1. Business Objectives

2. Mission Statements (a short statement defining the underlying aims and objectives of the organisation) Provides the framework for running the business

3. A mission statement: Gives a sense of direction Helps to motivate members of an organisation Assists with the marketing of the organisation Shapes the values of the organisation

4. Factors Determining Business Objectives The size and status of the firm Business culture Risk Internal pressures e.g. a new member of top management External pressures e.g. changing market trends Long term business goals Public/private sector business Age of the business

5. Hierarchy of Objectives Mission statement Objectives about employee satisfaction Objectives about customer satisfaction Objectives about cutting pollution. Objectives about market share Objectives about returns to shareholders Objectives about reducing waste etc.

6. Successful Objectives 1. Quantifiable 2. Challenging 3. They need to be attainable 4. They should be understandable so that they are easy to communicate

7. Objectives need to be SMART S pecific M easurable A chievable R ealistic T ime related

8. Main Business Objectives 1. Survival 2. Profit 3. Growth

9. Types of Business Objectives Short term - Stem from the main goal and this is called a mission statement. Long term - Indirectly lead to something else.

10. Internal Conflicts on Objectives 1. Time 2. Finance 3. Geographical location 4. Conflict of Interests

11. External Conflicts on Objectives 1. Competition 2. Government Policy 3. Economy 4. Ethics