IB Business and Management 1.3 – Organisational Objectives

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Business Objectives

IB Business and Management1.3 Organisational ObjectivesLearning OutcomesExplain the importance of objectives in managing an organisationExplain the purpose of mission and vision statementsAnalyse the role of vision and mission statements in an organisationDistinguish between Objectives, strategies and tactics and discuss how these interrelateEvaluate the need for firms to change objectives in response to changes in the internal and external environment (HL)In a nut shell..

Task..In pairsWrite your answer to the IB exam question:

Define the term objective [2]

Remember what you need to do in order to gain the full 2 marks in a definition questionWhat is an objective?An objective is a target or goal. This is a desired result that a person or group of people envisage, plan and commit to.

Objectives Should be SMARTWhat does SMART stand for?

SpecificMeasurableAgreedRealisticTimed

Personal ObjectivesObjectives are not restricted to businesses, many individuals set objectives too..

Examples of types of objectives:Weight lossGradesSaving money

Can you think of any others?Are these objectives SMART?To lose 15kg within 2 weeksTo save $600 dollars within the next yearTo achieve at least 4 grade 7s in the IB in JuneTo get fitter by Christmas

Task 2 minutesWrite 2 SMART objectives for yourselfBusiness ObjectivesHierarchy of Objectives..Why do the arrows flow in this direction?TaskOpen the document The Differences between Strategic and Tactical Objectives

Drag and drop the descriptors into the right side of the table.

Types of Strategic ObjectivesProfitsLiquidityRevenuesMarket ShareRepeat customersBrand RecognitionCustomer SatisfactionGrowthShareholder valueReturn on InvestmentEnvironmentalEthical

Task - As you know, tactical objectives are set at departmental level.

Write a list of the types of tactical objectives that might be set by each of the following departments:Production/OperationsFinanceHuman ResourcesMarketing

Achieving objectivesAchieving ObjectivesAchieved using TacticsAchieved using StrategiesTaskOpen the document Objective, strategy or tactic

Decide whether they are:

Strategic ObjectivesTactical ObjectiveStrategyTacticImportance of Objectives.Why are Objectives so important?Questions..What are the differences between aims and objectives?What does SMART stand for?What are the differences between Strategic and Tactical Objectives What are the differences between a Strategy and a Tactic?For BSM.. Give a likely:A Strategic ObjectiveA Tactical ObjectiveA StrategyA Tactic

Visions and MissionsWhats the difference??Lets rewind.. What do businesses need to do before they can write meaningful objectives

Vision Vs MissionVisionFuture basedAnswers the question Where is the business going?Focus on the long-runIs inspirational and should shape strategic decision making

MissionBased in the presentA declaration of the core values of the companyAnswers the question Why does the business exist?Communicated to internal and external stakeholdersMission Statements (according to Vern McGinnis) should ..1) define what the organization is and what it aspires to be2) be limited enough to exclude some ventures and broad enough to allow for creative growth3) distinguish a given organisation from all others4) serve as a framework for evaluating both current and prospective activities,5) be stated in terms sufficiently clear to be widely understood throughout the organisation.

Whose vision????Lets get the whiteboards out!!!The Rules5 points for a correct answer1 point for a feasible guess!!

A house point for the winnerWhose Vision?Our vision is to be earth's most customer centric company; to build a place where people can come to find and discover anything they might want to buy online.

Whose Vision?Our goal is to build great mobile products that enable billions of people worldwide to enjoy more of what life has to offer. Our challenge is to achieve this in an increasingly dynamic and competitive environment.

Whose Vision?To be the worldwide leader in sharing delicious tastes and creating joyful memories.

Whose mission?Our mission is to be the world's premier consumer products company focused on convenient foods and beverages

Whose mission?To organize the worlds information and make it universally accessible and useful.

Whose mission?

Whose mission?to enable people and businesses throughout the world to realize their full potential.

Whose mission?Our mission: to inspire and nurture the human spirit one person, one cup and one neighbourhood at a time.

Whose mission?To bring inspiration and innovation to every athlete* in the world. *"If you have a body, you are an athlete."

Whose mission?To give people the power to share and make the world more open and connected.

Task Lets be creativeIn pairsPick a company of your choiceCan you write a mission statement for them?Try to be inspirational

Good Mission?McDonald's brand mission is to be our customers' favorite place and way to eat and drink.

Saving people money so they can live better.The Mission of Levi Strauss & Co. is to sustain responsible commercial success as a global marketing company of branded apparel.

Task.What are the key benefits to a business of having a vision and mission statement?What might the criticisms of vision/mission statements be?VideoWatch the video The benefits of vision, mission and objectivesHomework TaskResearch and find mission statements for 3 different businesses.Try to find concise and unusual mission statementsIf they contain the company name you can just insert Company X instead

Add them to the Google doc