Strategic objectives are important for a company in terms of giving direction and purpose for the entire organization. Formally defined, strategic objectives mean the goals of the organization which are considered for implementation as a part of a strategic plan (Connolly, Arkes, & Hammond, 2000). More so, it is considered as a factor which is important in bringing about an informed judgment for the management in terms of the things which are to be done (Connolly, Arkes, & Hammond, 2000).
In terms of the situation encountered by Able Corporation, there is a need for a turnaround situation. This particular concept is considered by scholars as a state or process which a firm, beset with troubles or problems, enters back into a more stable and better condition or comes out of a decrease in terms of performance (Murphy & Meyers, 2007). In turnaround situations, leaders consider traditional methods of corporate planning to be unsuitable for the situation and should rather be approach by, at first, intuition that can arise out of formal or informal planning (Bibeault, 1998).
The two strategic objectives required by Able in a turnaround situation would have to be the upgrading of manufacturing plants and intensive marketing research and related marketing activities based on the results of the research. The first strategic objective would require a new technology to be introduced in the process of manufacturing for the goods sold. This is required because of the obsolete characteristics of the current ones used that raises the costs and lowers the competitiveness of the company’s products.
With the competitive market and constant need for innovation, in order to address the needs of the clients, there should also be changes made with regard to the processes of the company to meet consumer demands and lower the costs for manufacturing or producing the good. For the second objective, this has the purpose of identifying and painting a picture of what the current market is.
In doing so, the company is able to adhere to what are needed, keep abreast with the changes that need to be implemented, and find ways to enlarge the demand for the company’s products. Without vital information regarding the consumers, there is a lesser chance for the company to be able to strategically position itself in the market. Moreover, the marketing activities would serve as the company’s means of communicating with the consumers that the organization is back with better services and products that suits their needs and benefits their lifestyle.