3.1.1 Corporate Objective:
Corporate Objectives explained:
Corporate goals or objectives are high level targets that a business will set for themselves to achieve in a certain time period. Every businesses corporate objectives will be different dependant on the size of the business and whether the objectives are good can, realistically, be achieved. So for example a business like Apple could set a corporate objective of 'increase market share by 10% in the calender year' and this would be a realistic objective because of the size of the business, whereas a business like 'lenovo' may struggle to achieve that as a corporate objective so will need to set something more realistic.
So as we know corporate objectives are the Overall objectives of a company and therefore the goals that are set as corporate objectives are definately going to have an effect on the other objectives of the business for example 'functional objectives' so going back to Apple setting for example an increase of 10% market share, this could mean that functional and marketing objectives then get effected because of the increased demand for there services, e.g. having to work increase productivity to help push for the corporate objectives.
What is a corporate objective?
1. Corporate objectives are specific, realistic and measurable goals which an organization plans to achieve within a given period of time. (Marketing Definitions.com)
2. A well defined and realistic goal set by a company that often influences its internal strategic decisions. Most corporate objective targets used by a business will specify the time frame anticipated for their achievement and how the companies success is going to be assessed. (Business dictionary.com)
Apple Corporate Objectives:
To expand their sales to customers who have not yet own any Apple’s products.
Expanding their distribution network to reach more consumers.
a.Internet Providers b.Third Party Retail Stores c.Flagship Stores
One of Apple’s objectives is to expand their sales to customers who have not yet own an Apple product. They do this not only through advertising but by expanding their distribution network as well. In my opinions, in order to expand their distribution network, Apple has their products such as the iPhone sold in various Internet providers like Smartone, 3, and CSL. Stores such as Smartone aim to sell long-term phone plans with the iPhone. By promoting the popular generations of the iPhone they are able to sell plans along with the iPhone. Apple also offers its products in third party retail stores such as Broadway and Fortress. Lastly they also sell their products in Flagship stores such as the new store opened in Central, Hong Kong. The use of a Flagship store eliminates the need for people to visit stores such as “DGA-Design” in Causeway Bay or the previous “DG” that was located in the IFC Mall. A flagship store located in the heart of Hong Kong for example is a great way to attract customers. Also they offer anything Apple related, from products to software and servicing.
2. Objective: To produce hassle free products that provides service and enjoyment for customers. Strategy: To continue investments in Research and Development