Different stakeholder and business objectives ✔️ Flashcards
What are organisational aims
Organizational aims are the long-term goals that a business or organization sets for itself to guide its decision-making and strategy. These aims provide direction and purpose for the organization,
What are corporate/business objectives
Business objectives are specific, measurable, and time-bound targets that a business sets for itself to achieve its organizational aims.
What are strategic objectives
Strategic objectives are typically set at a high level of the organization and are focused on achieving the long-term goals of the business.
What are tactical objectives
Tactical objectives are typically set at a lower level of the organization and are focused on achieving the short- to medium-term goals of the business.
What are operational objectives
Operational objectives are typically set at the lowest level of the organization and are focused on achieving the immediate goals of the business
What is the importance of setting SMART objectives to a business and its stakeholders
Clarity and Focus: SMART objectives provide clarity and focus for the organization by defining exactly what needs to be accomplished, how it will be accomplished, and by when.
Measure of Success: SMART objectives provide a clear measure of success, allowing businesses and stakeholders to track progress and measure their performance against set targets.
Resource Management: SMART objectives help businesses to allocate resources effectively and efficiently, ensuring that resources are focused on the most important priorities.
What is meant by a hierarchy of objectives
A hierarchy of objectives is a way of organizing objectives based on their level of importance and how they relate to one another. It consists of a series of objectives arranged in a pyramid-like structure, with the most important objectives at the top and the less important ones at the bottom.
Importance of setting aims and objectives
Provides Direction: Aims and objectives provide a clear direction for the business. They help to ensure that everyone in the organization is working towards a common goal, and that efforts and resources are aligned in the same direction.
Focuses Efforts: By setting specific aims and objectives, businesses can focus their efforts and resources on the most important priorities. This can help to increase efficiency, reduce waste, and improve overall performance.
Measures Progress: Aims and objectives provide a way to measure progress and performance. By setting clear targets and objectives, businesses can track their progress towards achieving their goals, identify areas where they are falling short, and make adjustments as needed.
How the sector in which a business operates affects its aims and objectives
Primary sector would focus on efficiency
Tertiary sector would focus on customer service
How can objectives be communicated
There are many ways objectives can be communicated.
Firstly, there can be business meetings in which the owner or manger states the objectives that the staff should aim to complete
Secondly, emails or different types of digital communication.
Consequences of mis-communicating objectives to a business and its stakeholders
Errors leading to extra costs
Damaged reputation.
Demotivating for staff
Explain why the objectives of a business may need to change
Competitors
Regulation
Economy
How the sector in which a business operates affects its aims and objectives
Market Conditions: The characteristics of the market in which the business operates can affect its aims and objectives. For example, in a highly competitive market, a business may prioritize objectives such as market share growth, while in a less competitive market, the business may focus more on developing new products or improving customer experience.
Customer Demands: The demands and expectations of customers can also influence a business’s aims and objectives. For example, a business operating in the hospitality sector may prioritize objectives related to customer satisfaction and loyalty, while a business operating in the technology sector may focus more on product innovation and development.
