Businesses objectives and aims

Businesses objectives and aims

1. What is a Mission statement?

   • This is a summary of aims and values of a company
   • This a small phrase explaining why the a business exists
   • Tesco's mission statement: We don't just have mission statements, values and promises that are written somewhere and left to gather dust. We live and breath them. As you have already seen, our core purpose is to 'create a value for customers to earn their lifetime loyalty'.

2. What are aims?

   • Aims are task set for a company that are not exact and can be met at any time.

3. What is an objective?

   • This is similar to an aim but it shows how you are going to achieve that aim and its more persist because it has a deadline and an amount such as Nike will increase there profit by 15% BY NEXT YEAR

4. what is maximising profit?

   • Is what businesses do to find the best output an price levels in order to maximise its return
   • How to maximise profit: increasing prices, sponsors and change suppliers.
   • Businesses want to maximise market share so they can make more profit so they can expand the business or use the money for pay rises

5. What is maximising market share?

   • Is how many people go towards your business and products
   • How to maximise market share: Advertisements, promote your product, introduce new products and aim at different target audience, selling in more countries.
     • Businesses want to maximise market share so that they can get more customers and by using advertisements so that more people can find out about the company and the different types of advertisements such as online or in news papers can attract a mixed variety of people.

6. What is Survival?

   • Is when a company tries to stay running and is trying to making just enough money to stay open
   • How to survive: By breaking-even, paying staff less, hiring less staff and getting sponsors.

7. Breaking-even is when the business is not making a profit or loss.

   • For example if a business makes the same amount in profit from the products that from the loss from buying the product and paying for advitisements.

8. What is Market growth?

   • Is how a Business grows and expands.
     • They can do this by using advertisements, bringing out a new product or opening more stores.
       • For example if Nike brought out a new trainer and it was under high demand, this would increase market share