Goals_and_Objectives[1]
Transcript of Goals_and_Objectives[1]
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Objectives Goals and
Strategies
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Objectives
End results of planned activity
Quantified statements of what is to beaccomplished and by when
E.g., double sales value over a
specified number of years
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Goal
Open-ended statement of what is to be
accomplished with no quantification or time
criteria
E.g., increase profitability
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Objectives and Goals
� Profitability (net profit)
� Efficiency (low costs, etc.)
� Growth (increase in total assets, sales,etc.)
� Shareholder wealth (dividends plusstock price appreciation)
� Utilization of resources (return oninvestment or equity)
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Objectives and Goals
� Reputation (being considered ³top´ firm)
� Contribution to employees (employmentsecurity, wages, diversity)
� Contribution to society (taxes paid,
participation in charities, providing aneeded product or service)
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Objectives and Goals
� Market leadership (market share)
� Technological leadership (innovations,creativity)
� Survival (avoid bankruptcy)
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Strategies
Strategy
comprehensive master plan stating howthe corporation will achieve its mission and
its objectives
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Corporate strategy
� Company¶s overall direction in terms of its general attitude toward growth and
the management of its various businessand product lines
� Basic direction
� Stability
� Growth
� Retrenchment
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Business strategy
Business strategy
� Business level
� Product level� Emphasizes improvement of the competitive
position of a corporation¶s products or services
in the specific industry or market segment
served by that business unit
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Functional strategy
The approach taken by a functionalarea to achieve corporate and business
unit objectives and strategies� Marketing
� Cost, differentiation, focus
� Specific competitive strategies
� R&D and technology� Imitation or innovation
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Policies
Policy
A broad guideline for decision making that
links the formulation of strategy with itsimplementation Policies ensure that employees throughout the
firm make decisions and take actions thatsupport the corporation¶s mission, objectives,
and strategies 3M
Researchers should spend 15% of their time workingon something other than their primary project
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