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Business Definition, Goals and Objectives

This document discusses business definitions, goals, and objectives. It defines a business model as a representation of a firm's core logic and strategic choices for creating and capturing value. Goals are broad aims that an organization hopes to achieve, while objectives are specific, measurable steps to accomplish goals. There are three types of goal setting: uniform goals that are the same for all organizations, performance-based goals that reflect last year's results, and potential-based goals that consider an organization's potential based on external factors. Objectives define an organization's relationships and provide standards for decision making and performance appraisals. They should be specific, measurable, challenging, and correlated to each other.

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157 views

Business Definition, Goals and Objectives

This document discusses business definitions, goals, and objectives. It defines a business model as a representation of a firm's core logic and strategic choices for creating and capturing value. Goals are broad aims that an organization hopes to achieve, while objectives are specific, measurable steps to accomplish goals. There are three types of goal setting: uniform goals that are the same for all organizations, performance-based goals that reflect last year's results, and potential-based goals that consider an organization's potential based on external factors. Objectives define an organization's relationships and provide standards for decision making and performance appraisals. They should be specific, measurable, challenging, and correlated to each other.

Uploaded by

rahsatpute
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Business Definition

What is our business?


What will it be?
What should it be?



Example :- Time keeping business
Dimensions of business
Definitions
Customer functions
Alternative technologies
Mechanical / quartz technology
Customer groups
Children, men or
Women
Levels at which Business is
defined
Corporate Level
SBU
Business Model

Could be defined as A representation of
firms underlying core logic and strategic
choices for creating and capturing value
within a value Network.
Total description of Business which the
company is in.
Expressed in the form of organization
makes money.
Examples-Walmart,Dell,Google,Amazone.
Aptech Project Vidya.
Goals and Objectives
Goals Denote what an organization
hopes to accomplish in a future period of
time.
Broad category of financial and non-
financial are addressed by goals.
Objectives are the ends that state
specifically how the goals shall be
achieved.

Goals:A goal defines the end toward which
effort is directed.

Relationship Between Goals and
Objectives
GOAL
Objective
Objective
Objective
Organization achieve each goal by completing
objectives.
Three Types of Goal Setting
Uniform goals
Performance-based goals
Potential-based goals

Uniform Goals
Definition
A single goal is set for all organizations
within the Company.
Every organization is expected to meet
the same goal.

Performance-based Goals
Definition
Every organization is given a goal that
reflects an increment on last years
performance
Increments are chosen to represent
equal effort for organizations at different
starting points

Potential-based Goals
Definition
An external criterion is used to assess a
sub-organizations potential
Demographics can be related to rating
styles, e.g.,
Urban vs rural customers
New England, the Midwest, and the South vs
the coasts
Women vs Men, Old vs Young
Competitive pressures may limit the
potential of a sub-organization
Geographic characteristics may limit or
promote an organizations effectiveness

Role of objectives
Objectives define the organization
relationship with its environment
Objectives help an organization pursue
its vision and mission.
Objectives provide the basis for strategic
decision making
Objectives provides standards for
performance Appraisal.
Characteristics of objectives
Objectives should be understandable
Objectives should be concrete and specific.
Objectives should be related to a time
frame.
Objectives should be Measurable and
Controllable.
Objectives should be challenging
Different objectives should correlate with
each other.
Objectives should be set within
Constraints.



How objectives are formulated?
The forces in the environment
Realities of Enterprise and internal
power relationships
The value system of the top executive
Awareness by the management

Goal Objective
Meaning:
The purpose toward which an
endeavor is directed.

Something that one's efforts
or actions are intended to
attain or accomplish; purpose;
target.
Example:
I want to achieve success in
the field of genetic
research and do what no one
has ever done.

I want to complete
this thesis on genetic
research by the end of this
month.
Action: Generic action Specific action
Measure:
Goals may not be strictly
measurable or tangible.

Must be measurable
and tangible.
Time frame: Longer term Mid to short term
Comparison of GOALS and OBJECTIVES
Thank You

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