Defining the Strategic Objectives for the Company

Rudolf Grünig, Richard Kühn and Dirk Morschett
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Rudolf Grünig: University of Fribourg
Richard Kühn: University of Bern
Dirk Morschett: University of Fribourg

Chapter 13 in The Strategy Planning Process, 2022, pp 123-134 from Springer

Abstract: Abstract Concrete strategic objectives for the company are the most important element of a corporate strategy. Their definition is the topic of Chap. 13 . Based on the overriding values and objectives of the company, the best-assessed corporate strategy option which was identified in Chap. 12 is made concrete by defining measurable strategic objectives. In Sect. 13.2, the concept of strategic objectives for the company is explained, including functions and categories of strategic objectives. The SMART requirements for strategic objectives are introduced. An inset shows which strategic objectives companies use in practice and another inset describes the strategic objectives of a specialty chemicals company. Section 13.3 shows how the portfolio approaches can be used to determine a target portfolio. An inset demonstrates the application of the target portfolio by a retail group. Section 13.4 introduces another methodological approach to define strategic objectives, the materiality analysis. It is mainly known from sustainability management and combines the interests of the stakeholders with the internal perspective of the company. Finally, in Sect. 13.5, a systematic process for defining the strategic objectives for the company is proposed.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-93918-2_13

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DOI: 10.1007/978-3-030-93918-2_13

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