Aims and Objectives

In: Business and Management

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Assignment 3 Aims and Objectives

Notes on Aims and Objectives 1. Business Aims

These are the long term goals/intentions of a business to develop in a certain way. Their purpose is to create a common vision to which everyone in the business should strive to work.

2. Mission Statement
This is a qualitative statement of the organisation’s aims. It aims to motivate those within the business and to convince those outside of its commitment and sincerity. It communicates the culture, purpose, philosophy and focus of the organisation. It provides employees with a justification for their work.

3. Objectives
These are the targets/goals, derived from the aims, which the company should achieve to fulfil its aims. They are intermediate goals. They are specific and measurable. Examples include:

• Maximise the amount of profit earned by a company • Maximise shareholder wealth/income • Increase the size of the business • Diversify to spread risk • Focus on core products • Increase market status • Produce a high quality product

Corporate objectives often refer to profits increase; return on investment of 205 p.a.; positive cash flow; increase in sales revenue of 5% p.a.; improve shareholder value by increasing earnings per share by 10% p.a..

Functional (or departmental) objectives refer to how the area contributes to the corporate objectives.

Primary objectives are the ultimate long term gaols of the business. Secondary objectives make a direct contribution to meeting primary objectives.

Purpose of Objectives

• Clear statement of what needs to be achieved • Focus for all decision making • Targets for individual and group achievement • Means of measuring performance of individuals and departments • Reduce uncertainty • Provide sense of unity

SMART Objectives
S-…...

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