Aims and Objectives. The aims of Aims & Objectives Explain the importance of Objectives in managing organisations Evaluate the need for a firm to change.

Aims and Objectives

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

What are they?

What do they do?

A hierarchy of objectives

How does it work?

Mission…Aim…Objective

(Quantitative)

The Mission statement is

You what? What does it do?

How do they work?

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’

What’s a good one like?

They should also be…

However they are often said to be

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????

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.

Microsoft go for…

• To enable people and businesses throughout the world to reach their potential

Exam tip

• When answering the question “What is a mission Statement?’

• You need to go beyond “it sets the overall aim of the business’

Vision

• To go along with their mission Statement firms often have a vision…

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"

Hoang pg 44 Q

What is corporate Strategy?

For example?

What might determine our objectives?

Strategic Vs Tactical Objectives

Hoang pg47 q

Bad answer exercise

Changes in objectives due to external environment

• Harris Tweed

Petrol companies

• Suddenly all want to be more environmentally than Greenpeace.

• Why, I wonder?

• http://www.tutor2u.net/business/presentations/strategy/mission-aims-objectives/player.html