Objectives in Business
2) Over time, as circumstances change, businesses may need to adapt their objectives. In particular, a firms tactical objectives might alter, depending on priorities and circumstances in order to achieve both the implementation of the strategic plan and the firms main goals. Always in a business there is going to be constraints both internal and external. These constraints are going to hinder the progress of business.
Those who believe in the stakeholder approach to business argue that taking into account the needs of all stakeholders when setting objectives rather than only one group, usually the owners, this will mean in the long run all stakeholders will benefit. They say that concentrating on one group is counter productive, as it will alienate the others. This may be true, but in the short term at least there have to be trade-offs between various groups. Only in extreme circumstances will the strategic plan have to be changed. Following the attack of 11 September 2001 and the suicide bombing in London 2005, companies in the travel industry had to adapt their plans. For some businesses it even led to a change in their strategic objectives, such as their sales targets, as these were no longer realistic. A business may have a plan in place to deal with such circumstances, this is known as its contingency plan. Airlines have plans to counter any event that is outside their control. For example, during British airways’ dispute with the