Business Aims and Objectives

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What is an aim?

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9 Terms

1

What is an aim?

The long term objective of the business

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2

What does SMART stand for?

Specific

Measurable

Agreed

Realistic

Timebased

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3

What is an objective?

A short or medium term target of a business needed to reach its aim.

(E.G. increase sales by 20% in the next 5 years)

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4

Give 3 examples of aims got profit organisations

  • Survival

  • Profit maximisation

  • Increase sales revenue

  • Increase market share

  • Growth / expansion

  • Improve reputation / increase brand awareness

  • Improve quality / satisfy customers

  • Environmental / ethical aims

  • Provide jobs

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5

Give 3 examples of aims for not-for profit organisations

  • To serve the community

  • Provide jobs

  • To provide services

  • To avoid wasteful duplication of resources where a natural monopoly exists, such as rubbish collection and beach cleaning.

  • To control strategic industries.

  • To prevent exploitation by monopoly suppliers.

  • To help people in need

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6

Give 2 reasons why some businesses decide to remain small.

  • Owners are content

  • Can survive on a low cost structure

  • Some niche markets have no scope for growth

  • Services delivered better on a small scale

  • Consumers may prefer to buy from small businesses

  • They can adapt quicker than large businesses

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7

What are some External Stakeholders?

  • Suppliers

  • Society

  • Government

  • Creditors

  • Shareholders

  • Customers

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8

What are some internal stakeholders?

  • Employees

  • Managers

  • Owners

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9

What are stakeholders?

Individuals and organisations who are affected by the decisions and actions of a particular business

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