1.3- vision mission goals & objectives

Vision

• Desired future position of the company

• Focuses on tomorrow

Mission

• Explains the reason for business existence

• Mission statement focuses on today

Goals

All long term business results to be achieved in the future

Business goals

1. Profit maximaization

   • Survie, Growth, Return (to investors)

2. Survival

   • Pickme survived uber

3. Growth

   • Revenue ↑, Sales & scale ↑

4. Sales maimization

5. Increasing market share

6. Diversification

   • Business belonging into different industries (supermarket, bank, clothing, etc)

7. Market entry

   • Entering new market (national to international)

8. Increasing the productivity

   • Output measured against the given input

9. Social responsibility

10. PRESTIGE

    • Reputation & good will

Calculation of market share

Proportion of business SALES

Objectives

All short term business results

Criterias objectives should follow

S - Specific
M - Measurable
A - Achievable
R - Realistic
T - Time bounded

Differences between goals and objectives

GOALS	OBJECTIVES
Long term achievements	Short term achievements
Not measureable	Measurable
No time boundries	There are time boundries
General	Specific
BS have only few goals to achieve	Many objectives to be achieved
Have the priority establishing	Establish after setting goal

Explanation of goals & objectives in visual

Importance of goals and objectives

• To provide a clear action target for the members of the organization

• To provide a clear path & direction to work towards

• In order to track performance against targets/ measure the progres

• To provide a form of assistance for managers to make their decisions

Business policy

Business policy explains the standard method of making decisions. Hence, the policy provides detailed guidelines to the decision makers to make their decisions

NOW EXPLAIN THE WHOLE PART

Vission → Mission → Goal → Objectives → Policy