Advantages In Connection With A Corporation's Goals And Objectives

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Ten strategies and their advantages in connection with the corporation’s goals and objectives are: 1. Implementing Programs 2. Implementing Procedures 3. Implementing Evaluation and Control 4. Preparing a Budget 5. Having a Mission Statement 6. Corporate Policy 7. Corporate Strategy 8. Functional Strategy 9. Environmental Scanning 10. Business Strategy By Implement Programs and putting a program in place makes a strategy action orientated. It may involve restructuring and changing the company’s internal culture or beginning a new research effort. An advantage of implementing program in connection with the corporation’s goals and objectives is that the corporation can outsource a percentage of manufacturing therefore increase efficiency…show more content…
It reflects every faucet of the corporation; the range and nature of the products offer, pricing, quality of service, market place position, growth potential, use of technology, and relationships with customers, employees, suppliers, competitors, and the community. An advantage of having a mission statement in connection with the corporation’s goals and objectives is it can be beneficial to a corporation by acting as a form of advertisement. It establishes a business’s underlying purpose beyond the simple goal of making a profit therefore meeting the corporation’s goals and objective. Corporate Policy is another strategy for a corporation. By establishing corporate policy will help employees to clearly understand their roles and responsibilities within predefined limits. By creating corporate policy, employees will make decisions and take actions that support the corporation’s mission, objectives, goals and strategies. An advantage of corporate policy is that it provides legal protection to both the corporation and…show more content…
By using the three main categories for Corporate Strategy which is stability, growth and retrenchment would guide the corporations toward its goal and objective. The advantage of corporate strategy in connection with the corporation’s goal and objectives is that a corporation can gain financial advantage if it enters into a joint venture or acquires other companies it can increase profits, cash flow and borrowing power. Another strategy is functional strategy. This is used to maximize resource productivity and achieve corporate and business unit objectives and strategies. It is concerned with developing and nurturing a distinctive competence to provide the corporation with competitive advantage. An advantage of functional strategy is it can help a company keep its cost lower than those of its competitor and consequently compete with lower prices. By implementing environmental scanning, a corporation would be able to monitor and evaluate from the internal and external environments to key people within the corporation. The advantage is the corporation would be able to identify the strategic factors through SWOT
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