Aim:

 To understand the relationship and conflicts between aims, missions, objectives and strategies.

Objectives:

 Discuss the aims and objectives of various businesses.

 Describe the stakeholders affected by strategic decision making.

 Debate the conflicts of interest surrounding strategic decision making.

 Analyse and evaluate measures of strategic development.

 Discuss the aims, objectives, mission statements and strategies of our businesses.

Firm • Shareholders • Employees • Managers • Investors Society • Society • Local Residents Government • Government

Shareholders Managers

• Expect business to maximise profits, to get best return on investment.

• Expect promotion, status and financial reward opportunities.

Employees

• Higher pay rewards.

Customers Suppliers

• Value for money, competition, quality • Regular increasing purchases

Government

• High tax revenue, legal compliance.

Investors Society

• Healthy balance sheet • Responsible attitude from businesses towards the environment, and ethical issues.

Government • Discourage moves overseas, which create unemployment • Support training and development in UK • Offer incentive for investments Customers • Pressurise business to improve its ethical responsibility.

Creditors/ Investors • Investors need assurance of a good financial return.

• Creditors want to be paid on time.

Society • Media • Pressure Groups

Explain the difference between corporate aims and corporate objectives What is the purpose of the mission statement? Explain how and why conflicts may occur between stakeholders when businesses are proposing a new strategy. Provide examples to support your answer.

 Research if there have been any conflicts in the past ten years, between stakeholders at your business.