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Pages 3 (753 words)
Corporate goals and objectives help management to identify priorities and aims for future development and company's growth. Implementation of corporate goals and objectives starts with the identification of work processes within the organization. The manager makes and enforces policies that govern interaction in the company between the company and its stakeholders.
Strategic goals and objectives involve a twin accomplishment: accomplish strategy formulation and strategy implementation in order to accomplish a connection between the firm and its environment. This is why strategy content, environmental scanning and corporate social responsibility. The manager must decide who are his good competitors and who are his bad competitors in the specific industry circumstances in which he competes. A key part of this policy-making process is the skill at predicting what his competitors are doing. Prediction is a vital practice because competitors, both good and bad, are not standing still. Management has a continuing and virtually inexhaustible obligation to its shareholders to increase the residual value of the corporation, rather than to increase the wealth of any other group of stakeholders, and that is the fundamental difference between the claims of other stakeholders and the claims of the shareholders to the board's decisions. Management's duty to the other stakeholders is finite, defined by contract, the law of torts, or governmental rules, and needs simply to be satisfied (Campbell 1997). ...
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