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Organizational Objectives (Aims, objectives, strategies and tactics (AO3),…
Organizational Objectives
Vision and mission statement
vision statement
outlines an organization's aspiration in the distant future
What do we want to become
Focus on very long term
do not have to be actual targets that must be achieved
mission statement
tends to be a simple declaration of the underlying purpose of an organization's existence and its core values. (what is our business)
What's is our business
Focus on the medium or long term
allow people to see what could be (more tangible)
Aims, objectives, strategies and tactics (AO3)
Aims
are the general and long-term goals of an organization.
Objectives
are the short-to-medium-term and specific targets an organization sets in order to achieve its aims.
Tactical objectives
Survival
Sales revenue maximization
Strategic objectives
Profit Maximization
Growth
Market Standing
Image and Reputation
Strategies
are the plans of action to achieve the strategic objectives of an organization.
Operational strategies are the day-to-day methods used to improve the efficiency ofan organization.
Generic strategies are those that affect the business as a whole.
Corporate strategies are targeted at the long term goals of a business
Tactics
are short-term methods used to achieve an organization's tacticalobjectives.
Ethical Objectives
Ethics are the moral principles that guide decision-making and strategy.
Corporate Social Responsibility (AO3)
Ethical code of practice
Analytical Tools (AO3 AO4)
SWOT Analysis
Strengths are internal factors that are favourable compared with competitors
Weaknesses are internal factors that are unfavourable when compared with rivals
Opportunities are the external possibilities (prospects) for future development
Threats are the external factors that hinder the prospects for an organization
Ansoff Matrix
Market Penetration
Same products for existing customers
Minimal risk
Seek to maintain or increase market share
Intense competition
Product Development
New products for existing customers
Moderate risk
Innovation to replace existing products
Product improvements
Market Development
New customers for existing products
Moderate risk
Entering overseas markets
New distribution channels
Diversification
New products for new customers
High risk
Spreading risks
Use of subsidiaries and strategic business units