What are the different types of strategic business goals?
strategic business objectives may be related to increasing profitability, market share, brand visibility, change of consumers' perception and ethics. They are often measurable and can be short or long -term. Some types of goals are focused on non -financial objectives, such as improving the circumstances of a particular population group or access to basic resources. Non -profit organizations usually create these types of goals that do not focus on increasing net profit.
Financial strategic business objectives are some of the most common types. They may be related to increasing profitability for a specific period, such as a year or for a specific product line. For example, the company can set the target of a growing sales by 10 percent in a particular region. Another example of the financial goal would be to increase the market share for the product line by 12 percent over the year.
Strategic marketing -related business objectives can complement the rofitability. For example, an increase in the brand's visibility for the product lineU can result in a larger amount of short -term and long -term sales volume. If the company is able to maintain its production costs sufficiently low, the share of increased sales will increase net profitability. As more customers try and accept the product, loyalty can be determined, which can lead to long -term growth.
position is another strategic business technology that creates unique features of the brand's mind in the consumer's mind. Companies may want to change the way their products or services are perceived on the market. In highly competing industries where the product can be easily replaced, the location of how to smooth out competitive activity, increase the market share and maintain customer loyalty. Examples on the market in the retail market could offer "everyday lCeni OW" or "trouble -free shopping experience.
Included in the types of strategic business goals is a goalEM to improve the level of service. The company may want to increase the number of customers who receive solutions to their problems when they first turn to the company's services department. Another goal may be to integrate personalization to improve the customer's service level. Reducing the number of complaints that the company receives on its product is another type of strategic objective related to customer service.
ethical concerns can shape the strategic business objectives of the company. For example, may want to change production processes to become more environmentally friendly. Non -profit organizations often focus on goals that seek to solve a sociological problem or improve the inhuman situation. An example would be a hiding place for a homeless man who would like to increase the number of families that gain self -sufficiency up to six months 5 percent.