Notesale: Turn your study into money

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S
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A
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T
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They are a general statement of a firm’s purpose
or intentions and tend to be qualitative in nature
Objectives
Are the relatively shorter term targets of an organisation
...
Strategies then form long-term plans for the whole organisation
Tactics
Refer to the short-term methods that firms can use to achieve their objectives
Targets
The level of performance or rate of improvement needed in the performance
measure (e
...
each salesperson has been set a target of three new customers a

month, each department is required to find savings equal to ten per cent of its annual
budget)
Internal constraints
Limiting factors in decision-making that can be controlled by the organisation
External constraints
Limiting factors in decision-making that are beyond the organisation’s control
...
This can cover
pollution levels, health and safety record, sources of supplies, customer satisfaction
and contribution to the community

SWOT analysis
A form of strategic analysis that identifies and analyses the main internal strengths
and weaknesses and external opportunities and threats that will influence the future
direction and success of a business
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Questions
Who sets tactical/divisional objectives?
Set by senior managers for each department or division
Who sets strategic/corporate objectives?
Set by board of directors or very senior managers
What is the time for tactical/divisional objectives?
Shorter-term goals (6-12 months)
What is the time for strategic/corporate objectives?
Longer term goals for the whole organisation (next few years)
What resources are committed to tactical/divisional objectives?
Involve fewer resources than strategic objectives
What resources are committed to strategic/corporate objectives?
Often high-risk objectives involving many resources
How easy is it to reverse or change tactical/divisional objectives?
Often easier to change or reverse
How easy is it to reverse or change strategic/corporate objectives?
Difficult to reverse or change once established



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