Upload
anastasia-arnold
View
212
Download
0
Embed Size (px)
Citation preview
OBJECTIVES are specific targets that must be
achieved if the business is to fulfil its aims.
AIMS are the overall goals and purposes that the business was set up to fulfil.
Making or increasing profit
Improving market share
Providing goods/services to the local community
Surviving as a business (or expanding)
Diversification of products and/or service
Maximising sales or improving quality
Providing a highly competitive service
Providing charitable or voluntary services
Being environmentally friendly
General Aims in Business
Corporate Objectives
Corporate objective
Value to the firm adopting it
Market share •More control over price•Helps establish future new products
Profit Maximisation
•Increase share price•Meet many shareholders’ objectives
Growth •Remain price-competitive•Help control competition
Diversification
•Enter new markets to increase profits•Spread the risk
Quantifiable defined in way that can be measured.
Achievable they must be targets that the business can realistically meet.
Corporate objectives should be:
S - pecificM - easurableA - ttainableR - ealisticT - imed
Corporate objectives are turned into departmental
objectives
Mission Statements
The overall aim of a business is given in its mission statement
Our core purpose is to create value for customers to earn their lifetime loyalty.
Our success depends on people. The people who shop with us and the people who work with us.
If our customers like what we offer, they are more likely to come back and shop with us again.
Tesco PLC
Objectives can be:
Short-term objectives
Medium-term objectives
Long-term objectives
Up to one year
Between one and five years
Longer than five years
Monitoring Performance
Establish aims
Set targets Monitor actual performance
Evaluate performance against targets
Revise targets Achieve aims