1. 1. 1b Aims and Objectives Part 2

2. 1.1b Aims and Objectives Part 2 Why monitor aims and objectives?  To check success  To identify problems  To allow prompt corrective action to be taken

3. 1.1b Aims and Objectives Part 2 Monitoring aims and objectives If unsatisfactory Decide aims Work towards objectivesSpecify objectives Take corrective action Review and adjust objectives where necessary Review and change aims where necessary Check performance regularly

4. 1.1b Aims and Objectives Part 2 Monitoring in action If unsatisfactory Aim: improve personal fitness Work towards: walk to school/collegeObjective: lose 10lb in 4 weeks Take corrective action: join gym Adjust/review objective: lose 10lb in 10 weeks Change aims: buy bigger size and learn to drive Check performance: weigh self weekly

5. 1.1b Aims and Objectives Part 2 Factors which influence achievement  Unexpected events (eg 11 Sept 2001)  Changes in demand (eg through greater competition, fashion trends)  Technological changes  Over-ambitious aims or objectives  Production or delivery problems  Failure to anticipate customer demand or trends accurately External:Internal:

6. 1.1b Aims and Objectives Part 2 The impact of changes on business activities Changes to aims and objectives can affect the business activity. J R Wilson produced ladies tights. Demand fell and jobs were threatened. The company developed new high-tech sports underwear and this is now its main activity. Eg

7. 1.1b Aims and Objectives Part 2 The impact of changes on the business At J R Wilson:  Research and development would need to investigate sportswear fabrics/design  New machines/production techniques required  Sales would need to develop new contacts  Distribution may be different

8. 1.1b Aims and Objectives Part 2 The potential for conflict  When aims are set (or changed) businesses may have conflicting priorities: – increase profits or go for growth – maintain profits or be more environmentally friendly – improve quality or lower prices.  The final decision may depend upon the overall company image and philosophy.

9. 1.1b Aims and Objectives Part 2 Summary  Aims and objectives are monitored regularly so prompt corrective action can be taken.  External and internal factors can affect achievement – some may be outside the control of the business.  Changing aims and objectives can affect the business activity – which impacts on everyone in the business.  There may be conflict between aims – the final decision may depend on the company image and philosophy.