1.3 Organizational Objectives Day 1
-
Upload
torithomas76 -
Category
Business
-
view
16.787 -
download
1
Transcript of 1.3 Organizational Objectives Day 1
![Page 1: 1.3 Organizational Objectives Day 1](https://reader035.fdocuments.in/reader035/viewer/2022081602/555230a5b4c9054c668b5231/html5/thumbnails/1.jpg)
ORGANIZATIONAL OBJECTIVES
Section 1.3 (Day 1)
![Page 2: 1.3 Organizational Objectives Day 1](https://reader035.fdocuments.in/reader035/viewer/2022081602/555230a5b4c9054c668b5231/html5/thumbnails/2.jpg)
Types of Organizational Objectives
To be the leading sports brand in the world
To make products that outperform competitors
Gain 40% market share in athletic shoes
Introduce three new athletic shoe products
To make athletic shoes that outperform competitors
![Page 3: 1.3 Organizational Objectives Day 1](https://reader035.fdocuments.in/reader035/viewer/2022081602/555230a5b4c9054c668b5231/html5/thumbnails/3.jpg)
What are the functions of organizational objectives?
To control or set boundaries for a businessTo motivate and inspire employees to reach a
goalTo direct and provide focus
![Page 4: 1.3 Organizational Objectives Day 1](https://reader035.fdocuments.in/reader035/viewer/2022081602/555230a5b4c9054c668b5231/html5/thumbnails/4.jpg)
Why do businesses set aims and objectives?
Give the business a sense of directionForm the foundation for business decision-
makingHelp to encourage strategic thinkingBasis for measuring performance
![Page 5: 1.3 Organizational Objectives Day 1](https://reader035.fdocuments.in/reader035/viewer/2022081602/555230a5b4c9054c668b5231/html5/thumbnails/5.jpg)
What are the levels of business objectives?
Corporate objectivesDepartmental objectivesIndividual objectives
![Page 6: 1.3 Organizational Objectives Day 1](https://reader035.fdocuments.in/reader035/viewer/2022081602/555230a5b4c9054c668b5231/html5/thumbnails/6.jpg)
What is the difference between a vision and a mission?
Vision Outlines a business’ aspirations Visualization of what success would look like Focused on the very long term Do not have to have actual targets
Mission Outlines how a vision statement will be achieved States the purpose of the business Can focus on medium or long term and must be
updated
![Page 7: 1.3 Organizational Objectives Day 1](https://reader035.fdocuments.in/reader035/viewer/2022081602/555230a5b4c9054c668b5231/html5/thumbnails/7.jpg)
What is the difference between aims and objectives?
Aims Long-term goals of an organization Usually unquantifiable Serve to give a purpose to the general direction of an
organization Often expressed in a mission statement
Objectives Short term and specific goals of an organization based
on aims More likely to be quantifiable or measurable
![Page 8: 1.3 Organizational Objectives Day 1](https://reader035.fdocuments.in/reader035/viewer/2022081602/555230a5b4c9054c668b5231/html5/thumbnails/8.jpg)
What is the difference between strategies and tactics?
Strategies are plans or schemes to achieve the long-term aims of a business
Tactics are short-term ways that firms use to achieve their aims and objectives
![Page 9: 1.3 Organizational Objectives Day 1](https://reader035.fdocuments.in/reader035/viewer/2022081602/555230a5b4c9054c668b5231/html5/thumbnails/9.jpg)
What are the levels of strategy?
Organizational strategies Day-to-day methods to improve efficiency Aimed at trying to achieve the tactical objectives
Generic strategies Affect the business as a whole
Corporate strategies Aimed at the long-term objectives Used to achieve the strategic objectives
![Page 10: 1.3 Organizational Objectives Day 1](https://reader035.fdocuments.in/reader035/viewer/2022081602/555230a5b4c9054c668b5231/html5/thumbnails/10.jpg)
What are typical strategic objectives?
Profit maximizationGrowthImage and reputationMarket standing
![Page 11: 1.3 Organizational Objectives Day 1](https://reader035.fdocuments.in/reader035/viewer/2022081602/555230a5b4c9054c668b5231/html5/thumbnails/11.jpg)
What are tactical objectives?
Short-term objectives that affect a segment of the organization, such as a department Goals that guide the daily functioning of certain
operations Short-term objectives are for 6-12 months
Examples Survival (in cases of a recession or takeover bid from
a rival) Sales revenue maximization