finance
    - OB; cash flow management
    - ST; cost minimisation
  - Human Resources
    - OB; make full use of the workforce
    - ST; training initiatives and new workforce
- SMART Objectives
  - Specific- clearly and easily defined
  - Measurable- quantifiable
  - Agreed- managers and subordinates are involved in setting targets
  - Realistic- achievable and not conflicting with other objectives
  - Time bound- so that progress towards achievement can be measured
CORPORATE OBJECTIVES: Targets of the whole organisation, usually based on its mission or aims
FUNCTIONAL OBJECTIVES: Targets of each of the functional areas of a business, usually based on the corporate objectives
FUNCTIONAL STRATEGIES: the plan by which the department intends to achieve its functional objectives on a day to day basis
SMART Objectives help us to.. assess the extent to which objectives have been achieved, ensure people are clear about what the business is trying to achieve, provide direction, motivate staff

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