aims and objectives
objectives
aims
What does the business want to achieve?
What targets is the business going to set themselves to get to help achieve their aims
objectives are divided in 2 types
exp
create a profit or surplus funds
sell or provide goods or services
survive
expand
maximize sales
financial objectives
non-financial objectives
Survival
Profit
Sales
Increase Market Share
Financial Security
Social objectives
Personal satisfaction
Challenge
Independence and control
factors that change objectives
SMART goals
action plan
realism
measurable
time limit
specific
good goals are clear and defined
You must be able to measure your progress
Set an action plan tell with what you are going to do
Make sure your goals are not too hard
Think how much time it will take to accomplish that goal
Market conditions.
Technology-
Performance- .
Legislation.
Internal reasons
-Business operates in dynamic markets. This means there are lots of regular changes. For example a new rival may enter the market, they might introduce a new product that will negatively affect your business. When this happens it is important to adapt and get new objectives.-------------Exp. Whatsapp and messenger
The performance of a new product is how well it sells. For example if it doesn’t sell well you could push more ads or if it goes well you can continue the product production. This could make a company want to change goals
Legislation- The laws in a country might change how your company operates, for example alcohol, if the country has an age limit or a time limit you will have a goal to push advertisement for services in the afternoon or for a specific age of people.
When the company changes its objectives, policies or management. An example would be a shop that sells for elderly people changes now sells for adolescents
In a world where there is constant new technology, a business needs to keep up and adapt to the new technologies to not stay behind
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