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Chapter 5 Defining Objectives

Chapter 5 Defining Objectives. © David O’Sullivan. Reflections. Outline the process of defining goals for an organization. Explain the benchmarking process. Explain the difference between rational and incremental goal definition. What do each of the letters in PEST stand for?

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Chapter 5 Defining Objectives

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  1. Chapter 5Defining Objectives © David O’Sullivan

  2. Reflections • Outline the process of defining goals for an organization. • Explain the benchmarking process. • Explain the difference between rational and incremental goal definition. • What do each of the letters in PEST stand for? • How do strategic objectives differ from performance indicators? • Define a mission statement. • How does mission differ from vision?

  3. Activities [Discussion of selected student ‘Activities’ from previous chapter]

  4. Learning Targets • Describe the importance of stakeholders in the innovation process • Explain the terms transactional and contextual requirements of stakeholders • Define strategic thrusts • Understand how to develop strategic objectives • Explain the importance of concise strategic plans • Discuss how to evaluate strategic objectives • Understand the need to monitor emergent objectives

  5. Stakeholders

  6. Defining Requirements • Objective data analysis • Delphi forecasting • Focus groups • Conjoint analysis

  7. Stakeholder Requirements

  8. Activities

  9. Strategic Plan • The strategic plan can be broken down into two related areas: • Strategic thrusts and • Strategic objectives • The strategic thrust identifies a specific area of focus. Different industry sectors will place greater focus on particular thrusts, given their importance to the industry • strategic objective relates to the choices that the organization makes in order to innovate

  10. Strategic Objectives • Two basic elements • Thrusts • Objectives • Often the terms ‘strategies’ and ‘objectives’ are interchangeable • Sometimes the term ‘decisions’ is used

  11. Thrusts

  12. Strategic Thrusts - example • Capacity • Facilities • Technology • Vertical integration • Workforce • Quality • Planning • Organization

  13. Strategic Thrusts - example • Facilities • Organisation • Processes • Products • Markets • Finance

  14. Strategic Thrusts - example • Learning and Growth • Customer • Internal Processes • Finance

  15. Objectives • Statement of organisational goals • Strategic ‘Decisions’ • Statement on the allocation of resources (people and money)

  16. Strategic Broad in Scope Long Term Encompassing Empowering Tactical Narrow scope Short term Specific Enabling Decisions

  17. Attributes • Objectives provide GUIDANCE for change over 1/2/3 years • Objectives are dynamic and receptive to change • Objectives are pro-actions not reactions • Objectives should not replace intuitive thinking • Objectives only identify most significant issue. Other issues will also exist.

  18. Generic Objectives • cost leadership objectives • differentiation objectives • focused (niche) objectives

  19. Strategic Objectives • Suitability • Acceptability • Feasibility

  20. Methodology

  21. Strategic Objectives

  22. Objectives for Innovation • Most objectives change the operations environment • Processes, services, products, etc. • Some objectives change the innovation environment itself • Innovation process • Innovation resources

  23. Summary • Describe the importance of stakeholders in the innovation process • Explain the terms transactional and contextual requirements of stakeholders • Define strategic thrusts • Understand how to develop strategic objectives • Explain the importance of concise strategic plans • Discuss how to evaluate strategic objectives • Understand the need to monitor emergent objectives

  24. Activities

  25. Search Online • http://www.youtube.com • Brainstorming, MindMap and Creativity - ThoughtOffice Innovation Software • Disruptive Innovation – Clay Christensen • Jeff Bezos on Amazon

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