Theme 3.1.1 corporate objectives

What do aims and objectives serve as?

They serve as a guide for a businesses overall strategy and direction, helping to focus efforts and resources towards a common purpose.

Hierarchy objectives

Shows how aims link to the mission statement and objectives

Aims

Mission statement

Corporate objectives

Functional objectives 

What is an aim?

What the business is looking to achieve inthe long term

Often expressed as an overall vision and describes the businesses reason for being

What is a mission statement?

An expression of a businesses overall aim as well as its core values and context

Informs the development of corporate and functional objectives 

Often expressed in inspirational terms to provide direction and common purpose for employees

What is a corporate objective?

The specific perfomance goals set by senior management for the business to achieve over time

Derived from firms overall aim and mission statement

Focus on achieving specified levels of market share,profit,sales growth or new product

Functional objective

The day to say goals of functions or departments within the business 

Must be carefully aligned across departments so that all parts of business are working towards the shared goal

What are the smart objectives 

Corporate and functional objectives should be

Smart

Measurable

Agreed

Realistic

Time-bound