Business paper due 3 MAR 14 8 PM EASTERN TIME

Strategic Objectives

Corey D. Harrison

February 25, 2014

M. Ovase

Strategic objectives

The operations of companies have changed a big deal from the way they used to do things in the past. Initially people went to work and went back home after a day’s work without ever worrying about meeting targets because companies did not have defined objectives. However things have changed in the past few years because now everyone has to meet targets and companies have visions to chase. The achievement of the visions is dependent on the objectives that are set. Strategic objectives are currently the start point for companies because they define the general direction which must be followed by all companies. The strategic objectives direct managers to ask themselves, where they are and where they intend to go. As a company Senior Shoes needs to develop its objectives based on the following six categories of activities; Finance, Marketing, Products, Operations, Human resources, and Community.

For Senior Shoes to attain its objectives, such objectives must be driven by the vision and mission statement which guide all the activities of the organization. The mission of the company is to be the sole producer and market of Snickers across the globe.

Department	Areas
Financial Perspective	· strategic objectives in areas such as · Market share · Revenues and costs · Profitability · Competitive position
Customer Value Perspective	· Customer retention or turnover · Customer satisfaction · Customer value
Internal Operations Perspective	· Measure of process performance · Productivity or productivity improvement · Operations metrics
Employee Perspective	· Employee satisfaction · Employee turnover or retention · Level of organizational capability · Nature of organizational culture or climate · Technological innovation

Strategic objectives for the financial perspective

The finance part of an organization is key to the success of an organization because it deals with money. For the Senior shoe company, the strategic objectives for the finance perspective will be; to increase the market share of the company, based on the SWOT analysis, the company has a number of opportunities in the sense that there are new markets coming in every time for example there are schools and sports shops coming up every day. Still on the objective of increasing market share, the company has strengths in the sense that it specializes in snickers therefore it can be able to differentiate within that line. The next objective is to boost the customer loyalty as compare to other companies; the company has strengths in these areas because it can easily identify its customers because it does business within the same line. The last strategic objective in the financial perspectives is to increase the revenue, with the prospects of growth; this objective can work because the moment the market share is expanded, then more sales would be made.

Objective for Customer perspective

From the customer perspective one of the strategic objective would be to work on a customer retention plan, customer retention is a key issue because a high turnover customers means that the company will have to spend more money on marketing to win new customers.. Another objective under customer perspective is to satisfy customers, here there are two dimensions; firstly the customers can be satisfied because they are able to get whatever they want at a particular time and secondly, it mean that customers acquire good service. The last objective could be to create customer value; this objective can be achieved if a proper feedback mechanism for customers is identified so that customers can be able to express their views for the company to act.

Strategic Objectives for Internal Operations Perspective

To develop metrics that would enable the company to measure its success level is a major objective because it would make the managers to decide whether there is need to make changes in the operations or not. The objective of developing metrics is key since identifies areas of weakness in the operations of the company can ensure that redundant and non productive sections or processes are eliminated. Another objective as far as operations are concerned is the improvement of production. Production goals and objectives here would focus onto the reduction of the cost of production and increasing efficiency. The ability of the company to produce quality products and services depends on the production process. Lastly, the measure of performance in terms of production is a key objective that any company would want to achieve because the results from the same can be used to make decisions on expansion.

Objectives of Employee Perspective

Human capital is the key factor for any company to succeed, actually many companies base their success or failure on the type of employees that they have. The first objective of Senior shoes as far as employees are concerned is that one of employee satisfaction, the ability to satisfy employees is based on the level of motivation, therefore this objective should be geared towards the same. Another objective here is that company must work hard to retain its work force because failure to do so means that the company loses on its best performers, another danger with this is that you will have workers moving out with the company’s image being dented. Finally, The Company should also have an objective to encourage innovation as far as human capital is concerned; the reason for having this objective is because workers need to integrate ICT in their operation.

References

Janet. M. (2009). Introduction to marketing. Oxford: Oxford University Press

Nelson.D. (2011). The business environment .London: Macmillan

Gaily, M . (2011). Business environment .Chicago: CP

Godrey, J. (2012). The balanced score card. New York: NYP