Business Aims, Mission Statements, Objectives, Strategies and Tactics

Business Aims, Mission Statements, Objectives, Strategies and Tactics

Lesson Objectives

• Understand the concept and purpose of business aims and mission statements
• Evaluate the effectiveness of mission statements
• Comprehend the significance of transforming business aims into SMART objectives
• Recognize the role of strategies and tactics in operational decisions

What do you already know about business aims and mission statements?

Business Aims and Their Central Purpose

• Broad indications of what a business hopes to achieve in the future

Mission Statements and Their Role

• Condensed statement of the central purpose of a business
• Provide a vision and sense of purpose
• Not specific for strategy formation

Evaluation of Mission Statements

• Specificity
• Impact on stakeholders
• Role in public relations

Transformation of Aims into SMART Objectives

• Specific, Measurable, Achievable, Relevant, Time-bound goals derived from business aims

Role of Objectives, Strategies, and Tactics

• Objectives provide a clear guide for business strategies and tactics
• Strategies specify long-term plans of action
• Tactics involve small-scale decisions made once a strategy has been decided

Summary

• Business Aims: Broad indications of what a business hopes to achieve in the future
• Mission Statements: Condensed statement of the central purpose of a business
• SMART Objectives: Specific, Measurable, Achievable, Relevant, Time-bound goals derived from business aims
• Strategies: Long-term plans of action of a business
• Tactics: Small-scale decisions made once a strategy has been decided

Write down 3 things you learned in this lesson.

Have students enter three things they learned in this lesson. With this they can indicate their own learning efficiency of this lesson.

Write down 2 things you want to know more about.

Here, students enter two things they would like to know more about. This not only increases involvement, but also gives them more ownership.

Ask 1 question about something you haven't quite understood yet.

The students indicate here (in question form) with which part of the material they still have difficulty. For the teacher, this not only provides insight into the extent to which the students understand/master the material, but also a good starting point for the next lesson.