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5-1
Chapter 5
Defining Objectives
© David O’Sullivan
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Reflections Outline the process of defining goals for an
organization. Explain the benchmarking process. Explain the difference between rational
and incremental goal definition. What do each of the letters in PEST stand
for? How do strategic objectives differ from
performance indicators? Define a mission statement. How does mission differ from vision?
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Activities
[Discussion of selected student ‘Activities’ from previous chapter]
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Learning Targets Describe the importance of stakeholders in the
innovation process Explain the terms transactional and contextual
requirements of stakeholders Define strategic thrusts Understand how to develop strategic objectives Explain the importance of concise strategic plans Discuss how to evaluate strategic objectives Understand the need to monitor emergent objectives
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Stakeholders
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Defining Requirements
Objective data analysis Delphi forecasting Focus groups Conjoint analysis
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Stakeholder Requirements
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5-8
Activities
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Strategic Plan The strategic plan can be broken down into
two related areas: Strategic thrusts and Strategic objectives
The strategic thrust identifies a specific area of focus. Different industry sectors will place greater focus on particular thrusts, given their importance to the industry
strategic objective relates to the choices that the organization makes in order to innovate
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Strategic Objectives Two basic elements
Thrusts Objectives
Often the terms ‘strategies’ and ‘objectives’ are interchangeable
Sometimes the term ‘decisions’ is used
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Thrusts
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Strategic Thrusts - example Capacity Facilities Technology Vertical integration Workforce Quality Planning Organization
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Strategic Thrusts - example
Facilities Organisation Processes Products Markets Finance
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Strategic Thrusts - example
Learning and Growth Customer Internal Processes Finance
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Objectives
Statement of organisational goals Strategic ‘Decisions’ Statement on the allocation of
resources (people and money)
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Decisions Strategic
Broad in Scope Long Term Encompassing Empowering
Tactical Narrow scope Short term Specific Enabling
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Attributes Objectives provide GUIDANCE for change
over 1/2/3 years Objectives are dynamic and receptive to
change Objectives are pro-actions not reactions Objectives should not replace intuitive
thinking Objectives only identify most significant
issue. Other issues will also exist.
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Generic Objectives
cost leadership objectives differentiation objectives focused (niche) objectives
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Strategic Objectives
Suitability Acceptability Feasibility
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Methodology
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Strategic Objectives
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Objectives for Innovation
Most objectives change the operations environment Processes, services, products, etc.
Some objectives change the innovation environment itself Innovation process Innovation resources
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Summary Describe the importance of stakeholders in the
innovation process Explain the terms transactional and contextual
requirements of stakeholders Define strategic thrusts Understand how to develop strategic objectives Explain the importance of concise strategic plans Discuss how to evaluate strategic objectives Understand the need to monitor emergent objectives
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Activities
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Search Online
http://www.youtube.com Brainstorming, MindMap and Creativity -
ThoughtOffice Innovation Software Disruptive Innovation – Clay Christensen Jeff Bezos on Amazon