1.5.1 Business objectives 1. Learning Outcomes To understand what is meant by a business objective and the objectives available to a business To understand.

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Presentation transcript:

1.5.1 Business objectives 1

Learning Outcomes To understand what is meant by a business objective and the objectives available to a business To understand why business objectives are important To understand that businesses can have more than one objective To understand the objectives of a social enterprise 2

Starter – Match up the key terms with their definitions ProfitThe firm or product with the highest market share in a given market Market LeaderThe amount of money a firm makes from selling it’s goods and services RevenueWhen a firm is neither making a profit or a loss. Total CostsRevenue – Total Costs BreakevenThe percentage of sales in a market that are made by a particular product or firm Market ShareThe amount of money that a firm spends in order to produce goods and services.

Business objectives SMART objectives Business objectives are the stated goals of the business To be effective, objectives should be SMART: 18 September 2015© easilyinteractive.com SMART Specific S Measureable M Agreed A Realistic R Time-framed T Click here What do you understand by these characteristics?

Common business objectives Specific: Objectives must clearly state what they aim to achieve Measurable: You must be able to tell when the objective has been reached – e.g. To improve customer satisfaction – e.g. To achieve 75% positive customer feedback Agreed: Objectives should not be imposed on workers by managers – lack of ‘ownership’ Realistic: Objectives should be achievable with the resources and training available Time-specific: Deadlines should be specified 5

Are these objectives SMART? To lose 15kg within 2 weeks To save $600 dollars within the next year To achieve at least 4 grade 7’s in the IB in June To get fitter by Christmas

Hierarchy of Objectives….. Corporate Aims Strategic Objectives Tactical/Operational Objectives Individual Objectives Why do the arrows flow in this direction?

Importance of Objectives…. Why are Objectives so important? To Measure and Control To Motivate To Direct To Aid Decision making

Business Objectives The main motivation for setting a own business is to make a PROFIT However people who set up in business may want to achieve a number of objectives These can be Financial or Non-Financial Survival Profit Growth Market Share Financial Objectives Employees Customers Environmental Non-Financial Objectives

Common business objectives Survival Profit maximisation/profitability Sales turnover Market share Satisficing Growth 10 When might each of these objectives be most appropriate?

Task - 5 mins Choose 2 businesses and use the internet to try and research their objectives 18 September 2015© easilyinteractive.com

Discuss: Why business objectives can change over time? 12

Business objectives Lets Get Practical

Business objectives Task You have recently decided to set up a shop selling..? – Write a mission statement for the shop – Write down two SMART objectives for the business, explaining your reasoning 14

Would your objectives Change If…. 15

Your market was experiencing rapid growth? 16

The National or International Economy went into recession? 17

Your market was facing increasing competition? 18

Your market was in decline? 19

Your business faced a crisis e.g. a negative press release about use of child labour in your business? 20

Social Enterprises… What are they? 21

Social Enterprises A business with a social or environmental mission 22

Task Go to this website: Go to the members directory and view some social enterprises. Find out: > What they do > Consider their business objectives 23

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