Homework Help is Here – Start Your Trial Now!
Business
Management
Read the pages and make a BRIEF summary of them with your own words, please. Mention important parts. Also, you will put your comments and ideas about the topic. please don't write item by item. Please do not write long

Read the pages and make a BRIEF summary of them with your own words, please. Mention important parts. Also, you will put your comments and ideas about the topic. please don't write item by item. Please do not write long

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
See similar textbooks
icon
Related questions
Question
100%

Read the pages and make a BRIEF summary of them with your own words, please. Mention important parts. Also, you will put your comments and ideas about the topic. please don't write item by item. Please do not write long

Developing the Guiding Principles Following are the broad objectives that translate this vi- sion into measurable terms: 4. Select the final objectives. Once participants have re- solved their differences concerning the proposed objec- tives, the list is finalized. In this stage, the objectives are rewritten and edited to ensure that they meet the crite- ria set forth in Figure 3.4. 5. Publicize the objectives. All stakeholders need to know what the organization's objectives are. Employees, managers, suppliers, and even customers have a role to play in accomplishing the organization's objectives. These stakeholders cannot play their respective roles unless they know what the objectives are. Publicizing the organization's objectives can be done in a number of ways. Variety and repetition are important when try- ing to communicate. Wall posters, wallet-sized cards, newsletters, personal letters, company-wide and de- partmental meetings, videotaped presentations, and annual reports can all be used to publish and commu- nicate the organization's objectives. A rule of thumb to follow is the more different communication vehicles used, the better. It's also a good idea to publish the objectives along with the vision, mission, and guiding principles. Broadly Stated An organization's guiding principles establish the frame- work within which it will pursue its mission. Each guiding principle encompasses an important organizational value. Together, all of the guiding principles represent the organiza- tion's value system-the foundation of its corporate culture. Freedom through control might be one such guiding principle. It is one of the cornerstones of total quality. It is a concept that applies at all levels, from line employees through executive managers. It means that once parameters have been established for a given job, level, or work unit, all employees to which the parameters apply are free to operate innovatively within them. In fact, they are encouraged to be innovative and creative within established parameters. This means that as long as they observe applicable controls, employees are free to apply their knowledge, experience, and judgment in finding ways to do the job better. Once a method is estab- lished that is better than the existing one, that new procedure should become the standard throughout the organization. An organization's guiding principles establish the pa- rameters within which it is free to pursue its mission. These principles might be written as follows: 1. To produce organizational development products of world-class quality that are improved continually 2. To provide organizational development services of world- class quality that are Show What the Organization Wants to Specific Enough to Be Measured improved continually 3. To establish and maintain a world-class workforce at all levels of the organization Accomplish 4. To continually increase the organization's market share for its existing products and services Characteristics of Broad Strategic Objectives 5. To continually introduce new products and services to meet emerging needs in the organizational development market In Accordance with the Guiding Principles Single- Issue Focus Five Steps for Writing Broad Strategic Objectives In actually writing broad objectives for an organization, the fol- lowing five steps should be observed (Figure 3.5): 1. Assemble input. Circulate the mission widely throughout the organization, and ask for input con- cerning objectives. Ask all stakeholders to answer the following question: "What do we have to accomplish as an organization in order to fulfill our mission?" Assemble all input received, summarize it, and prepare it for further review. Find Tied Directly to the Vision/Mission Cautions Concerning Broad Strategic Objectives Before actually developing broad objectives for an organiza- tion, it is a good idea to become familiar with several ap- plicable cautions. These cautions are as follows (Figure 3.6): . XYZ Company will uphold the highest ethical standards in all of its operations. . At XYZ Company, customer satisfaction is the highest priority. . XYZ Company will make every effort to deliver the high- est quality products and services in the business. FIGURE 3.4 Characteristics of Well-Written Broad Strategic Objectives. the optimum input. Analyze the assembled input, at the same time judging how well individuals suggestions support the organization's vision and mis- sion. Discard those suggestions that are too narrow or that do not support the vision and mission. 3. Resolve differences. Proposed objectives that remain on the list after step 2 should be discussed in greater depth in this step. Allow time for participants to resolve their differences concerning the objectives. 