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What plans or goals do you have for this year? Do you have plans/goals for the next 5 years? Explain

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What plans or goals do you have for this year? Do you have plans/goals for the next 5 years? Explain

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I don't have any specific goals, but I hope I can get good grades during this school year. For the next 5 years, I plan to go to the university and pursue an engineering-related career.

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Optimistic and inspiring declaration that defines the purpose and values of an organization and where it wants to be in the future.

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Clear and concise declaration of an organization's fundamental purpose, i.e. a succint description of what an organization does, in order to become what it wants to be.

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Explain in your own words differences between Vision Statements and Mission Statements

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Explain in your own words differences between Vision Statements and Mission Statements

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A mission statement defines a company's goals and explains how it will achieve those goals. Whereas, a vision statement describes the desired future position of the company.

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-They quickly inform external stakeholders what the central aim is.
-They help to motivate employees.

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Relationship between Aims - Objectives - Strategies - Tactics

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Relationship between Aims - Objectives - Strategies - Tactics

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Aims state what an organization wants.
Objectives state what an organization needs to achieve in order to get what it wants.
Strategies are the actions that facilitates an organization to meet it's goals.
Tactics are short-term actions used to achieve an organization's tactical objectives.

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Look for one mission statement and briefly explain what you understand

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Look for one mission statement and briefly explain what you understand

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Microsoft's Mission Statement is “To empower every person and every organization on the planet to achieve more.” What I understand from this mission statement is that it shows that the organization is about empowering people, and this is achieved through the utility of the company's technology products.

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S: Specific
M: Measurable
A: Achievable
R: Relevant
T: Time Specific

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Prepare Objectives by term in order to achieve your long-term goal

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Prepare Objectives by term in order to achieve your long-term goal

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Vision: Go live in Canada and work as an Engineering Manager.
Strategic Objectives: Finish my studies at the university and at the same time gain work experience in a part-time job.
Tactical Objectives: Graduate from school and decide which branch of engineering to choose and which university I want to go to.
Operational Objectives: Study and get good grades in my school activities.

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Aims serve to give a general purpose and direction for an organization. While, objectives are the stated measurable targets of how to achieve business aims.

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Vision: Long-term and highest aspiration.
Strategic Objectives: Long-term goals. Referred as global objectives. Set by senior managers.
Tactical Objectives: Medium or short-term goals. Set by middle managers.
Operational Objectives: Day-to-day goals. Set by floor managers.

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What's meant by SMART Objectives?
A SMART objectives are the ones that are Specific, Measurable, Achievable, Relevant, and Time-specific.

What's the difference between strategies and tactics?
Strategies are long term goals.  They help to facilitate an organization to meet it's goals. While, tactics are medium or short term goals, that are used to achieve an organization's tactical objectives.

What's one common aim of an organization?
One common aim of an organization is the profit maximization.

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Survival

Profit maximization

Customer Loyalty

Diversification

Greater market share

Ethical business practices

Improved quality and efficiency

Growth (Internal and external)

Improved competitiveness

Being socially responsible

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It's an useful decision-making tool used to evaluate the current and future situation of a product, brand, business, proposal or decision.

S (Strengths): What do you do better than your competitors?
W (Weaknesses): Where do you need to improve?
O (Opportunities): What're your chances in the future?
T (Threats): What obstacles do you face?

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Internal and external factor that may lead a business to change it's organizational objetives

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Internal and external factor that may lead a business to change it's organizational objetives

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Internal

Risk profile

Crisis management

Finance

Corporate Culture

External

New technologies

State of the economy

Government constraints

Pressure and power of pressure groups

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We use the Ansoff matrix to see how a business could identify a number of different strategies to pursue further growth:

Market Penetration: It focuses on using strategies to increase the usage rate of existing customers.

Market Development: It focuses on using customer loyalty to persuade them to buy a new product.

Product Development: It focuses on product differentiation in order to remain competitive or to improve its competitiveness.

Diversification: It focuses on high-risk growth as the organization enters a market in which it has no experience or knowledge.

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Disney: SWOT and ANSOFF Matrix excercise

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Disney: SWOT and ANSOFF Matrix excercise