1.5 Objectives and Strategies Flashcards
What is the purpose of setting organisational aims?
Short term Objectives (One Year)
E.g Customer acqusition and generating fast sales
Medium-Tern Objectives (up to 5 years)
E.g Building awareness and focusing on generating revenue over the period
Long Term Objectives (5-10 years)
E.g Building brand awareness and maintaining competitive advantage
What are Corporate Objectives?
They direct the businesses operations and focus on market standing,Productivity,Profitability and innovation
What are functional objectives?
Guide departments to achieve the corporate objectives based upon KPI’s
Examples of Aims and Objectives
- Decrease staff turnover
- Decrease sick levels
- Create new products
- Increase remote working
- Increase collaboration
- Increase sales
How can objectives be measured using different resources and tools
Specific:Key elements of performance in clear statements
Measurable:Performance needs to be measured for justtified
Acheiveable: The target needs to be met by the inividuals
Relevent: Must be appropriate
Timebound:Need to be allocated specific timescales so that individuals know how long they have to acheive the objectives.
Why are stategies implemented?
To guide and direct the growth and change of the business
What are the four steps?
- Analyse the organisation in its enviroment using PESTLE analysis by identifying external pressures.
- Create operational plans focusing on short term goalsand everday operations
- Create business plan with targets for 6 months or a year ahead
- Create strategic plan which has a longer time frame it focuses on direction management want to take the business
The Plan Do Check Act Cycle
Loop of establishing objectives an and processes , implamenting them ,monitoring and measuring processes and taking action to continously improve
