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Title: A2 Level AQA Business Studies
Description: Chapter 1 - Using Objectives and Strategies
Description: Chapter 1 - Using Objectives and Strategies
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CHAPTER 1: USING OBJECTIVES AND STRATEGIES
BUSINESS OBJECTIVES
Corporate objectives
- Designed to enable a business to achieve its aims or mission
...
- Govern setting of functional objectives and provide a mechanism for ensuring that authority can be
delegated without lots of coordination
...
- Designed to ensure the business achieves its corporate objectives
...
Relationship between corporate objectives and functional objectives
- Corporate objectives vary from firm to firm, depending on the size of the business and the legal
structure
...
Profit maximisation: effective marketing in order to increase sales, improving profit margins by
minimising costs, effective utilisation capacity, reducing staff turnover and absenteeism
...
Diversification: development of niche markets, raising additional finance via appropriate and
cost effective sources, achieving economies of scale, ensuring effective communication between
different production sites
...
Specific: clearly and easily defined
Measurable: quantifiable
Agreed: managers and subordinates are involved in setting the targets
Realistic: achievable and not in conflict with other objectives
Time bound: based on an explicit timescale
- This is necessary to assess the extent to which an objective has been achieved and to ensure
people are clear about what they are trying to achieve
...
-Objectives agreed by the whole workforce are more likely to be achieved than imposed ones
...
- Objectives form the basis for decisions on strategy
...
- Include details of what it is to be done and the financial, production and personal resources
required to implement the plans
...
Relationship between financial objectives and strategies
-Functional objectives in marketing to gain market share: lowering price
- Functional objectives in finance to minimise costs: introducing zero budgeting
- Functional objectives in HR to improve labour turnover: improve motivational techniques
Title: A2 Level AQA Business Studies
Description: Chapter 1 - Using Objectives and Strategies
Description: Chapter 1 - Using Objectives and Strategies