Question

in Strategic-Management Model explain Establish Long-Term Objectives

Answer 1

In strategic management, the long term objectives are required to showcase how the outcomes are expected when specific business strategies are place. This offers information on how each action can be considered to accomplish the business objectives and goals in the long term preview. This is done by considering the consistent timeframe to get the strategies executed. For example, two to four years. The long term objectives are established by considering ‘profitability’ which ensures on the acceptable levels related to the profits (e.g. earnings per share); ‘ productivity’ which relates with the cost reduction; ‘competitive position’ which showcase the marketplace position; ‘employee development’ relates with the training needs of the workforce to reduce the employee turnover; improvements in ‘employee engagement’; showcasing ‘technology leadership’; and focus on CSR initiatives (or public responsibility).