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Aims and Objectives
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The aims of Aims & Objectives
• Explain the importance of Objectives in managing organisations
• Evaluate the need for a firm to change objectives in response to changes in external environment. (HL only)
• More to follow
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What are they?
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What do they do?
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A hierarchy of objectives
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How does it work?
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Mission…Aim…Objective
(Quantitative)
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The Mission statement is
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You what? What does it do?
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How do they work?
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Culture
• In exam Q’s it is important to emphasise that a Mission Statement sets the tone and the ethos of a organisation.
• Should be a guideline for other decisions. Not just ‘What you do’
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What’s a good one like?
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They should also be…
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However they are often said to be
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Nike’s is
• To bring innovation and inspiration to every athlete* in the world
• If you have a body, then you’re an athlete
• What????
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Pepsi’s is…
• Beat Coke!
• I have never been able to verify if this true, but I think it’s great so I’ve kept it in anyway.
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Microsoft go for…
• To enable people and businesses throughout the world to reach their potential
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Exam tip
• When answering the question “What is a mission Statement?’
• You need to go beyond “it sets the overall aim of the business’
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Vision
• To go along with their mission Statement firms often have a vision…
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What is a vision Statement
• Vision is a long term view, sometimes describing a view of how the organisation would like the world in which it operates to be.
• For example a charity working with the poor might have a vision statement which read "A world without poverty"
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Hoang pg 44 Q
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What is corporate Strategy?
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For example?
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What might determine our objectives?
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Strategic Vs Tactical Objectives
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Hoang pg47 q
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Bad answer exercise
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Changes in objectives due to external environment
• Harris Tweed
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Petrol companies
• Suddenly all want to be more environmentally than Greenpeace.
• Why, I wonder?
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• http://www.tutor2u.net/business/presentations/strategy/mission-aims-objectives/player.html