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The Aims and Objectives of Businesses

The Aims and Objectives of Businesses. All Businesses can have…. Mission statements Aims & Objectives. …the main purpose of a business is stated in a…. Mission statement. Mission statements. … by reading a mission statement you can usually tell what a business actually does!.

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The Aims and Objectives of Businesses

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  1. The Aims and Objectives of Businesses

  2. All Businesses can have…. • Mission statements • Aims & • Objectives

  3. …the main purpose of a business is stated in a…. Mission statement

  4. Mission statements …by reading a mission statement you can usually tell what a business actually does!

  5. Microsoft’s Mission statement Bill Gates has said that Microsoft’s mission is…. “taking the internet, combining it with great software and turning that into the most powerful tool of all time”.

  6. You should be able to tell that Microsoft is involved with the internet, computers and software development! Mission statements

  7. British Airway’s Mission statement …is “to be the undisputed leader in world travel”

  8. ...from this you should know that British Airways operates in the travel market. British Airway’s Mission statement

  9. …but it is not very clear about which type of travel (except for the fact there is the word ‘Airways’ in the Company name!) British Airway’s Mission statement

  10. …it is one thing to state a mission or a purpose but another to achieve it.

  11. To achieve its purpose, a business must have…. Aims the goals the business wants to achieve Objectives practical steps to achieve the goals - usually quantified (measurable)

  12. Aims

  13. Aims…. In business the main aims are usually • Survival • Profit maximisation • Growth

  14. making a profit providing goods and services to the local community surviving expanding (see ppt on growth) maximising sales improving quality of product improving quality of service providing a highly competitive service providing a charitable service providing a voluntary service being environmentally friendly Many businesses have some or all of the following aims….

  15. British Airways Aim “being the airline of first choice in key markets”

  16. Objectives

  17. Objectives are measurable... a business needs to identify specific practical targets it needs to accomplish in order to achieve its aims. These are called OBJECTIVES

  18. Objectives are quantified... So that success can be easily measured. Eg British Airwayscould have an objective “to increase sales of air tickets to business passengers by 5% a year in Europe”

  19. Aims are long term more subjective not easily measured Objectives are short term more objective easily measured Aims Vs Objectives

  20. SMART Objectives

  21. SMARTOBJECTIVES Are S specific M measurable A agreed R realistic T time constrained

  22. Evaluating performance

  23. Work towards objectives Specify objectives Check performance regularly How to check aims and objectives Decide aims If unsatisfactory Take corrective action Adjust/review objectives Change aims

  24. The Aims and Objectives of Businesses

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