1.3 Objectives and Strategies of LSOs

Objectives Objective is a desired goal, outcome or specific

result that an organisation intends to achieve.

An objective gives an organisation direction

Most obvious objective of a corporation is to make a profit

Or, in other words, to increase the return on shareholder investment.

Objectives Profit is not the only objective

Some organisations aren’t concerned with profit

Many organisation may have a primary objective of profit but also pursue other objectives

Objectives Objectives may also be:

Customer focused Service focused Community/Society focused Cause focused Environmentally focused

Different Objectives for Different Types of LSOs

Type of LSO Primary objectiveCorporation Make profit

Not-for-profit organisation Further a cause or solve a problem

Government Department Delivery of a quality service

Mission Statement Mission Statement expresses why an

organisation exists, its purpose and how it will operate.

It is its reason for being

Mission Statement Examples StarbucksOur mission: to inspire and nurture the human spirit - one person, one cup and one neighbourhood at a time.

BayerOur mission - Bayer: Science For A Better Life

Ben and Jerry’sTo make the best possible ice-cream in the nicest possible way.

Mission Statement Examples GoogleTo organize the world's information and make it universally accessible and useful.

DisneyTo make people happy

Mission Statement Examples The Salvation ArmyOur mission is to "save souls, grow saints and serve suffering humanity". Our values flow from this - we value Transformation, Integrity and Compassion.

RSPCA Australia To prevent cruelty to animals by actively promoting their care and protection.

Vision Statement

Vision Statement is a formal statement that states what an organisation aspires to be.

Future focused

Vision Statement Examples GoogleTo provide access to the world’s information in one click.

OxfamOxfam’s vision is a just world without poverty. We envision a world in which people can influence decisions which affect their lives, enjoy their rights, and assume their responsibilities as full citizens of a world in which all human beings are valued and treated equally.

Vision Statement Examples LG

LG’s vision is to deliver innovative digital products and services that make our customers’ lives better, easier and happier through increased functionality and fun.

Strategies After an organisation has established its

mission, vision and objectives, they can start to think about the specific strategies that will make it possible for these objectives to be achieved.

Strategies are the actions that an organisation takes to achieve specific objectives.

COCA COLA Our MissionOur Roadmap starts with our mission, which is enduring. It declares our purpose as a company and serves as the standard against which we weigh our actions and decisions. To refresh the world... To inspire moments of optimism and

happiness... To create value and make a difference.

COCA COLA Our vision serves as the framework for our Roadmap and guides every

aspect of our business by describing what we need to accomplish in order to continue achieving sustainable, quality growth.

People: Be a great place to work where people are inspired to be the best they can be.

Portfolio: Bring to the world a portfolio of quality beverage brands that anticipate and satisfy people's desires and needs.

Partners: Nurture a winning network of customers and suppliers, together we create mutual, enduring value. Planet: Be a responsible citizen that makes a difference by helping build and support sustainable communities.

Profit: Maximize long-term return to shareowners while being mindful of our overall responsibilities.

Productivity: Be a highly effective, lean and fast-moving organization.

Examples… Can you think of strategies that Coca-

Cola may use to achieve their Mission and Vision?