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Understanding Functional Objectives

Business strategies and objectives are defined as follows: Aims and goals state what a business wants to achieve at a general level, while objectives provide more precise details. Business unit strategies are how a business competes in a market, and corporate objectives and strategies relate to the overall business and are set by top management. Cost leadership aims for lowest costs through economies of scale. Functional objectives are set for each business function to ensure corporate objectives are met. A mission statement conveys overall business purpose, and shareholder value returns more than required. Objectives are more achievable if SMART (Specific, Measurable, Achievable, Realistic, Timed). Social responsibility means meeting societal obligations. A SWOT analysis assesses internal

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Natasha Rush
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311 views2 pages

Understanding Functional Objectives

Business strategies and objectives are defined as follows: Aims and goals state what a business wants to achieve at a general level, while objectives provide more precise details. Business unit strategies are how a business competes in a market, and corporate objectives and strategies relate to the overall business and are set by top management. Cost leadership aims for lowest costs through economies of scale. Functional objectives are set for each business function to ensure corporate objectives are met. A mission statement conveys overall business purpose, and shareholder value returns more than required. Objectives are more achievable if SMART (Specific, Measurable, Achievable, Realistic, Timed). Social responsibility means meeting societal obligations. A SWOT analysis assesses internal

Uploaded by

Natasha Rush
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
  • Functional Objectives & Strategies: This section outlines various strategic objectives and methodologies for achieving business success, including aims, corporate objectives, and SMART objectives.
  • Continuation of Functional Objectives & Strategies: This section continues from Page 1 and further details corporate, business strategy, and mission-related objectives of an organization.

Functional Objectives & Strategies

Aims / goals General statements of what a business intends to achieve. Precise


details of those intentions are set out in objectives
Business unit How a business attempts to compete successfully in a particular
strategy market
Corporate objectives Objectives that relate to the business as a whole. Usually set by
top management.
Corporate strategy Concerned with the overall purpose and scope of the business
activities
Cost leadership A business strategy concerned with aiming to be the lowest-cost
producer in an industry. Usually requires exploitation of economies
of scale
Functional Set for each major business function – designed to ensure that the
objectives corporate objectives are met
Mission statement A statement of the overall purpose of the business
Shareholder value Where shareholders earn a return from their investment which is
greater than their required rate of return
SMART objectives Objectives that are more likely to be achieved because they are
Specific, Measurable, Achievable, Realistic and Timed
Social responsibility The way in which a business meets its responsibilities to society as a
key external stakeholder
SWOT analysis Assessment of the internal strengths and weaknesses of a business
and the external opportunities and threats that the business needs to
consider
Targets Similar to objectives. Targets are often set at an individual or team
level
Functional Objectives and Stratigies
General statements of what a business intends to achieve. Precise
details of those intentions are set out in objectives
How a business attempts to compete successfully in a particular
market
Objectives that relate to the business as a whole. Usually set by top
management.
Concerned with the overall purpose and scope of the business
activities
A business strategy concerned with aiming to be the lowest-cost
producer in an industry. Usually requires exploitation of economies of
scale
Set for each major business function – designed to ensure that the
corporate objectives are met
A statement of the overall purpose of the business
Where shareholders earn a return from their investment which is
greater than their required rate of return
Objectives that are more likely to be achieved because they are
Specific, Measurable, Achievable, Realistic and Timed
The way in which a business meets its responsibilities to society as a
key external stakeholder
Assessment of the internal strengths and weaknesses of a business
and the external opportunities and threats that the business needs to
consider
Similar to objectives. These are often set at an individual or team
level

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