When achieving objectives requires a trade off short term objectives should usually take precedence over long term objectives?

Abstract

Trade-offs between the conflicting aspects of corporate sustainability (CS) have hindered the realization of win-win opportunities that advance both sustainable development and the bottom line. The question today is no longer whether these trade-offs are encountered in the pursuit of CS, but under which circumstances they occur, with which responses, and how best to navigate them. This study conducted a systematic review and content analysis of the trade-off literature published to-date at both conceptual and applied levels. Through this process, a hierarchical framework is proposed for the analysis of trade-offs based on their different categories, their root tensions, their interconnections, and where they are encountered in the practice of CS, from policy to implementation. Based on this, a number of recommendations are provided on how managers may better navigate the hierarchy of trade-off decision-making, to ultimately transform trade-offs into synergies. Several suggestions for future trade-off research are also provided.

Journal Information

The Journal of Business Ethics publishes original articles from a wide variety of methodological and disciplinary perspectives concerning ethical issues related to business. Since its initiation in 1980, the editors have encouraged the broadest possible scope. The term 'business' is understood in a wide sense to include all systems involved in the exchange of goods and services, while 'ethics' is circumscribed as all human action aimed at securing a good life. Systems of production, consumption, marketing, advertising, social and economic accounting, labour relations, public relations and organisational behaviour are analysed from a moral viewpoint. The style and level of dialogue involve all who are interested in business ethics – the business community, universities, government agencies and consumer groups. Speculative philosophy as well as reports of empirical research are welcomed. In order to promote a dialogue between the various interested groups as much as possible, papers are presented in a style relatively free of specialist jargon.

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Springer is one of the leading international scientific publishing companies, publishing over 1,200 journals and more than 3,000 new books annually, covering a wide range of subjects including biomedicine and the life sciences, clinical medicine, physics, engineering, mathematics, computer sciences, and economics.

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MGT 4302Connect AssignmentsCHAPTER 2 ConnectA company's ___ objectives communicate management's targetsfor revenues, profits or Investment returns. whereas ___ objectivesare related to a company's competitive strength and marketposition.strategic; financialshort-term; long-termresults-oriented; strategic-orientedfinancial; strategicA company's financial objectivessignal that the company is well-positioned to sustain orimprove performance.are leading indicators of a company's future financialperformance and business prospects.are lagging indicators that provide evidence of thesuccess or failure of the company's past activities.the most reliable predictors of future success in themarketplace.A true or false: when achieving objectives requires a trade-off,short-term objectives should usually take precedence over long-term objectivesfalse

Crafting strategy:is often a process that Includes managers up anddown the whole organizational hierarchy.is not generally a collaborative team effort.

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Essentials of Strategic Management, 6e (Gamble)

Chapter 2 Strategy Formulation, Execution, and Governance

1) Which one of the following is not one of the five stages of an ongoing, continuous strategic

management process?

A) Developing a strategic vision of what the company's future direction and focus needs to be

B) Developing a sustainable business model

C) Crafting a strategy to advance the company along the path that management has charted and

achieve its performance objectives

D) Setting objectives to measure progress toward achieving the strategic vision

E) Executing the chosen strategy efficiently and effectively

Answer: B

Explanation: As shown in Figure 2.1, the process of crafting and executing a company's strategy

is an ongoing, continuous process consisting of five interrelated stages: (1) developing a strategic

vision that charts the company's long-term direction; (2) setting objectives for measuring the

company's performance and tracking its progress in moving in the intended long-term direction;

(3) crafting a strategy for advancing the company along the path management has charted and

achieving its performance objectives; (4) executing the chosen strategy efficiently and

effectively; and (5) monitoring developments, evaluating performance, and initiating corrective

adjustments in the company's vision and mission statement, objectives, strategy, or approach to

strategy execution in light of actual experience, changing conditions, new ideas, and new

opportunities.

2) Which of the following is an integral part of the managerial process of crafting and executing

strategy?

A) Developing a proven business model

B) Setting objectives and using them as yardsticks for measuring the company's performance and

progress

C) Deciding how much of the company's resources to employ in the pursuit of sustainable

competitive advantage

D) Communicating the company's mission and purpose to all employees

E) Deciding on the composition of the company's board of directors

Answer: B

Explanation: Figure 2.1 displays the five-stage process: (1) developing a strategic vision, (2)

setting objectives, (3) crafting strategy, (4) implementing and executing the chosen strategy, and

(5) evaluating and analyzing the external environment and the company's internal situation and

performance.

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Why should long term objectives take precedence over short term objectives?

What are the different key factors that needs to remember to have a successful and effective strategy implementation?

Which of the following is the first step of the strategy making process multiple choice question?

What are the strategic objectives?