LCBB4003: Modern Workplace Goals and Objectives Analysis - Chanel

This report analyzes the goals and objectives within the modern workplace, using Chanel as a case study. It begins by outlining Chanel's mission and strategic goals, including market expansion and addressing the grey market. The report emphasizes the importance of setting goals for providing purpose, monitoring performance, and removing confusion within an organization. It then delves into the GROW model, a structured approach for establishing objectives, covering Goal setting, Current Reality assessment, Options exploration, and Will (or way forward) determination. The report references relevant academic sources to support its analysis of Chanel's strategies and the broader principles of goal setting in a business context. The report provides a framework for understanding how organizations like Chanel define and pursue their objectives to achieve their vision and mission.

Introducing the modern
workplace
(Goals and Objectives)

Contents
Goals and Objectives...................................................................................................................................3
Why Goals are important.............................................................................................................................3
How to establish objectives.........................................................................................................................4
References...................................................................................................................................................6

Goals and Objectives
Chanel has a clear mission i.e. "To be the Ultimate House of Luxury, defining style and
creating desire, now and forever." They want to remain exclusive but this does not mean that
they do not want to expand their business. There is no doubt that Chanel is a luxury brand and
they always concentrate on selling those products that are not available for all the people.
Goal - To remain and expand business in new markets by taking calculated risks.
Objectives
 To carry the legacy of brand in new market. To end grey market of Chanel’s officering. To enhance revenue from Asian market.
Chanel is considered as second largest luxury brand across the globe. They want to enter in
more countries but company also understand they cannot distract from “being exclusive’’ as it is
the most important thing for company (Abimbola and et al., 2012). They also want to end grey
market where company’s products are very popular for smuggling and re-selling. Every global
brand understand that Asian market will drive growth in future; Chanel also want to expand in
this region and this is main reason that surprising reduced price of their some products in China
so they can earn more revenue.
Why Goals are important
Every organization has a mission and vision. Goals and objectives are anticipated results
which company’s management tries to attain in order to move forward towards organization’s
mission and vision. Setting targets is important for giving direction to the ends of people who are
working in the enterprise. Below are few points that depict why goals are significant for
corporation:
Provide sense of purpose – Objectives give a reason to the organization for proceeding
forward. If an organization does not have any goals then there will be a big question mark on
their existence. Chanel also set objectives so they do not lose their focus and keep moving in

right direction. Their objectives change with time as business environment is not predictable;
currently they are concentrating on increasing footprints in Asia and they are also trying to
address issue to grey market (Sugimoto and Nagasawa, 2017).
Assist in monitoring – If is difficult to judge performance of someone unless there are
predetermined targets. Goals play crucial role in judging that whether company has performed
well or not. It allows management to find mistakes which is done by organization and at the
same time it assists them in setting targets for future. Chanel also decides their future plan by
evaluating performance of enterprise.
Remove confusions - In absence of clear goals, employees on an enterprise cannot
synchronize their efforts. They may end in putting their efforts in attaining different target or
may end up but achieving nothing. Objectives provide a clear target to all the employees and
remove different kind of confusions that may arise in mind of workers. Chanel is clear about
their goal of being a luxury brand which is for limited people (Nagasawa and Yusuke 2013).
How to establish objectives
GROW model is used for planning journey; it is generally used for developing skills in
people but it is also effective in establishing objectives. Below is four step process for setting
goals:
Goal – The first step is to set a goal which is specific, measurable, achievable, realistic
and time bounded. This type of specific target will automatically remove confusions and may
answer how team is going to proceed towards target. In case of individual, it depends of career
objectives and in case companies, it depends on their vision.
Current Reality – There is no point in setting a goal by ignoring current reality. First of
all, individual or team needs to understand that what their current position is (Watts and Corrie,
2013). After that they have to check that whether team has already taken are any steps for
moving forward towards set goals. They also have to make sure that objectives should not
contradict with other goals.

Options (or obstacles) – Exploring available options is significant for finding best one.
Whenever a team starts working on some objective then they have various routes to adopt for
attaining that target. Most important thing is to choose right option but analyzing advantages and
disadvantages of each alternative. Weighted average is considered as better solution in case there
is a close competition in available options.
Will (or way forward) – Goals, currently reality and alternatives to achieve them does not
matter if a team or individual is not willing to work for them. Consistency and reviewing own
progress is important for getting close to set target.

References
Books and Journals
Abimbola, T and et al., 2012. Self‐congruity, brand attitude, and brand loyalty: a study on luxury
brands. European Journal of Marketing.
Nagasawa, S.Y. and Yusuke, I., 2013. Luxury Strategy of Beauty Products by Chanel. In
International Marketing Trend Conference.
Sugimoto, K. and Nagasawa, S.Y., 2017. Luxury branding: the case of Chanel. International
Journal of Quality and Service Sciences.
Watts, M. and Corrie, S., 2013. Growing the'I'and the'we'in transformational leadership: The
LEAD, LEARN & GROW model. The Coaching Psychologist.