OBJECTIVES AND GOALS

Ø  OBJECTIVES AND GOALS
BUSINESS POLICY/STRATEGIC MANGEMENT

BUSINESS POLICY/STRATEGIC MANGEMENT

v  CONTENTS

1.     MEANING  OF OBJECTIVES AND GOALS

2.     FEATURES

3.     NEED

4.     IMPORTANCE

5.     DIFFERENCE BETWEEN OBJECTIVE AND GOALS

6.     PROCESS OF SETTING OBJECTIVES

7.     LECTURE ALSO AVAILABLE AT YOU TUBE SHASHI AGGARWAL

8.     CHECK PLAYLIST STRATEGIC MGMT FOR TOPICS RELATED TO BUSINESS POLICY/STRATEGIC MGMT

v     MEANING OF OBJECTIVES AND GOALS

·         OBJECTIVES ARE THE END RESULT OF PLANNED ACTIVITY

·         OBJECTIVES STATE WHAT IS TO BE ACCOMPLISHED BY AND WHEN AND SHOULD BE QUANTIFIED IF POSSIBLE.

·         OBJECTIVES REFER TO THE ULTIMATE END RESULT WHICH ARE TO BE ACCOMPLISHED BY THE OVER ALL PLAN OVER A SPECIFIED PERIOD OF TIME

v  HIERARCHY OF STRATEGIC INTENT

v     MEANING OF GOALS AND OBJECTIVES

·         GOALS DENOTE A BROAD CATEGORY OF FINANCIAL AND NON FINANCIAL ISSUES THAT A FIRM SETS FOR ITSELF

·         OBJECTIVES ARE THE ENDS THAT SATE SPECIFICALLY HOW THE GOALS ARE SHALL BE ACHIEVED

·         DIFFERENCE BETWEEN GOALS AND OBJECTIVES

1.     GOALS ARE BROAD WHILE OBJECTIVES ARE SPECIFIC

2.     THE GOALS ARE SET FOR LONGER PERIOD OF TIME

3.     GOALS ARE MORE INFLUENCED BY EXTERNAL ENVIRONMENT

4.     GOALS ARE NOT QUANTIFIED WHILE OBJECTIVES ARE QUANTIFIED

v     WHY?????(NEED)

1.     PROVIDE A YARDSTICK TO MEASURE PERFORMANCE

2.     MOTIVATING FORCE

3.     HELP THE ORGANIZATION TO FOLLOW THE VISION AND MISSION

4.     DEFINE THE RELATIONSHIP WITH THE INTERNAL AND EXTERNAL ENVIRONMENT

5.     BASIS FOR DECISION MAKING

v     TYPES OF OBJECTIVES

·         PETER DRUCKER ,OBJECTIVES ARE SET IN THE AREA OF MARKET STANDING,INNOVATION,PRODUCTIVITY,PHYSICAL AND FINANCIAL RESOURCES,PROFITABILITY,WORKER PERFORMANCE AND DEVELOPMENT AND WORK PERFORMANCE ATTITUDE, SOCIAL RESPONSIVENESS ETC

1.     PROFIT OBJECTIVES:IN ORDER TO ACHIEVE IT MULTIPLE OBJECTIVES ARE SET LIKE:MARKET SHARE,NEW PRODUCT DEVELOPMENT,QUALITY OF SERVICE ETC

2.     MARKETING OBJECTIVE

3.     PRODUCTIVITY OBJECTIVE: RATIO OF INPUT TO OUTPUT

4.     PRODUCT OBJECTIVE IN THE FORM OF PRODUCT DEVELOPMENT,PRODUCT DIVERSIFICATION,PRODUCT INNOVATION ETC

5.     SOCIAL OBJECTIVES

6.     FINANCIAL OBJECTIVE

7.     HUMAN RESOURCE OBJECTIVE

v     FEATURES OF OBJECTIVES

1.     THEY FORM A HIERARCHY. FACILITATE TO ACHIEVE MISSION AND GOALS

2.     MULTIPLICITY OF OBJECTIVES

3.     A SPECIFIC TIME HORIZON

4.     FLEXIBLE

5.     REALISTIC AND ATTAINABLE

6.     UNDERSTANDABLE

7.     QUANTIFIED OBJECTIVES

8.     SET WITH IN CONSTRAINS

v     FACTORS AFFECTING OBJECTIVES

1.     SIZE OF THE ORGANIZATION

2.     LEVEL OF MANAGEMENT: DIFFERENT LEVEL WILL SET DIFFERENT OBJECTIVES

3.     ORGANIZATION CULTURE

·         PROOCESS OF SETTING OBJECTIVES

·         GLUEEK:-

1.     ENVIRONMENTAL FORCES

2.     REALISTIC

3.     THE VALUE OF THE TOP MANAGEMENT

4.     MUST UNDERSTAND THE PAST

v  IMPORTANCE OF OBJECTIVES

1.     HELP TO DEFINE THE ORGANIZATION IN ITS ENVIRONMENT

2.     COORDINATES DECISIONS AND DECISION MAKER

3.     HELP IN FORMULATING STRATEGIES

4.     PROVIDE STANDARDS FOR ASSESSING ORGANIZATIONAL PERFORMANCE

v  EXAMPLE OF GOALS AND OBJECTIVES OF THE ORGANIZATION?

·         THE WIPRO COMPANY HAS THREE OBJECTIVES:-

•                 LEADERSHIP THROUGH ACTION

•                 RESPOND TO THE ISSUE OF THE CURRENT GENERATION

•                 WORK TOWARD BUILDING A GOOD SOCIETY FOR FUTURE GENERATIONS

THE AIM OF RELIANCE JIO” TO COVER 99% BY THE END OF THE FINANCIAL YEAR 2018