Pop Quiz Time! Do you remember that time your favorite app got a whole new look, and you had to learn how to navigate it again? Now, think about that from the perspective of the app makers - they changed their objectives due to certain factors.
Objectives can change for businesses too, and they can be classified under three levels
These objectives can change due to two types of environment
Let's do some digging!
Leadership: When Steve Jobs returned to Apple in 1996, he completely transformed the company. New leaders can bring fresh perspectives, leading to changes in objectives.
Human Resources (HR): Anything related to employees. For instance, if a union goes on strike, the company may need to revise its objectives.
Organization: Mergers or acquisitions, like when Kraft bought Cadbury, can shake up a business's objectives.
Product: If a product isn't performing well, the company might need to change its objectives. For example, Lucozade switched from being a health drink to a sports drink, tripling its sales!
Finance: If funding decreases or becomes hard to come by, businesses need to adapt. In 2009, FIFA's "Financial Fair Play" rule forced football teams to change their spending habits.
Operations: Changes in production methods or processes may necessitate changes in objectives. It's like moving your bedroom - you'll have to find a new best place for your gaming setup!
Dive deeper and gain exclusive access to premium files of Business Management HL. Subscribe now and get closer to that 45 🌟
Pop Quiz Time! Do you remember that time your favorite app got a whole new look, and you had to learn how to navigate it again? Now, think about that from the perspective of the app makers - they changed their objectives due to certain factors.
Objectives can change for businesses too, and they can be classified under three levels
These objectives can change due to two types of environment
Let's do some digging!
Leadership: When Steve Jobs returned to Apple in 1996, he completely transformed the company. New leaders can bring fresh perspectives, leading to changes in objectives.
Human Resources (HR): Anything related to employees. For instance, if a union goes on strike, the company may need to revise its objectives.
Organization: Mergers or acquisitions, like when Kraft bought Cadbury, can shake up a business's objectives.
Product: If a product isn't performing well, the company might need to change its objectives. For example, Lucozade switched from being a health drink to a sports drink, tripling its sales!
Finance: If funding decreases or becomes hard to come by, businesses need to adapt. In 2009, FIFA's "Financial Fair Play" rule forced football teams to change their spending habits.
Operations: Changes in production methods or processes may necessitate changes in objectives. It's like moving your bedroom - you'll have to find a new best place for your gaming setup!
Dive deeper and gain exclusive access to premium files of Business Management HL. Subscribe now and get closer to that 45 🌟