2. . Restrict the number of objectives to just a few-from five to eight. This is a rule of thumb, not an absolute. Howev tives, it may be getting too specific. this list of guiding principles, the corporate values if an organizationr organization do to achieve the vision? The how aspects of strategic planning come in the next step: developing specific tactics, projects, and activities for accomplishing broad ob- jectives. As shown ganizational objectives nore than eight objec of XYZ Company can be discerned. This company places a high priority on ethics, customer satisfaction, quality, stake- holder partnerships, employee input, continual improve- ment, a safe and healthy work environment, consistent peak performance, corporate citizenship, and environmental protection. With these values clearly stated as the guiding principles, employees know the parameters within which they must operate. When ethical dilemmas arise, as they inevitably will in business, employees know they are ex- pected to do the right thing. If safety or health hazards are identified in the workplace, eliminating them will be a top priority. If employees spend their own time participating in . Keep the language simple so that the objectives are easily understood by all employees at all levels of the organization. Figure 3.4, well-written and broad or- - At XYZ Company, all stakeholders (customers, suppliers, and employees) will be treated as partners. - At XYZ Company, employee input will be actively sought, carefully considered, and strategically used. . Tie all objectives not just to the mission but also to the vi- sion. All resources and efforts directed toward achieving the broad objectives should support the mission and the vision. . Are stated broadly enough that they don't have to be con- tinually rewritten - Make sure objectives do not limit This is best accomplished by avoiding numerical targets when writing them. organization's restrict performance. . At XYZ Company, continual improvement of products, processes, and people will be the norm. . Are stated specifically enough that they are measurable but not in terms of numbers Assemble Input . Remember that achieving objectives is a means to an end, not an end in itself (the vision is the end). I Are each focused on a single issue or desired outcome . Are tied directly to the organization's vision and mission . Are all in accordance with the organization's guiding principles - Clearly show what the organization wants to accomplish In addition to having these characteristics, broad objec- tives apply to the overall organization, not to individual de- partments within the organization. In developing its broad objectives, an organization should begin with its vision and mission. A point to keep in mind is that broad strate- gic objectives should be written in such a way that their ac- complishment will give the organization a sustainable com- petitive advantage in the marketplace. What follows is an organizational vision presented earlier as an example and its corresponding broad objectives: - XYZ Company will provide employees with a safe and healthy work environment that is conducive to consistent peak performance. - Do not use broad objectives in the employee appraisal process. The only aspect of the overall strategic plan that might be used in the employee appraisal process is the specific-tactics component. This is because only the specific tactics in the strategic plan are assigned to spe- cific teams or individuals and given specific time frames within which they should be completed. Broad objectives, on the other hand, are everyone's responsibility. . Relate broad objectives to all employees. This means there should be objectives covering the entire organiza- tion. Employees should be able to see that their work sup- ports one or more of the broad objectives. • Make broad objectives challenging but not impossible. Good objectives will challenge an organization without being unrealistic. Find Optimum Input - XYZ Company will be a good corporate neighbor in all community activities, they know it will reflect positively in their performance appraisals because XYZ Company values corporate citizenship. Developing guiding principles is the responsibility of an organization's executive management team. However, the recommended approach in a total quality organization is for executive managers to solicit input from all levels before fi- nalizing the guiding principles. communities where its facilities are located. Resolve Differences - XYZ Company will take all appropriate steps to protect the environment. Finalize Objectives Publish Objectives Developing Broad Strategic Objectives Broad strategic objectives translate an organization's vision and mission into measurable terms. They represent actual targets the organization aims at and will expend energy and resources trying FIGURE 3.5 Steps in Writing Broad Strategic Objectives. The Institute for Corporate Competitiveness will be rec- ognized by its customers as the provider of choice for or- ganizational development products that are the best in the world. achieve. Broad objectives are more specific than the mission, but they are still broad. They still fall into the realm of what rather than how. What must the
