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Setting corporate objectives pdf
1.
© Business Studies Online: Slide 1 Setting Corporate Aims
& ObjectivesSetting Corporate Aims & Objectives This involves firms developing mission statements, aims, objectives, plans and strategies. All of these are linked, as shown: Aim Mission Corporate Objectives Divisional Objectives Departmental Objectives Individual Targets
2.
© Business Studies Online: Slide 2 Corporate AimsCorporate Aims Corporate aims express the longterm intention of an organisation to develop in a certain way. The idea behind setting aims is that: everyone in the business has a clear focus of the direction that it is going in. a business can see how much it has achieved after a given time They provide a framework within which business strategies can be drawn up
3.
© Business Studies Online: Slide 3 From Aim To
MissionFrom Aim To Mission Having set longterm aims a business will need to communicate them to the stakeholders. This is done through a mission statement Mission statements will outline the overall reasons for the firm’s existence Examples would be: “…to ensure our products are within an arm’s length of desire” “…to be the world's best international home improvement retailer, using its scale and diversity to deliver sustainable growth and improved returns for shareholders ”
4.
© Business Studies Online: Slide 4 Are Mission Statements
Worthwhile?Are Mission Statements Worthwhile? YES All stakeholders will know the central aim of the business Motivates employees Gives a sense of direction NO They are vague, and say little about the business Simply a PR exercise Impossible to disagree with them Mission statements are something relatively new, and some believe they are a management “fad” But are they worth having?
5.
© Business Studies Online: Slide 5 Missions, Goals &
ObjectivesMissions, Goals & Objectives These terms are often confused The differences are as follows: To increase sales by 10% per year Quantifiable Statement of the goal OBJECTIVE To be the market leader in confectionery sales General Statement GOAL To be the best known name in confectionery Overall Purpose MISSION Example Definition Term
6.
© Business Studies Online: Slide 6 Corporate ObjectivesCorporate Objectives Aims and mission statements are longterm, and therefore lack the detail for daytoday decisions This detail will be given in the firm’s objectives, which should set measurable targets Many business set 2 types of objectives: Objectives Strategic
Tactical These are often long-term, ie should we enter a new market These are often short- term, ie what should the specifications of a new product be?
7.
© Business Studies Online: Slide 7 Possible ObjectivesPossible Objectives The objectives that a firm adopts may include: Profit Maximisation Profit Maximisation To Maximise Returns To Maximise Returns To Diversify To Diversify To Increase Market Share To Increase Market Share To Focus On Strengths To Focus On Strengths Growth Growth
8.
© Business Studies Online: Slide 8 What Determines Objectives?What
Determines Objectives? Corporate Culture This relates to the manner in which a firm is run Size & Legal Form of the Business Small firms will have different objectives to large firms Private sector firms will have different objectives to public sector ones Age of the Business New businesses are likely to want to survive Older firms will want to make a profit
9.
© Business Studies Online: Slide 9 Conflicts In ObjectivesConflicts
In Objectives Different stakeholders will have different objectives: The objectives of the most important stakeholders are likely to be given first priority Suppliers Creditors Government Society Customers Employees Managers Shareholders POSSIBLE OBJECTIVE STAKEHOLDER High dividends Promotion Higher Wages Low Prices More Jobs High Tax Revenues Healthy Cash Flow Increased Sales
10.
© Business Studies Online: Slide 10 Divisional, Departmental &
Individual ObjectivesDivisional, Departmental & Individual Objectives Once a firm has set it’s corporate objectives, they may break them down into specific targets for: Each division or department Individuals within each department This process is called Management by Objectives (MBO)
11.
© Business Studies Online: Slide 11 Establishing A Corporate
PlanEstablishing A Corporate Plan Having established their objectives a business will draw up a plan for the mediumlong term. This will set out how they are going to achieve their objectives. This plan will outline the strategies that the firm will adopt.
12.
© Business Studies Online: Slide 12 Types of PlansTypes
of Plans There are 4 types of plans Operational Where the business tries to increase the efficiency of the business E.g. change quality control system Generic Used to gain a competitive advantage E.g. Centrica sold off OneTel in 2005 to concentrate on its energy business Corporate Aimed at longterm position E.g. aim to double in size over the next 10 years through mergers/acquisitions Global Businesses may set up factories in other countries E.g. Dyson moving production to Malaysia
13.
© Business Studies Online: Slide 13 Achieving Strategic DevelopmentAchieving
Strategic Development Internal Development Where the business grows by increasing sales and profit over time. This is the least risky strategy, but may take time Takeovers, Mergers & Acquisitions Allows quick growth, but can present problems, i.e. staffing, diseconomies of scale Collaborative Strategies and Alliances Where a business will work together with other companies to create joint ventures. Often referred to as SYNERGY
14.
© Business Studies Online: Slide 14 Forming A StrategyForming
A Strategy Michael Porter’s Five Forces model is often used to do this. Porter believed that firms should consider: Threat of Competition Threat of Competition Threat of Substitutes Threat of Substitutes Degree of Rivalry Degree of Rivalry Suppliers Power Suppliers Power Buyers Power Buyers Power
15.
© Business Studies Online: Slide 15 PorterPorter‛‛s 5 Forces
(1)s 5 Forces (1) Porter made recommendations to deal with each type of threat: 1)Threat of new competitors To overcome this Porter suggests: 1) Intensive promotion 2) Patent products and operating processes 2)The Power of Buyers Porter suggests that businesses could: 1) Undertake forward vertical integration 2) Make it expensive for firms to switch to another supplier
16.
© Business Studies Online: Slide 16 PorterPorter‛‛s 5 Forces
(2)s 5 Forces (2) 3) The Power of Suppliers Porter suggests: 1) Backward vertical integration (buy supplier) 2) Refrain from developing close relationship with suppliers 4) The Threat of Substitute Products Porter recommends: 1) Buy competitors, or patent products first 2) Use “spoiling” techniques 5) Rivalry Between Established Competitors Porter recommends: 1) Developing differentiated products 2) Restrict output in the industry, ie form “agreements”
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