business definition, goals and objectives

7/31/2019 Business Definition, Goals and Objectives

1/18


2/18

Business Definition

What is our business?

What will it be?

What should it be?

Example :- Time keeping business


3/18

Dimensions of business

DefinitionsCustomer functions

Alternative technologies

Mechanical / quartz technology

Customer groups

Children, men or

Women


4/18

Levels at which Business is

defined

Corporate Level

SBU


5/18

Business Model

Could be defined as A representation offirms underlying core logic and strategicchoices for creating and capturing value

within a value Network. Total description of Business which the

company is in.

Expressed in the form of organization

makes money. Examples-Walmart,Dell,Google,Amazone.

Aptech Project Vidya.


6/18


7/18

Goals:A goaldefines the end toward whicheffort is directed.
http://rds.yahoo.com/S=96062883/K=goals/v=2/SID=e/TID=I019_83/l=IVI/SIG=12cikesh9/EXP=1109711263/*-http:/www.debsfunpages.com/smile102_files/008_funny.jpg


8/18

Relationship Between Goals and

Objectives

GOAL

Objective ObjectiveObjective

Organization achieve each goal by completingobjectives.


9/18

Three Types of Goal Setting

Uniform goals

Performance-based goals

Potential-based goals


10/18

Uniform Goals

Definition

A single goal is set for all organizations

within the Company.

Every organization is expected to meet

the same goal.


11/18

Performance-based Goals

Definition

Every organization is given a goal that

reflects an increment on last years

performance

Increments are chosen to representequal effort for organizations at different

starting points


12/18

Potential-based Goals

DefinitionAn external criterion is used to assess a

sub-organizations potential Demographics can be related to rating

styles, e.g.,

Urban vs rural customers New England, the Midwest, and the South vs

the coasts Women vs Men, Old vs Young

Competitive pressures may limit thepotential of a sub-organization

Geographic characteristics may limit orpromote an organizations effectiveness


13/18

Role of objectives

Objectives define the organization

relationship with its environment

Objectives help an organization pursue

its vision and mission.

Objectives provide the basis for strategic

decision making

Objectives provides standards forperformance Appraisal.


14/18

Characteristics of objectives

Objectives should be understandable

Objectives should be concrete and specific.

Objectives should be related to a timeframe.

Objectives should be Measurable andControllable.

Objectives should be challenging

Different objectives should correlate witheach other.

Objectives should be set withinConstraints.


15/18

Issues in Objective Setting

Specificity

Multiplicity

Periodicity

Verifiability

Reality

Quality


16/18

How objectives are formulated?

The forces in the environment

Realities of Enterprise and internal

power relationships

The value system of the top executive

Awareness by the management


17/18

Goal Objective

Meaning:

The purpose toward which anendeavor is directed. Something that one's effortsor actions are intended toattain or accomplish; purpose;target.

Example:I want to achieve success inthe field of geneticresearch and do what no onehas ever done.

I want to completethis thesis on geneticresearch by the end of thismonth.

Action: Generic action Specific action

Measure:Goals may not be strictlymeasurable or tangible.

Must be measurableand tangible.

Time frame: Longer term Mid to short term

Comparison of GOALS and OBJECTIVES


18/18

Thank You

business definition, goals and objectives

Documents