Distinguish between objectives, strategies, and tactics.
Objectives are established and goals that companies need to fulfill. This is the long term goals of the company. Strategies are developed and used to achieve the objectives, this stage is only planning what to do and what the different stages of the plan would be. Tactics are the specific activity that carry out the planned strategy.
Distinguish between mission and vision statement.
A mission statement is a short blurb of what the company is currently doing such as providing for countries all over the world and it’s very specific because companies can accurately describe what they’re doing. A vision statement is a statement of what the company hopes to achieve over time and this would be very broad and unspecific.
Identify the objectives, strategies, and tactics of Coca-Cola
Coca-Cola is known world-wide for it’s distribution of non-alcholoic beverages. Their objective is to “maintain a trusted local presence in every community we serve. We are constantly looking ahead to anticipate what our communities may need and gathering resources to support them.” To carry out this objective, they’ve devised a strategy to “build out on fundamental strengths in marketing and innovation driving increased efficiency and effectiveness in interactions with out system and generating new energy through core brands that focus on health and wellness.” Their tactic is to increase their annual marketing budget, launch many new products, and developed a model to help our retail customers maximize their sales.
Explain the importance of objectives in managing your organization.
By having objectives, the Coca-Cola company can strive towards a goal and create new drinks. With objectives, they can continue to plan for the next five to ten years. Coca-Cola can spend more time in creating new ways to commercialize their product everywhere. Such as helping local communities and supporting them financially so they can create more businesses and maximize profit.
Analyse the role of your company’s mission statement.
Coca-Cola’s mission statement is:
“Our roadmap starts with our mission, which is enduring. It declares our purpose as a company and serves as the standard against which we weigh our actions and decisions.”
Coca-Cola has used the word “roadmap” which indicates that their mission statement is positive and optimistic because they’re saying there’s a future to look forward to. Their mission is a standard to which they create values and make differences in communities too poor to afford even basic necessities. So Coca-Cola decides to fund these communities and in turn they create a new place to generate profits.