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Business Objectives

Business Objectives. An objective is a goal It is a desired future state that the firm attempts to achieve. Firms have short, medium and long term objectives. What is an objective?.

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Business Objectives

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  1. Business Objectives

  2. An objective is a goal • It is a desired future state that the firm attempts to achieve. • Firms have short, medium and long term objectives. What is an objective?

  3. Now you know what objectives are list at least five of your own objectives on a sheet of paper. Don’t worry, you can keep them a secret! What are some of your objectives?

  4. Motivates employees • Standard against which to measure performance • Basis on which decisions are made • Aids in resource allocation Why have objectives anyway?

  5. Profitability • Growth • Stability • Social responsibility Common Corporate Objectives

  6. Hierarchy of business objectives

  7. Mission statement • A broadly stated definition of the firm’s business scope and operations. • Tells the world what you do • Keeps employees focused "The Coca-Cola Promise: The Coca-Cola Company exists to benefit and refresh everyone it touches. The basic proposition of our business is simple, solid, and timeless. When we bring refreshment, value, joy and fun to our stakeholders, then we successfully nurture and protect our brands, particularly Coca-Cola. That is the key to fulfilling our ultimate obligation to provide consistently attractive returns to the owners of our business." Everything we do is inspired by our enduring mission: • To Refresh the World… in body, mind, and spirit. • To Inspire Moments of Optimism… through our brands and our actions. • To Create Value and Make a Difference… everywhere we engage.” Mission Statements

  8. At Microsoft, we work to help people and businesses throughout the world realize their full potential. This is our mission. Everything we do reflects this mission and the values that make it possible • Create a Mission statement for the Clarence Fitzroy Bryant College Mission Statements in real life

  9. Let us revisit the hierarchy of objectives

  10. Create three strategic, three tactical and three operational objectives for CFBC Put it into practice

  11. Do you think your objectives are effective. • Are they S.M. A. R. T S – Specific M – Measurable A – Attainable R – Relevant T – Time Bound • Let’s make our objectives SMART Effective objectives

  12. Management by Objectives • Managers and employees set objectives • Objectives set for every project, department and employee • Objectives used to monitor progress Management by Objectives (MBO)

  13. MBO Process

  14. Let us discuss the video. • Do you see effective objective setting at work • What about MBO? Closure

  15. Define what an objective is. • Define what a mission statement is. • Compose a mission statement. • Explain the levels of the Objective Hierarchy. • Discuss at least three corporate objectives. • Explain how to make objectives effective. • Discuss the importance of objectives to a firm. Your objectives for this lesson

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