Business Aims & Objectives

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Business Aims and Objectives

Business Aims are long term goals that a business wishes to succeed. There are 4 different types of aims:

• Financial
Financial aims are aims that usually related to the income or the capital earned within a company. An example of a financial aim could be to make profit or to increase the profit. For example Tesco’s financial aim could be to increase profit by 3% by next year.

• Ethical
Ethical aims are aims which are usually related to the environment. An example of an ethical aim could be to introduce fair-trade products within their business, or could be to reduce waste. For example, Topshop’s Ethical aim could be to use only fair trade cotton for their products.

• Market centred
Market centred aims are aims that are to do with current market positions. An example of an ethical aim could be to maintain market leadership, or to expand the business abroad. For example Nikes market centred aim could be to increase their market share by 5% in the next 2 years

• Customer centred.
Customer centred aims are aims that are related to the customers and are there to improve the customers needs. An example of a customer centre aim could be to improve customer service. For example, Marks & Spencer’s customer centred aim could be to offer more products and services for their customers.

Objectives are usually short term and help a business to achieve its aims

Specific
Measureable
Attainable
Realistic
Time related

To make a profit of 5% in 1 year
Reduce costs by 2% in 6 months

Business Aims are long term goals that a business wishes to succeed. There are 4 different types of aims: • financial
• ethical,
• market centred,
• Customer centred.
Examples of financial aims could be to make profit or to increase the profit. An example of an ethical aim could be to introduce fair-trade products within their business. An example of a market centred aim could be to maintain market leadership. An example of a...
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