Transcribed Image Text:Developing the Guiding Principles Following are the broad objectives that translate this vi- sion into measurable terms: 4. Select the final objectives. Once participants have re- solved their differences concerning the proposed objec- tives, the list is finalized. In this stage, the objectives are rewritten and edited to ensure that they meet the crite- ria set forth in Figure 3.4. 5. Publicize the objectives. All stakeholders need to know what the organization's objectives are. Employees, managers, suppliers, and even customers have a role to play in accomplishing the organization's objectives. These stakeholders cannot play their respective roles unless they know what the objectives are. Publicizing the organization's objectives can be done in a number of ways. Variety and repetition are important when try- ing to communicate. Wall posters, wallet-sized cards, newsletters, personal letters, company-wide and de- partmental meetings, videotaped presentations, and annual reports can all be used to publish and commu- nicate the organization's objectives. A rule of thumb to follow is the more different communication vehicles used, the better. It's also a good idea to publish the objectives along with the vision, mission, and guiding principles. Broadly Stated An organization's guiding principles establish the frame- work within which it will pursue its mission. Each guiding principle encompasses an important organizational value. Together, all of the guiding principles represent the organiza- tion's value system-the foundation of its corporate culture. Freedom through control might be one such guiding principle. It is one of the cornerstones of total quality. It is a concept that applies at all levels, from line employees through executive managers. It means that once parameters have been established for a given job, level, or work unit, all employees to which the parameters apply are free to operate innovatively within them. In fact, they are encouraged to be innovative and creative within established parameters. This means that as long as they observe applicable controls, employees are free to apply their knowledge, experience, and judgment in finding ways to do the job better. Once a method is estab- lished that is better than the existing one, that new procedure should become the standard throughout the organization. An organization's guiding principles establish the pa- rameters within which it is free to pursue its mission. These principles might be written as follows: 1. To produce organizational development products of world-class quality that are improved continually 2. To provide organizational development services of world- class quality that are Show What the Organization Wants to Specific Enough to Be Measured improved continually 3. To establish and maintain a world-class workforce at all levels of the organization Accomplish 4. To continually increase the organization's market share for its existing products and services Characteristics of Broad Strategic Objectives 5. To continually introduce new products and services to meet emerging needs in the organizational development market In Accordance with the Guiding Principles Single- Issue Focus Five Steps for Writing Broad Strategic Objectives In actually writing broad objectives for an organization, the fol- lowing five steps should be observed (Figure 3.5): 1. Assemble input. Circulate the mission widely throughout the organization, and ask for input con- cerning objectives. Ask all stakeholders to answer the following question: "What do we have to accomplish as an organization in order to fulfill our mission?" Assemble all input received, summarize it, and prepare it for further review. Find Tied Directly to the Vision/Mission Cautions Concerning Broad Strategic Objectives Before actually developing broad objectives for an organiza- tion, it is a good idea to become familiar with several ap- plicable cautions. These cautions are as follows (Figure 3.6): . XYZ Company will uphold the highest ethical standards in all of its operations. . At XYZ Company, customer satisfaction is the highest priority. . XYZ Company will make every effort to deliver the high- est quality products and services in the business. FIGURE 3.4 Characteristics of Well-Written Broad Strategic Objectives. the optimum input. Analyze the assembled input, at the same time judging how well individuals suggestions support the organization's vision and mis- sion. Discard those suggestions that are too narrow or that do not support the vision and mission. 3. Resolve differences. Proposed objectives that remain on the list after step 2 should be discussed in greater depth in this step. Allow time for participants to resolve their differences concerning the objectives. 2. . Restrict the number of objectives to just a few-from five to eight. This is a rule of thumb, not an absolute. Howev tives, it may be getting too specific. this list of guiding principles, the corporate values if an organizationr organization do to achieve the vision? The how aspects of strategic planning come in the next step: developing specific tactics, projects, and activities for accomplishing broad ob- jectives. As shown ganizational objectives nore than eight objec of XYZ Company can be discerned. This company places a high priority on ethics, customer satisfaction, quality, stake- holder partnerships, employee input, continual improve- ment, a safe and healthy work environment, consistent peak performance, corporate citizenship, and environmental protection. With these values clearly stated as the guiding principles, employees know the parameters within which they must operate. When ethical dilemmas arise, as they inevitably will in business, employees know they are ex- pected to do the right thing. If safety or health hazards are identified in the workplace, eliminating them will be a top priority. If employees spend their own time participating in . Keep the language simple so that the objectives are easily understood by