OBJECTIVES are specific targets that must be achieved if the business is to fulfil its aims. AIMS are the overall goals and purposes that the business was set up to fulfil.

 Making or increasing profit  Improving market share  Providing goods/services to the local community  Surviving as a business (or expanding)  Diversification of products and/or service  Maximising sales or improving quality  Providing a highly competitive service  Providing charitable or voluntary services  Being environmentally friendly General Aims in Business

Corporate Objectives Corporate objective Value to the firm adopting it Market shareMore control over price Helps establish future new products Profit Maximisation Increase share price Meet many shareholders’ objectives GrowthRemain price-competitive Help control competition DiversificationEnter new markets to increase profits Spread the risk

Quantifiable defined in way that can be measured. Achievable they must be targets that the business can realistically meet. Corporate objectives should be: S - pecific M - easurable A - ttainable R - ealistic T - imed Corporate objectives are turned into departmental objectives

Mission Statements The overall aim of a business is given in its mission statement Our core purpose is to create value for customers to earn their lifetime loyalty. Our success depends on people. The people who shop with us and the people who work with us. If our customers like what we offer, they are more likely to come back and shop with us again. Tesco PLC

Objectives can be: Short-term objectives Medium-term objectives Long-term objectives Up to one year Between one and five years Longer than five years

Monitoring Performance Establish aims Set targets Monitor actual performance Evaluate performance against targets Revise targetsAchieve aims