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Objectives Goals and

Strategies

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Objectives

End results of planned activity

Quantified statements of what is to beaccomplished and by when

E.g., double sales value over a

specified number of years

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Goal

Open-ended statement of what is to be

accomplished with no quantification or time

criteria

E.g., increase profitability

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Objectives and Goals

� Profitability (net profit)

� Efficiency (low costs, etc.)

� Growth (increase in total assets, sales,etc.)

� Shareholder wealth (dividends plusstock price appreciation)

� Utilization of resources (return oninvestment or equity)

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Objectives and Goals

� Reputation (being considered ³top´ firm)

� Contribution to employees (employmentsecurity, wages, diversity)

� Contribution to society (taxes paid,

participation in charities, providing aneeded product or service)

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Objectives and Goals

� Market leadership (market share)

� Technological leadership (innovations,creativity)

� Survival (avoid bankruptcy)

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Strategies

Strategy

comprehensive master plan stating howthe corporation will achieve its mission and

its objectives

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Corporate strategy

� Company¶s overall direction in terms of its general attitude toward growth and

the management of its various businessand product lines

� Basic direction

� Stability

� Growth

� Retrenchment

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Business strategy

Business strategy

� Business level

� Product level� Emphasizes improvement of the competitive

position of a corporation¶s products or services

in the specific industry or market segment

served by that business unit

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Functional strategy

The approach taken by a functionalarea to achieve corporate and business

unit objectives and strategies� Marketing

� Cost, differentiation, focus

� Specific competitive strategies

� R&D and technology� Imitation or innovation

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Policies

Policy

A broad guideline for decision making that

links the formulation of strategy with itsimplementation Policies ensure that employees throughout the

firm make decisions and take actions thatsupport the corporation¶s mission, objectives,

and strategies 3M

Researchers should spend 15% of their time workingon something other than their primary project

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