Functional Objectives and Stratagies

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Business Studies (BUSS 3) Mind Map on Functional Objectives and Stratagies, created by skipper_jack on 07/04/2014.
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Mind Map by skipper_jack, updated more than 1 year ago
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Created by skipper_jack over 10 years ago
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Resource summary

Functional Objectives and Stratagies
  1. Corporate objective
    1. A long term goal that effects the business as a whole
      1. EG - become the first choice supplier
    2. Functional Objective
      1. Contribute to the success of corporate objectives
        1. These can be broken down into different functional areas
          1. HR
            1. Marketing
              1. Public relations
          2. Corporate obective
            1. Increase Profits
            2. Functional objective
              1. reduce costs by 10% (all departments)
                1. Increase sales by 20% (Marketing, Sales Research and development)
              2. These objectives are used to form Stratagies
                1. the strategy is the plan of action to meet Functional and Corporate objectives
                  1. Corporate strategy
                    1. Developed to achieve the corporate objectives
                    2. Functional strategy
                      1. Developed to achieve the functional objectives
                        1. These strategies need to be SMART
                          1. S - specific
                            1. M - mesurable
                              1. A - achievable
                                1. R - realistic
                                  1. T - timebound
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