Corporate Mission and Objectives
A corporate mission outlines the purpose and values of a company, serving as a guiding principle for its operations and decision-making. Objectives are specific, measurable goals that a company aims to achieve in alignment with its mission. Together, the mission and objectives provide a framework for strategic planning and help to define the company's direction and priorities.
6 Key excerpts on "Corporate Mission and Objectives"
eBook - ePubMarketing Plans for Services
A Complete Guide
- Malcolm McDonald, Pennie Frow, Adrian Payne(Authors)
- 2011(Publication Date)
- Wiley(Publisher)
...It consists of two steps: formulating the corporate mission and setting corporate objectives and strategies. We went on to define the mission statement and to discuss its strategic value. Companies who had trouble in formulating their mission did so partly from ignorance and partly because they fell into some common traps – they made it too broad or too narrow, were unclear about the audience to which it was addressed, were confused about the nature of their business, the mission was not sufficiently unique and representative of the company, it lacked a motivational element, or it focused on the service products rather than on the customers. Being clear about what the mission means is one thing, formulating it so that it is both realistic and acceptable is something else. We looked at participative methods for arriving at a mission which had organizational value. Methods such as these not only utilized organizational creativity, but also initiated the communication process which is so essential if the mission is to impact on the hearts and minds of managers and staff. Corporate objectives and strategies are designed to make the mission come alive. We saw that the organization also had to align its objectives and strategies towards meeting customer needs and that, sometimes, this could have profound implications for the corporate culture. Although objectives could be qualitative or quantitative in nature, the latter must be capable of being measured, because they remove ambiguity. However, we did see that there was a role for qualitative objectives in terms of providing a broad backdrop to the organization. The success of the whole marketing planning process is determined to a large extent by the way these first two steps are tackled. That is why it should be done very thoroughly. No marketing plan can be written properly until these elements of the overall corporate strategy are in place...
eBook - ePub- Tom Craig, David Campbell(Authors)
- 2012(Publication Date)
- Routledge(Publisher)
...Organisational and Business Objectives DOI: 10.4324/9780080454603-2 Learning Objectives After studying this chapter, students should be able to describe: mission, vision and values of an organisation; the purpose of an organisation’s mission statement; the complex nature of defining business goals and objectives; the most important business objective; the stakeholders; the view that stakeholder coalitions determine the business objectives; the view that an organisation’s principals essentially determine the business objectives. 2.1 Vision This is an aspirational view of the desired state of the organisation at a point in the future. The timeframe is dependent on the nature of the organisation and its environment but a typical vision would be set for 3–5 years ahead and reviewed annually in line with actual results and changing circumstances. The vision is in effect a statement of strategic intent that serves to focus the energies of the organisation management towards the setting and achievement of specific goals and objectives. Its aspirational nature means that it is consistently revised, as each set of goals are achieved, and further stretching future situations are established. 2.2 Mission The mission of an organisation is a general expression of the overall purpose of the organisation or, more simply, a broad description of the business it is in – its raison d’être. It broadly defines the scope and boundaries of the organisation, which should be in line with the expectations and values of major stakeholders. Mission Statements Some organisations find it helpful to provide a concise and clear written statement of their broad objectives. Whilst such statements are called different names, most find the term mission statement to be the most suitable. They have increased in popularity over recent years, and more and more organisations have come to appreciate their advantages...
eBook - ePub- Richard M.S. Wilson(Author)
- 2010(Publication Date)
- Routledge(Publisher)
...The significance of the mission statement has been highlighted by a wide variety of writers, most of whom have given emphasis to its integrating role and to the way in which it provides a strong binding statement of fundamental corporate values – so long as it avoids platitudinous statements. In developing a mission statement, the strategist needs to take account of a variety of factors, including: The organization’s history, performance and patterns of ownership Managerial values and expectations The environment Resource availability The existence of any distinctive competences. Having developed a mission statement and then the vision, the planner is in a far stronger position to begin the process of establishing corporate and marketing objectives. Objectives are typically influenced by several issues, including: The nature of the business (products, markets and technology) External factors (societal values, pressure groups, government and legislation) Organizational culture Individuals and groups within the organization. Having identified the organization’s corporate and marketing objectives, the marketing planner needs to ensure that they satisfy certain criteria, the four most significant of which are that they are arranged hierarchically, that they are expressed quantitatively, that they are realistic and that there is internal consistency. It is at this stage also that the planner is in a position to identify the nature and size of any gaps that are likely to emerge between where the organization wants to go and where in practice it is capable of going. Once this has been done, it then becomes possible to begin the process of developing the strategies that are to be used to achieve the agreed objectives....
