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Organisational Objectives & Csr

In: Business and Management

Submitted By imranvdp306c2
Words 1103
Pages 5
Topic 1: Business Organisation and Environment

1.3 Organisational Objectives

• “If you don’t know where you are going, you’ll end up someplace else.”
– “Yogi” Berra, Major League Baseball player and manager.

Why do we need objectives?
• • • • • • • • • Implement the mission/vision Focus for decision making Set target Motivate employees Have control over actual performance Provide criteria for evaluating performance Reduce uncertainty Provide sense of unity Positive image

Hierarchy of Objectives

Hierarchy of Objectives
Mission and Vision

• “Guiding Hand” • Written by senior management.

Strategic Objectives

• Practical Application of Mission • Allows lower management to make sense of the mission.

Tactical Objectives

• Elements of mission in practice • Day-today focus for all employees.

Hierarchy of Objectives
• Objectives run down, becoming more specific. • Overall objectives are replaced, with more relevant ones. • Hierarchy ensures consistency.

Objectives
• LO1: Explain the importance of objectives in managing an organization. • LO2: Distinguish between objectives, strategies and tactics, and discuss how these interrelate.

Objectives
• Traditional Objectives
– Survival / Breakeven – Cost minimisation

– Profit maximisation
– Growth (market share) – Profit satisficing

Market Share
• Relating to this, what could some objectives be for these firms? • What was released on 29th June , 2007?

• What does this chart look like now?

Profit Satisficing
• Done once company reaches certain size

• Need stable profits
• Focus shifted towards other objectives
– – – – Debt repayment Innovation Increase R+D Social Projects

SMARTer
• Acronym for useful objectives.

• In groups... • Match the term with the correct definition.

SMARTer
Specific

Reward

Measurable

Extend

Achievable…...

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