ILO
a) Survival
b) Profit maximisation
c) Other objectives:
- sales maximisation
- market share
- cost efficiency
- employee welfare
- customer satisfaction
- social objectives
a) Survival
b) Profit maximisation
c) Other objectives:
- sales maximisation
- market share
- cost efficiency
- employee welfare
- customer satisfaction
- social objectives
Starter - get yourself a whiteboard and log onto a computer -
•Take a look at the Park Bikeworks: http://www.parkbikeworks.co.uk/about.html
•What are the objectives for this business?
•Why do you think it was started?
•Is there just a profit motive behind this venture?
•Take a look at the Park Bikeworks: http://www.parkbikeworks.co.uk/about.html
•What are the objectives for this business?
•Why do you think it was started?
•Is there just a profit motive behind this venture?
Mission statement - What is this? What should it include?
Aim/Mission: A business aim is the goal a business wants to achieve. A primary aimfor all business organisations is to add value and in the private sector this involves making a profit. More strategic aims include expansion, market leadership and brand building.
Development of objectives from the Mission Statement
Working towards the mission:
- The four functional areas will make sure everything fits - Talk to each other and trust e.g. No point in Sainsbury Marketing team decides on a value image for the company if operations are setting up stores in India's rich elite areas. What added complications are there that can complicate matters? |
What is Shenfields Mission statement?
Why do they set this mission statement?
Who would it benefit?
How would it benefit them?
Why do they set this mission statement?
Who would it benefit?
How would it benefit them?
Once a business has decided on it's aim/mission, what is the next step?
Objective: A business objective is a detailed picture of a step you plan to take in order to achieve a stated aim. These need to be SMART in order for thebusiness to know what progress it has made towards achieving theobjective