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11-07-2011

Corporate aims,
Corporate objectives
and Corporate
strategy

Mission Statement
The overall reason for the business existence
Corporate Aims
The long term targets and plans to fulfil the
mission statement
Corporate Objectives
The medium to long term quantifiable targets to
fulfil the mission statement

Corporate Strategy
The actions to be taken by the business to
achieve

Corporate aims
Long term targets of a business often found in
mission statement
Tend to be qualitative
Provides a direction for the business
Inform corporate objectives and strategies
Performance can be measured against these aims
E.g. To become the worlds leading airline

To be the number one aerospace company in


the world and among the premier industrial
concerns in terms of quality, profitability and
growth Boeing-

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People love our clothes and trust our


company. We will market the most appealing
and widely worn casual clothing in the world.
We will clothe the world. Levis Strauss-

"McDonald's vision is to be the world's best


quick service restaurant experience. Being the
best means providing outstanding quality,
service, cleanliness, and value, so that we
make every customer in every restaurant
smile. -McDonald-

"Our Roadmap starts with our mission, which is


enduring. It declares our purpose as a
company and serves as the standard against
which we weigh our actions and decisions.
To refresh the world - in mind, body and spirit
To inspire moments of optimism - through our
brands and actions
To create value and make a difference
everywhere we engage Coca cola-

"To be the most successful computer company in the


world at delivering the best customer experience in
markets we serve. -Dell-

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"To make the world's information universally


accessible and useful Google-

Coordinate functional areas with in the


business
Objectives should be SMART:
Specific
Measurable
Attainable
Relevant or Realistic
Timely

Corporate objectives
Medium and long term targets of a business
that give a sense of direction to the managers,
departments and the organization as a whole.
They should be measurable and have a
specific timeframe
Expressed in quantitative terms
E.g. Increase sales by 5% by June 2009,
increase market share in Africa by 12% in the
next three years

Main functions of objectives

A clear statement of what needs to be


achieved

A focus for all activity

Targets for individual and group


achievement

A means of measuring performance

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How objectives can be used

Implement the mission

Provide a clear focus for decision making

Provide a target

Motivate employees

Facilitate control of actual performance

Provide a criteria for evaluating performance

Reduce uncertainty

Provide a sense of unity

Corporate strategy
Art & science of formulating, implementing,
and evaluating, cross-functional decisions
that enable an organization to achieve its
objectives.
Detailed plan for achieving the corporate
objective.
The plan would include details of not only
what is to be done but also the financial,
production and personnel resources required.