Jurgen Klopp's side have lost four of their first seven matches and picked up just one point from the last 12 available.
Last weekend's 1-0 defeat to struggling Hamburg left Dortmund in 13th position, already 10 points behind leaders Bayern Munich.
However, Watzke remains optimistic Klopp can turn the club's fortunes around and secure a UEFA Champions League place with a top-three finish.
"We declared a clear objective before the start of the season and I cannot see any reason to revise this," the general manager said in Kicker magazine.
"We want to qualify directly for the Champions League and I'm convinced that we will succeed.
"I don't think we've made any major mistakes in truth. I prefer to speak of an accumulation of mishaps which have led to us not working perfectly.
Dortmund return to league action next Saturday with a trip to Cologne. Their first meeting with Bayern this season comes two weeks later on November 1.
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