Business objectives are usually called the corporate objectives. Major business objectives are corporate objectives. In building up an enterprise, the first important task is laying down objectives and goals fixation. Objectives represent ends toward which not only planning but all other activities of the management are directed. There may be long term or short- term objectives, depending upon the venture.
The objectives should be flexible so as to allow alteration if any conflict arises later. Major business objectives or corporate objectives refer to the long term planning i.e. what is the company trying to accomplish, what business is the company really in.
Some obvious questions at this stage would be
- What markets should the company try and reach?
- To what extent should the company try to be self-sufficient?
To what extent should the company diversity the product line? To what extent should the company make and to what extent buy?
Objectives are always considered as a hierarchy of objectives and never as a single objective. There are 3 essential elements of objectives (i) Starting point or the present position. (ii) Terminal point or the expected result.
