Design a guide for businesses that defines aims and objectives in different sectors.
Unit 2; Business Organisations
Assignment 1; Understand the Purpose and Ownership of Business
Task 1
Design a guide for businesses that defines aims and objectives in different sectors.
Aim – it is a long term target to achieve something. It is an action of directing something at an object.
Object – it is a short term target which helps achieve the aim. It is often linked to the aim.
SMART objectives:
S - Specific - There is a clear definition, containing a number where possible
M - Measurable - This means that the achievement of failure of the task can be measured
A - Achievable - Agreed relate to targets given to you by others
R - Realistic - The target has to be sensible, so it is possible for you to do it in the required time frame
T - Timed related - For every smart objective there should be a date when the objective should be completed by
Primary Sector - G & B Kendall & Sons
Aim: Profit maximisation
Objective: To increase their sales by 10% over the next 12 months.
Secondary Sector - BMW
Aim: To make the company the global motor vehicle market.
Objective: To increase the sales to over 2 million cars per year
Tertiary Sector - Asda, part of WalMart
Aim: To provide goods and services which are cheap and affordable to public costumers.
Objective: To have the prices 10% lower than anywhere else in the next 24 months.
Asda Stores Ltd. Is British supermarket chain which retails food, clothes, general merchandise, toys and financial services.
The purpose of setting Asda’s aim and objectives is for them to achieve something specific. Aim is the goal to achieve something for long term, however the objective is a short term goal. Setting an objective can help them achieve the aim, because both of them are often linked together.
If the company does not achieve the aims and objectives, it could lose customers and therefore sales. The worst case scenario could be they
Assignment 1; Understand the Purpose and Ownership of Business
Task 1
Design a guide for businesses that defines aims and objectives in different sectors.
Aim – it is a long term target to achieve something. It is an action of directing something at an object.
Object – it is a short term target which helps achieve the aim. It is often linked to the aim.
SMART objectives:
S - Specific - There is a clear definition, containing a number where possible
M - Measurable - This means that the achievement of failure of the task can be measured
A - Achievable - Agreed relate to targets given to you by others
R - Realistic - The target has to be sensible, so it is possible for you to do it in the required time frame
T - Timed related - For every smart objective there should be a date when the objective should be completed by
Primary Sector - G & B Kendall & Sons
Aim: Profit maximisation
Objective: To increase their sales by 10% over the next 12 months.
Secondary Sector - BMW
Aim: To make the company the global motor vehicle market.
Objective: To increase the sales to over 2 million cars per year
Tertiary Sector - Asda, part of WalMart
Aim: To provide goods and services which are cheap and affordable to public costumers.
Objective: To have the prices 10% lower than anywhere else in the next 24 months.
Asda Stores Ltd. Is British supermarket chain which retails food, clothes, general merchandise, toys and financial services.
The purpose of setting Asda’s aim and objectives is for them to achieve something specific. Aim is the goal to achieve something for long term, however the objective is a short term goal. Setting an objective can help them achieve the aim, because both of them are often linked together.
If the company does not achieve the aims and objectives, it could lose customers and therefore sales. The worst case scenario could be they