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Aims and Objectives, Mission Statements. Are they the same?. A hierarchical list of intentions, becoming more specific and measurable as one goes down the hierarchy. Mission Statement. Aims. Goals?. Objectives. The Mission Statement. - PowerPoint PPT Presentation
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Are they the same?
A hierarchical list of intentions, becoming more specific and measurable as one goes down the hierarchy.
Mission Statement
Aims
ObjectivesGoals?
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The Mission Statement A short statement that sum up
the organisation’s approach and purpose.
“Life long learning for the whole community”
“What are we FOR?” What business are we in? What business do we want to be in? How might we get there?
What’s yours?
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Aims
Broad, long term goals. “Where do we want to be?” Probably best to have no more
than have a dozen States what we want to
achieve, not how we’re going to do it.
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Objectives Clear, unambiguous,
measurable statementsSpecific: state exactly what is expected
Measurable: Set a target that can be assessed
Achievable: realistic
Relevant: helpful to the overall future of the business
Time limited: should have a future deadline
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Objectives Each aim will usually have
several objectives Statements of WHAT we will
do, not how it will be done.
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Examples of strategic (long term) objectives
Increasing shareholders’ earnings
Becoming the market leader Reducing borrowing Improving industrial relations
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Examples of operational (short term) objectives
Meeting forecast sales next year
Increasing market share of some products
Cost-cutting programmes Efficient utilisation of plant,
machinery and people Improving cashflow position Better credit control
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Examples
Aim - A happy, healthy, contented, productive workforce.
Objective – Improve the health of our workforce by cutting the number of smokers in our workforce by 20% NLT January 2009.
Policies Introduce a smoking ban in the
workplace Offer practical help to employees to
stop smoking
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Objectives of Private-Sector organisations
Profit maximisation Produce & supply goods &
services for which demand is increasing
Minimise costs of production Maintain output at level where
profits are maximised Vary level of supply (needs
market domination!) R & D (new products and
methods)
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Objectives of Private-Sector organisations
Brand leadership/market domination
Corporate growth Expanding existing markets Diversification Takeover
Satisficing “Just enough is good enough”
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Objectives of Private-Sector organisations Survival
“buying turnover” Loss-making
offset against profit making parts of the group
may still be cheaper than “buying in” Strictly defined profit levels Service Employment
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Objectives of public-sector organisations
Key objective is to provide services such as education, health, national security which are essential for welfare of the country.
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Objectives of Public Sector Organisations
Access – available to all regardless of location or
income Quality –
high quality services that do not cut corners Affordability –
services offered at prices that are cheaper than private sector or free at the point of use
Equity – available to anyone whatever their
background, status, income, class, race, religion, etc.
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Objectives of non-profit organisatons
Provide for a social need thorough funds raised by from the general public.
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Influencers on business objectives
There are various groups involved in business activity
As a collective they are known as STAKEHOLDERS
Eg, owners, workers, consumers, community, government….
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Influences on Objectives & Policies
Owners expectations
Objectives and policies
Socialresponsibility
Businessethics
Consumer pressures
Pressuregroups
Manager’sgoals
TradeUnions
Economic Factors
LegislationEmployee expectations
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Changing and conflicting objectives
Due to the number of stakeholders, it is the job of the small business owner (or large business managers) to minimise the conflict that can occur between the various stakeholders.
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Why have objectives?
Objectives are what a business wants to achieve. For a business to be effective and therefore successful these objectives must be communicated to employees, otherwise the business may lose focus and therefore its purpose of existence.
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