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The difference between financial objectives and strategic objectives is O financial objectives need to be broken down into performance targets for each of the organization's separate businesses, product lines, functional departments, and individual work units, while strategic objectives are needed only in those areas directly related to a company's short-term and long-term profitability. O financial objectives determine the geographic and business scope of the company's operations while strategic objectives should be set in a manner that does not conflict with the performance targets of lower-level organizational units. O financial objectives relate to the financial performance targets management has established for the organization to achieve, while strategic objectives relate to target outcomes that indicate a company is strengthening its market standing, competitive position, and future business prospects. O financial objectives are needed only in those areas directly related to a company's short-term and long-term profitability while strategic objectives need to be broken down into performance targets for each of the organization's separate businesses, product lines, functional departments, and individual work units. O financial objectives help answer the question "Where do we want to go?" and strategic objectives help answer the question "How are we going to get there?"

The difference between financial objectives and strategic objectives is O financial objectives need to be broken down into performance targets for each of the organization's separate businesses, product lines, functional departments, and individual work units, while strategic objectives are needed only in those areas directly related to a company's short-term and long-term profitability. O financial objectives determine the geographic and business scope of the company's operations while strategic objectives should be set in a manner that does not conflict with the performance targets of lower-level organizational units. O financial objectives relate to the financial performance targets management has established for the organization to achieve, while strategic objectives relate to target outcomes that indicate a company is strengthening its market standing, competitive position, and future business prospects. O financial objectives are needed only in those areas directly related to a company's short-term and long-term profitability while strategic objectives need to be broken down into performance targets for each of the organization's separate businesses, product lines, functional departments, and individual work units. O financial objectives help answer the question "Where do we want to go?" and strategic objectives help answer the question "How are we going to get there?"

Purchasing and Supply Chain Management
Purchasing and Supply Chain Management
6th Edition
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Chapter6: Category Strategy Development
Section: Chapter Questions
Problem 1DQ
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The difference between financial objectives and strategic objectives is O financial objectives need to be broken down into performance targets for each of the organization's separate businesses, product lines, functional departments, and individual work units, while strategic objectives are needed only in those areas directly related to a company's short-term and long-term profitability. ○ financial objectives determine the geographic and business scope of the company's operations while strategic objectives should be set in a manner that does not conflict with the performance targets of lower-level organizational units. ○ financial objectives relate to the financial performance targets management has established for the organization to achieve, while strategic objectives relate to target outcomes that indicate a company is strengthening its market standing, competitive position, and future business prospects. O financial objectives are needed only in those areas directly related to a company's short-term and long-term profitability while strategic objectives need to be broken down into performance targets for each of the organization's separate businesses, product lines, functional departments, and individual work units. ○ financial objectives help answer the question "Where do we want to go?" and strategic objectives help answer the question "How are we going to get there?"
Transcribed Image Text:The difference between financial objectives and strategic objectives is O financial objectives need to be broken down into performance targets for each of the organization's separate businesses, product lines, functional departments, and individual work units, while strategic objectives are needed only in those areas directly related to a company's short-term and long-term profitability. ○ financial objectives determine the geographic and business scope of the company's operations while strategic objectives should be set in a manner that does not conflict with the performance targets of lower-level organizational units. ○ financial objectives relate to the financial performance targets management has established for the organization to achieve, while strategic objectives relate to target outcomes that indicate a company is strengthening its market standing, competitive position, and future business prospects. O financial objectives are needed only in those areas directly related to a company's short-term and long-term profitability while strategic objectives need to be broken down into performance targets for each of the organization's separate businesses, product lines, functional departments, and individual work units. ○ financial objectives help answer the question "Where do we want to go?" and strategic objectives help answer the question "How are we going to get there?"
Low-cost leaders who have the lowest industry costs are likely to O be favorites to win the game of strategy in the long run. O understand that they have lower bargaining power with suppliers than rivals who employ a different strategy. ○ have outmanaged rivals in finding ways to perform value chain activities more cost effectively. ○ be considering exiting the current product market and use their competitive low-cost strength to gain a competitive advantage in other product arenas. ○ understand that driving costs to the lowest possible level is the only way to sell cheap products to consumers.
Transcribed Image Text:Low-cost leaders who have the lowest industry costs are likely to O be favorites to win the game of strategy in the long run. O understand that they have lower bargaining power with suppliers than rivals who employ a different strategy. ○ have outmanaged rivals in finding ways to perform value chain activities more cost effectively. ○ be considering exiting the current product market and use their competitive low-cost strength to gain a competitive advantage in other product arenas. ○ understand that driving costs to the lowest possible level is the only way to sell cheap products to consumers.
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