Factors that determine the primary goals and objectives of a business: A Case Study of Coca-Cola
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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According to Chandler, A.D., strategy is the determination of a long-term goal and objectives of a business and the acquiring of various methods on how to achieve the goal and allocating resources that will help in the achieving of the set goals. According to White (2004), strategy is the merging plan of purpose, determination, and action. Therefore, strategy is a combination of the desires of a company and humans to achieve certain set goals and objectives. This paper examines and aims to understand the factors that influence the determination of primary or long-term goals and objectives of a business particularly looking at Coca-Cola.
Long-term goals are the objectives that an organization wishes to achieve in the long run or the future. These goals are intended to foresee three to five years into the future. A well-managed business is said to have clear and well-defined long-term goals that determine the direction of the organization as well as short-term goals that drive the acquisition of long-term goals. Both short-term and long-term goals are vital to an organization because they clearly define the intention of the business and enable the managers to come up with activities that will help it in achieving its goals and objectives. Long-term goals of an organization include; increasing personal wealth, increasing sales and profits, and improving brand recognition among so many others.
The process of determining the long-term goals of a company is referred to as a long-term strategy and is a way in which a company defines its long-term goals. It refers to a detailed plan that describes an organization’s future goals. A strategic plan recognizes an organization's decisions, growth, and objectives.
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Factors that determine the primary goals and objectives of a business: A Case Study of Coca-Cola
Key Learning Outcomes
By the end of the case, students should be able to:
- Demonstrate knowledge and understanding of what the primary goals and objectives of an organization are
- Outline the various factors that determine the primary goals and objectives of the Coca-Cola Company
- Apply the knowledge attained to real-life organizations
1.0 INTRODUCTION
Strategy is the determination of a long-term goal and objectives of a business and the acquiring of various methods on how to achieve the goal and allocating of resources that will help in the achieving of the set goals. Strategy in businesses helps them to devise different means in which to generate income and compete effectively by bringing into the market products or services that are highly demanded and those that meet the customer’s changing needs. This paper is going to examine and understand the factors that influence the determination of primary or long-term goals and objectives of a business particularly looking at Coca-Cola.
Coca-Cola is a total beverage company that manufactures, distributes, and markets both its alcoholic and non-alcoholic beverage drinks and syrups. The company is well known for its popular pioneer product coca cola which was invented by John Stith Pemberton in the year 1886.
The essay begins by describing what the long-term goals of an enterprise are. Long-term goals are the objectives that an organization wishes to achieve in the long run or the future. These goals are intended to foresee three to five years into the future. A well-managed business is said to have clear and well-defined long-term goals that determine the direction of the organization as well as short-term goals that drive the acquisition of long-term goals.
What are the long-term objectives of Coca-Cola Company? The long-term objectives of the company are to achieve efficient globalization through introducing strategies that outperform or exceed those of its competitors as well as new entrants in the beverage market. (Armstrong et al., 2015) whereas their short-term goals are to guarantee customer satisfaction and expansion into society.
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