all employees at all levels of the organization. Figure 3.4, well-written and broad or- - At XYZ Company, all stakeholders (customers, suppliers, and employees) will be treated as partners. - At XYZ Company, employee input will be actively sought, carefully considered, and strategically used. . Tie all objectives not just to the mission but also to the vi- sion. All resources and efforts directed toward achieving the broad objectives should support the mission and the vision. . Are stated broadly enough that they don't have to be con- tinually rewritten - Make sure objectives do not limit This is best accomplished by avoiding numerical targets when writing them. organization's restrict performance. . At XYZ Company, continual improvement of products, processes, and people will be the norm. . Are stated specifically enough that they are measurable but not in terms of numbers Assemble Input . Remember that achieving objectives is a means to an end, not an end in itself (the vision is the end). I Are each focused on a single issue or desired outcome . Are tied directly to the organization's vision and mission . Are all in accordance with the organization's guiding principles - Clearly show what the organization wants to accomplish In addition to having these characteristics, broad objec- tives apply to the overall organization, not to individual de- partments within the organization. In developing its broad objectives, an organization should begin with its vision and mission. A point to keep in mind is that broad strate- gic objectives should be written in such a way that their ac- complishment will give the organization a sustainable com- petitive advantage in the marketplace. What follows is an organizational vision presented earlier as an example and its corresponding broad objectives: - XYZ Company will provide employees with a safe and healthy work environment that is conducive to consistent peak performance. - Do not use broad objectives in the employee appraisal process. The only aspect of the overall strategic plan that might be used in the employee appraisal process is the specific-tactics component. This is because only the specific tactics in the strategic plan are assigned to spe- cific teams or individuals and given specific time frames within which they should be completed. Broad objectives, on the other hand, are everyone's responsibility. . Relate broad objectives to all employees. This means there should be objectives covering the entire organiza- tion. Employees should be able to see that their work sup- ports one or more of the broad objectives. • Make broad objectives challenging but not impossible. Good objectives will challenge an organization without being unrealistic. Find Optimum Input - XYZ Company will be a good corporate neighbor in all community activities, they know it will reflect positively in their performance appraisals because XYZ Company values corporate citizenship. Developing guiding principles is the responsibility of an organization's executive management team. However, the recommended approach in a total quality organization is for executive managers to solicit input from all levels before fi- nalizing the guiding principles. communities where its facilities are located. Resolve Differences - XYZ Company will take all appropriate steps to protect the environment. Finalize Objectives Publish Objectives Developing Broad Strategic Objectives Broad strategic objectives translate an organization's vision and mission into measurable terms. They represent actual targets the organization aims at and will expend energy and resources trying FIGURE 3.5 Steps in Writing Broad Strategic Objectives. The Institute for Corporate Competitiveness will be rec- ognized by its customers as the provider of choice for or- ganizational development products that are the best in the world. achieve. Broad objectives are more specific than the mission, but they are still broad. They still fall into the realm of what rather than how. What must the
Make them chailenging but not impossible. Relate them to all employees. Do not use them in the employee appraisal process. Make them a means to an end, not an end themselves. Don't let them be limiting or restrictive. Tie them to the mission and vision. Keep the language simple. Keep them few in number. FIGURE 3.6 Cautions Concerning Broad Strategic Objectives.
Transcribed Image Text:Make them chailenging but not impossible. Relate them to all employees. Do not use them in the employee appraisal process. Make them a means to an end, not an end themselves. Don't let them be limiting or restrictive. Tie them to the mission and vision. Keep the language simple. Keep them few in number. FIGURE 3.6 Cautions Concerning Broad Strategic Objectives.
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Understanding Business
Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education
Management (14th Edition)
Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract…
Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning
Management Information Systems: Managing The Digi…
Management Information Systems: Managing The Digi…
Management
ISBN:
9780135191798
Author:
Kenneth C. Laudon, Jane P. Laudon
Publisher:
PEARSON
Business Essentials (12th Edition) (What's New in…
Business Essentials (12th Edition) (What's New in…
Management
ISBN:
9780134728391
Author:
Ronald J. Ebert, Ricky W. Griffin
Publisher:
PEARSON
Fundamentals of Management (10th Edition)
Fundamentals of Management (10th Edition)
Management
ISBN:
9780134237473
Author:
Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:
PEARSON
SEE MORE TEXTBOOKS