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1.3 Organisational objectives (The need for changing objecives (Corporate…
1.3 Organisational objectives
Aims
Aims are long term goals a business wishes to achieve are designed to provide guidance to entire organisation
Objectives
Are more specifically defined medium to short term goals that help plan, organise and control success of business activities
Strategic
Medium term goals set by senior managers to help guide organisation towards aims
Are important because....
To measure and control
To motivate
To direct
The need for changing objecives
Corporate culture
Type and size of organisation
Private vs public sector organisations
Age of the business
Finance
Risk profile
Crisis management
Ethical behaviour
Advantages
Improved corporate image
Increased customer loyalty
Cost cutting
Improved staff morale and motivation
limitations
Compliance costs
Lower profits
Stakeholder conflict
Ethics and CSR are subjective
SWOT analysis
Strengths
Are internal factors are favourable over competitors
Strengths need to be developed and protected.
Weaknesses
The business needs to remove its weaknesses in order to be favourable over competitiors.