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    7 - Business Objectives-1 PDF

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    Panashe Musengi
    Small businesses have several key objectives: survival, profit, providing quality service, customer satisfaction, growth, market share, and social responsibility. A business's objectives help it focus on goals like lowering costs (for survival) or increasing sales and profits (for profit and market share). Objectives vary depending on if a business is private or public sector. A mission statement outlines a business's objectives and values for stakeholders.

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    7 - Business Objectives-1 PDF

    Uploaded by

    Panashe Musengi
    617 views14 pages
    Small businesses have several key objectives: survival, profit, providing quality service, customer satisfaction, growth, market share, and social responsibility. A business's objectives help it focus on goals like lowering costs (for survival) or increasing sales and profits (for profit and market share). Objectives vary depending on if a business is private or public sector. A mission statement outlines a business's objectives and values for stakeholders.

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    Small businesses have several key objectives: survival, profit, providing quality service, customer satisfaction, growth, market share, and social responsibility. A business's objectives help it focus on goals like lowering costs (for survival) or increasing sales and profits (for profit and market share). Objectives vary depending on if a business is private or public sector. A mission statement outlines a business's objectives and values for stakeholders.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    617 views14 pages

    7 - Business Objectives-1 PDF

    Uploaded by

    Panashe Musengi
    Small businesses have several key objectives: survival, profit, providing quality service, customer satisfaction, growth, market share, and social responsibility. A business's objectives help it focus on goals like lowering costs (for survival) or increasing sales and profits (for profit and market share). Objectives vary depending on if a business is private or public sector. A mission statement outlines a business's objectives and values for stakeholders.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 14

    HOW DO SMALL

    BUSINESSES OPERATE
    Business Objectives
    LEARNING INTENTIONS AND
    SUCCESS CRITERIA
    LEARNING INTENTIONS: SUCCESS CRITERIA:
    I understand the • I can explain what a
    different objectives that business objective is.
    • I can identify suitable
    businesses may be
    objectives for different
    pursuing. types of business.
    • I can explain the
    purpose of a Mission
    Statement.
    What is an Objective
    An objective is something a business aims
    for. It is a target or goal to be achieved.
    Objectives help a business to focus on what
    it needs to do to achieve its goals.

    FOR EXAMPLE -
    You have the objective to get good results in all
    your subjects this year, but this will not happen by
    itself – you will need to attend classes, participate
    in activities, complete homework and study.
    What Objectives do Businesses
    Have?
    There are 7 objectives that we will learn about:
    • Survival
    • Profit
    • Providing a Quality Service
    • Customer Satisfaction
    • Growth
    • Market Share
    • Social Responsibility
    Survival
    • This is a key objective as all the other
    objectives would be pointless if the
    business did not survive.
    • Survival is particularly important to small
    businesses who find it more difficult to
    survive due to lack of financial resources.
    • When survival is threatened, the business
    must focus of lowering costs and cutting
    production to save money.
    Profit
    Private Sector businesses are usually set up
    with the aim of maximizing profits for their
    owners. Public and Third Sector businesses
    are not.

    Profit arises when income from sales is


    more than the businesses costs for making
    those sales.
    Providing a Quality Service
    This is an objective of all businesses but
    particularly those who offer services rather
    than goods.

    It is also a key objective of Public and Third Sector


    businesses, as they do not aim to make a profit but
    rather to provide the best service they can within
    the budget that is available to them.
    Customer Satisfaction
    All businesses want to have a positive image and
    to be highly regarded by their customers so that
    customers stay loyal to their business.

    To achieve satisfaction they have to provide


    high quality goods and services, have a customer
    care strategy, high levels of staff training and have
    good after-sales service.
    Growth
    Private Sector businesses are interested in
    growth so that they can make more profit.

    Growth can be achieved by employing more


    staff, opening more branches, changing
    business structure eg from a sole trader to
    a partnership or Ltd Company.
    Market Share
    Increasing the market share of the total
    number of possible customers is an
    objective of Private Sector businesses. The
    more customers they have, the more Sales
    and Profits they will achieve.

    If a business has the highest market share,


    they are known as the MARKET LEADER.
    Social Responsibility
    All businesses nowadays are expected to show a
    degree of social responsibility. This means they
    have to operate in an ethical way by being seen to
    be doing the right thing as regards their staff,
    customers and the local community and
    environment.

    If a business fails to act in this way, they can be


    the target of negative publicity and pressure
    groups, which may have an impact on their sales
    and profits.
    TASK
    • Complete Worksheet 7 in your jotters.
    THE MISSION STATEMENT
    Businesses often publish their objectives
    and core values in a document called a
    Mission Statement.

    This document is of interest to stakeholders


    because it shows what the business is
    trying to achieve and how it is going to go
    about this.
    MISSION STATEMENT TASK
    In small groups access the following websites to
    find information about the organisation’s Mission
    Statement and prepare a short powerpoint
    presentation about this.
    www.coca-colacompany.com
    www.bbc.co.uk
    www.rspca.org.uk
    www.google.com

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