Question: What do you understand by corporate aims
and objectives?
Answer:
Business organsiations have
evolved through the years, in the far past, organization were known to have
profitability as the sole objective. But now, things have sure changed. Businesses
now have myriad of objectives and aims that every manager would pause in other
to meet up with the demand of the stakeholders which include:
- Customers
- Employees
- Shareholders
- Government
- Community.
etc.
Frontline management Expect, Peter Drucker had
opined that “aims and objectives are needed in every area of business where
performance and results directly and vitally affect the survival are prosperity
of the business” (Imaga 2000 pg 17)
Although organization is
divided into sub-sections (where the organization is to courage one) each of
these sections or departments have their sub-aim and objective to enable it
functions optimally. The pyramid below shows this these aims and objectives can
be in form:
Company creed or philosophy statement
Question 1(b)
How do these
relate to what is often referred to as business credo?
Answer
Business
credo relates to all those missions and purposes that pursue the basic
socio-economic needs of the business, shaped primarily by the values of
managers whose duties there are in the manning of the organization with
personnel as well as administer its resources.
Credo answers the questions:
I. What
is our business?
2. What
will our business be ?
3. What
should be our business?
4. Who
is our customer?
5. What
does he buy? Etc
Question?
With the aid
of a diagram, discuss the interrelationship between profitable growth and
enterprises socio-economic goals and social responsibility.
Answer:
There is no gainsaying the fact that there is an inter-relationship
between the three variables of:
(a) Profitable
growth
(b) Enterprise socio-economic
ground and
(c) Social
responsibility
Super-ordinate objective contains subordinate objectives
and it can only be achieved by co-operation by subordinates- Image 2000
A diagram illustrating profitable growth, social
economic growth and social responsibility
Question 3
What do you understand by planning gap?
Discuss the relevance of planning gap in industry
analysis
Answer:
Planning gap refers to the disconnect between item
of business plan that would have been connected to ensure that objectives
pursued are not eluded.
Planning gap exist some of the times between
decision variables when perhaps, the operators (managers) lack data or
information to deal with a situation.
Example: From the diagram below,
Image 2000 indicate a sales forecast of present product plessoiles estimate of
new products, indicate a planning gap when related to prog sales objectives.
Present
product
Time and planning sap in production of sales-Imaga
2000.