Lesson 1 - Using Objectives and Strategies - Slideshow

8/4/2019 Lesson 1 - Using Objectives and Strategies - Slideshow

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FUNCTIONAL OBJECTIVES ANDSTRATEGIESLesson 1 - Using Objectives and Strategies


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STARTER ACTIVITY

Read through the article about Marks & Spencer and, in

pairs, jot down some responses to the discussion points


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Learning Outcomes

E Grade C Grade A Grade

Define the key

terms Corporate

Aim, Corporate

Objective, SMART,

Functional

Objective andBusiness Strategy

Understand how

functional

objectives are

derived fromcorporate

objectives

Differentiate

between corporate

and functional

objectives

Devise SMART

corporateobjectives that are

suitable for a given

corporate aim

Categorise

functionalobjectives

according to their

relevant business

department

Explain the

difference and

relationship

between corporate

and functional

objectives Explain the

relationship

between functional

objectives and

strategies


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What isa Corporate Aim?

How would you describe what is meant by a corporate

aim?

A corporate aim is a long-term goal or purpose thatrelates to the business as a whole

Corporate aims are also generalised statements of

where the business is headingHavealook at theexamples of corporateaims on the

lessonworksheet


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ACTIVITY

Complete the match-up exercise on the lesson

worksheet


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What isan Objective?

How would you describe what is meant by an

objective?

Objectives are statements of specific outcomes thatare to be achieved

Objectives are smaller, measurable targets that

contribute towards the achievement o f overall

aims To be effective, objectives should be SMART


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SMART Objectives

SPECIFIC - The objective should state exactly what is to be achieved

MEASURABLE - An objective should be capable of

measurement, so that it is possible to determine whether (or

how far) it has been achieved

AGREED - All those involved understand and share a

commitment to achieving the objective

REALISTIC - The objective should be realistic given thecircumstances in which it is set and the resources available

TIME BOUND - Objectives should be set with a time-frame in

mind. These deadlines also need to be realistic


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ACTIVITY

Complete the gap-fill exercise on the lesson worksheet


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Wheredo Objectives fit in?

The overall purpose of the

business (more on this in BUSS4)

The overall aspiration of thebusiness (more on this in BUSS4)

General statements of what the

business intends to achieve

More precise and detailed

statements of the aims / goals


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What are Corporate

Objectives?

Corporate objectives are those that relate to the

business as a whole

They are usually set by the top management of thebusiness with the intention of contributing to the

achievement o f the overall goals

For example, if the long-term aim is to grow the size of

the business, the corporate objectives for the year

ahead may be to increase current sales by 10%


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What are Corporate

Objectives?

Corporate objectives tend to focus on the desired

performance and results of the business

Management will use the corporate objectives toassess progress towards achieving the long-term aims

of the business this is why the objectives need to be

measurable!


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ACTIVITY

Complete the missing headings exercise on the lesson

worksheet


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TheHierarchy of Objectives

Corporate objectives provide the focus for setting moredetailed objectives for the main functional activities ofthe business:


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1. In pairs, take it in turns to make up a possible corporate objective

that will help to achieve each of the corporate aims given on the

match-up exercise on page 3 of the lesson worksheet. Make surethat your objectives meet the SMART criteria!

2. Both write down each objective in the space provided on the

lesson worksheet you should have at least two objectives for

each of the aims

3. Go on until the time is up

Inpairs, take turns

to giveyour

answersRally Robin


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What are Functional

Objectives?

Functional objectives are the specific targets set foreach department, or function, within the business

The traditional business functions are:

Finance & Administration

Marketing & Sales

Production & Operations

Human Resource (HR) Management

Although specific to the targets of each department,functional objectives are designed to contribute

towards the achievement of corporate objectives


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ACTIVITY

Complete the gap-fill exercise on the lesson worksheet


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ACTIVITY

Complete the card sort activity. Match each example of

a functional objective with its correct description, then

sort your matched objectives according to whichbusiness function you think that they relate to:

Finance & Administration

Marketing & Sales

Production & Operations

Human Resource (HR) Management


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What are Functional

Objectives?

Review the

Relationship

betweenFunctional and

Corporate

Objectives

section on thelesson

worksheet!


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ACTIVITY

Complete the match-up exercise on the lesson

worksheet


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What isa Business Strategy?

Having decided where it wants to go (objectives) a

business needs to decide how it is going to get there

(strategy)

Business strategies are the detailed plans that are

developed to address how objectives are going to be

met

These strategies for success the plans for action that

will turn goals into reality will be set at both

corporate and functional levels in a business


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What isa Business Strategy?

Corporate strategy is the overall approach taken by the

business in order to achieve its corporate aims and

objectives. This will usually be developed by senior

management and will plan ahead for a 3-5yr timescale

Functional strategies are the specific departmental

plans set out to achieve the functional objectives. They

will be closely linked to the corporate strategy andtend to be short-term i.e. 12-months


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ACTIVITY

Complete the Summary Questions on the lesson

worksheet


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PLENARY ACTIVITY

Complete the plenary activity on the lesson worksheet


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Learning Outcomes

E Grade C Grade A Grade

Define the keyterms Corporate

Aim, Corporate

Objective, SMART,

Functional

Objective andBusiness Strategy

Understand how

functional

objectives are

derived from

corporate

objectives

Differentiatebetween corporate

and functional

objectives

Devise SMART

corporateobjectives that are

suitable for a given

corporate aim

Categorise

functionalobjectives

according to their

relevant business

department

Explain thedifference and

relationship

between corporate

and functional

objectives Explain the

relationship

between functional

objectives and

strategies

Documents

Lesson 1 - Using Objectives and Strategies - Slideshow