Financial Objectives
Nike’s financial goals rely on current financial statements. Firstly, the organization needs to optimize production in the best way, which will be signaled by the positive dynamics of the gross profit ratio. Secondly, according to the company’s goal of inspiring every athlete in the world, it is necessary to increase the percentage of revenue by 20% in 5 years, taking into account rising inflation (Nike, 2022). Finally, in the long term, Nike should maintain the current ratio but also help increase it to 3-4 points. The time frame for achieving the goals varies from five to eight years, and the measure will be the financial indicators themselves.
Customer Objectives
Under the new conditions, the goals for clients could undergo various changes. First, Nike must focus on delivering almost the entire world to reach a larger audience. Secondly, in times of crisis, the value proposition of the goods must remain at affordable prices and provide quality service. Finally, the goal can be seen as maintaining a loyal brand through corporate social and environmental responsibility activities. The terms of these goals are several months; the measure will be differentiated financial indicators in the markets and surveys.
Internal Business Process Objectives
Internal business processes need to gain more flexibility in the face of global supply chain changes and crises. First, Nike’s goal is to adapt the volume of its products to the changing market. Secondly, the task is to maintain and even increase this volume with the help of marketing departments. Finally, the company must improve its presence in emerging markets, as many countries in this segment are improving their economic position. The terms of these goals are approximately six months to a year; the measure will be sales figures.
Learning and Growth Objectives
L&G goals should include building a value-driven internal culture within the company, supporting a valued training system in the marketplace, and developing remote work opportunities and conditions. These objectives communicate with modern trends in social responsibility in the field of diversity and inclusiveness, are aimed at company employees, and contribute to the development of the brand from the inside. The terms can vary from six months to five years, depending on the complexity of the changes. The measure can be the results of surveys of employees within the company as a control instrument.
Reference
Nike. (2022). Read Nike’s Mission Statement, find information about NIKE.