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