Aiims and Objectives

Only available on StudyMode
  • Download(s) : 604
  • Published : January 23, 2012
Open Document
Text Preview
Task 1 – The aims and objectives of Tesco & Nike

Aims:
An aim is a goal of which a business wants to achieve. For example, some businesses aim to expand whilst others aim to survive. Another aim that a business can have is selling as much as possible whilst others aim to improve the quality of their products.

Objective:
An objective is what a business wants to achieve but more precise targets than aim. For example an objective for a business can be to sell 1000 more products than we sold last year, sell more products than its competitors, make £20,000 more profit than the previous year.

Aim vs Objective:
The difference between an aim and an objective is that an objective is more precise and measureable than an aim. For example an aim can be to make more profit, whilst an objective can be to make £10,000 more profit than the previous year.

The best type of objectives is a SMART objective.
SMART stands for the following;
S - Specific
M – Measurable
A - Agreed
R - Realistic
T – Time constrained

An example of a SMART objective is ‘to increase in sales of organic products to £1 billion by 2006’. This is a specific objective, it is also measurable and is time constrained it must be achieved by 2006, given customer interest in organic product, it is also realistic, and if this objective has also been agreed with suppliers and store managers, this it is a SMART objective, but if Tesco had merely said it wanted ‘to increase sales of organic product’ then this is not SMART, and it also cannot be measured easily.

Why an objective must be measurable?
An objective of a business must be measurable in order to see if the business has reached its aim, however if it is necessary a business can change its objective in order to meet its aim. A business can make its objective measurable; instead of saying we will make more profit. A business can make its objective measurable by giving it a time to measure; therefore a measurable objective can be we will make £10,000 more profit than the previous year.

Aims of Nike:
• Nike is aiming to upgrade its profit by more than 50% in the next five years. From the Internet. • Nike is aiming on developing low-cost canvas footwear in developing countries in the next 3 years. From the Internet. • Nike is aiming to keep their brand as the largest sportswear brand in the world, by preventing Adidas from outshining them. From the Internet. • By the next year Nike is aiming to show in its adverts, and annual reports that it has good intentions with regards to working conditions. From the Internet. • Nike is aiming for 50% Revenue Growth over Next Five Years. From the Internet. • Nike is aiming to upgrade its volume more than 50% in the next fives years. From the Internet.

Aims of Tesco:
• Tesco is aiming to upgrade its profit by more than 50% in the next five years. From the Internet. • Tesco is aiming to understand their customers better than anyone in the next 3 years. From the Internet. • Tesco is aiming to make their company the largest supermarket in the next 8 years, by outshining global competitors such as Wal-Mart and Carrefour. From the Internet. • Tesco are aiming to provide 150 more organic products than the previous year. From the Internet. • By the next year Tesco is aiming to show in its adverts, and annual reports that it has good intentions with regards to working conditions. From the Internet.

Aims and objectives of Tesco and Nike:
All types of businesses including Tesco and Nike must be professionally organised in order to achieve the aims and objectives that it has set itself. Businesses including Tesco and Nike must have aims to find out which department that they need to improve in, in order to improve the business as a whole. Businesses including Tesco and Nike must make objectives to find out how they are going to achieve the aims that it has set itself.

Why the aims and objectives of Nike and Tesco...
tracking img