This is a question from a Business Management exam that requires the student to think about how they would propose and implement targets and timescales for achievement. When considering an answer for this question it is necessary to think about the organization's mission statement. The long term aims of the company will affect the smaller, short-term targets and timescales. These smaller and short-term targets will help an organization to monitor a given strategy across a variety of departments and test a number of different ways to succeed in it.
If a company has a long term mission statement to have a certain amount of loyal customers or members by a certain date, this is an achievement that can be broken down into smaller targets. An industry that tries to keep customers loyal, for example, is retail supermarkets. They may have a long term plan to have X amount of members within their company by a certain year. One of the targets of this achievement could be to create a range of incentives to keep current customers and encourage new ones. This could come in the form of vouchers for the supermarket or any other organization that they are working in connection with. The timescale of this market could be yearly or even seasonal. Christmas offers could be set up with the intention of achieving a certain number of new numbers by the end of the holidays.
Breaking the organization's strategy down into smaller targets and timescales allows the executives to take a step back and analyze which methods work better than others. Rather than focus completely on one fixed strategy, implementing different targets lower down allows the head office to find the best way to reach higher, more long term achievements.
If a company has a long term mission statement to have a certain amount of loyal customers or members by a certain date, this is an achievement that can be broken down into smaller targets. An industry that tries to keep customers loyal, for example, is retail supermarkets. They may have a long term plan to have X amount of members within their company by a certain year. One of the targets of this achievement could be to create a range of incentives to keep current customers and encourage new ones. This could come in the form of vouchers for the supermarket or any other organization that they are working in connection with. The timescale of this market could be yearly or even seasonal. Christmas offers could be set up with the intention of achieving a certain number of new numbers by the end of the holidays.
Breaking the organization's strategy down into smaller targets and timescales allows the executives to take a step back and analyze which methods work better than others. Rather than focus completely on one fixed strategy, implementing different targets lower down allows the head office to find the best way to reach higher, more long term achievements.