eBook - ePub- Lidia Varbanova(Author)
- 2013(Publication Date)
- Routledge(Publisher)
...They emphasize that the mission statement should succinctly describe what the organisation does, whom it serves and what it intends to accomplish. It should be broad enough not to need frequent revision and yet specific enough to provide clear objectives and guide programming. It should be understandable to the general public and should be brief. Rudolf Grünig and Richard Kühn (2011) 8 propose a possible outline for a mission statement, including: corporate identity, overriding objectives and values, areas of activity and principles addressed to specific stakeholder groups. Fred David (2011) 9 includes as components of a mission statement, together with the usual ones, also concern for survival, growth and profitability; the organisation’s philosophy; concern for the organisation’s public image and concern for its employees. Creation of a mission statement is important, but not sufficient, for starting up the strategic management process. As discussed in Chapter 1, organisations in the arts and culture sector function as open systems: many of them cannot exist without their audiences and external supporters. Therefore, they need to know how to communicate and how to ‘behave’ with external groups, what messages to convey and how their external visual image fits with their internal core values and reason for existence. Therefore, one of the first things to do in the phase of strategic thinking is to evaluate and, if necessary, update or change the overall organisational identity, or to create an identity if it does not exist yet. It is important to underline what the organisation is and what it is not; to understand and demonstrate its values, uniqueness, originality, individuality and overall organisational culture and behaviour. The identity of an organisation expresses its individuality, as well as its visual image, behaviour and the way it communicates with the external world...
eBook - ePubArmstrong's Handbook of Performance Management
An Evidence-Based Guide to Performance Leadership
- Michael Armstrong(Author)
- 2022(Publication Date)
- Kogan Page(Publisher)
...11 Defining objectives Introduction Objectives indicate what has to be accomplished. Their definition is a fundamental activity in managing performance. They provide direction and a basis for monitoring performance, and they help to communicate the organization’s strategic goals to employees. This chapter starts with a definition of the meaning of the term ‘objectives’ and continues with a review of the conceptual background and a description of the processes of defining objectives and strategic alignment. The meaning of objectives The terms ‘objectives’ and ‘goals’ are often used interchangeably, both meaning an outcome to be achieved. But it is possible to distinguish between them. Goals are expressions of overall ambitions and intentions. They set out what, in general, an organization or an individual wants or needs to do in the longer term. Objectives are specific aims or targets, the achievement of which will support the attainment of these goals. Thus the strategic goals for a business could be to increase market share, to improve productivity and to minimize harmful impact on the environment. In each of those areas objectives could be set in the form of quantified targets or a definition of some other form of measurable achievement. Individuals have overall goals, for example, to improve performance, behave in accordance with accepted standards, develop skills or further their careers. They also have objectives in the form of the precise actions and measurable steps required to achieve overarching goals – those of the organization (the process of strategic alignment) as well as their own. There are two types of objectives: performance and personal. Performance objectives Performance objectives are generally expressed by simply defining each of the main activities the role involves in terms that indicate the expected outcomes or the purpose of the activity...
eBook - ePubThe Retail Champion
10 Steps to Retail Success
- Clare Rayner(Author)
- 2012(Publication Date)
- Kogan Page(Publisher)
...We’ll consider how these influence the actions that you will choose to take, as a business owner, to achieve your business and personal goals. Finally we’ll look at how you can encapsulate the business purpose into a compelling mission statement that can be used to communicate the guiding principles of your business to others – suppliers, customers, staff: anyone. We’ll work through an example to demonstrate the value of having a clear mission statement to refer back to when you are faced with making a tough decision about the direction yo ur business should take. At the end of this chapter I hope that you will have taken some time to reflect on the differences and similarities between your person al and business goals. Document these somewhere so you can refer back to them if you ever need to remind yourself why you are in business. You don’t need to make them public or share them with anyone if you don’t want to; it’s just that sometimes it helps to have a statement of your goals to reflect on, to boost your confidence when things get tough, as they always do from time to time. Also by the end of this chapter you’ll have set down your ‘boundaries’ – those values and beliefs that are so important to you that they will affect what you consider to be acceptable, or not, in your business. Finally you’ll have created that compelling mission statement – and if you’ve got it right you’ll be excited about sharing it with others. So, let’s first take a closer look at your personal goal. Defining your personal goal Although this isn’t a book on personal or life coaching I’ve found it to be absolutely essential when working with clients for the first time to begin the 10 steps to retail success process with a conversation about their personal goal. A business owner with a business but no personal goal is like someone with a map but no idea where they are going...
