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Business Aims and Objectives.

Extracts from this document...

Introduction

Business Aims and Objectives Most businesses have aims and objectives about how they are going to make their business successful. Most businesses have different aims and objectives. For example a schools main aim will be getting as many students to a high educational standard. Some businesses may state official aims in a statement that is part of the business's policy. The mission statement of First Direct, the telephone banking arm of HSBC, is to `create harmony between the services it provides and the way people live their lives with simple, straightforward products`. Another example is BUPA, the private health care and insurance company, has a vision statement of `taking care of the lives in our hands. Aims An aim is a goal the business wants to achieve. For example to make a good profit, the business has aims to reach their goals such as expanding or improving their services or quality of goods. All businesses aim to provide goods and/or services, either to their local community or to the wider community. The main aim of every business is to survive. The only way it can do this is to make a profit. Its turnover, the goods or services it sells must be bigger than its operating expenses, or the day to day cost of running the business. These are some examples of aims of a business: * Making a profit * Being environmentally friendly * Improving product quality * Expanding, providing goods and services to a wider community * Maximising sales * Providing excellent service * Providing charitable or voluntary service Objectives Business objectives are what the business will set itself to complete the aims. To achieve your aims you will need to take specific steps towards them. First, you have to decide what these steps are, and then you have to keep on doing them. Tesco's objectives A business such as Tesco also needs some way of measuring their progress so that they know whether they are on target to achieve their aims. ...read more.

Middle

Not all administration departments in the business are the same. In a small business, the administration department might take responsibility for human resources or finance. But in a large organisation, it is likely to be more specialised and to have responsibilities. All administration departments use IT in the department. The administration and ICT staff are responsible for the following key areas: Clerical Work The main role of an administration department is clerical. The department provides clerical services to all other departments within the business. Some are routine, such as opening the mail, ordering stationery, preparing and filling documents; other tasks also need doing such as answering the phone, assisting callers, responding to urgent emails or faxes, and so on. Administration as a function is invaluable to both staff and customers. Key duties undertaken by administration staff include the following: * Collecting and distributing mail * Keeping records * Organising meetings * Responding to enquiries Collecting and distributing mail Opening, sorting and correctly distributing the mail promptly around a large company such as Tesco is very important. The administrative staff are responsible for ensuring that all incoming mail is processed and passed to the correct person as soon as possible. Outgoing mail items must be collected and processed towards the end of the day. This includes routine documents and parcels, some of which may be urgent or need sending abroad. Very urgent items may also be sent by courier. Within any business they will receive mail in two ways, these ways are: * Direct delivery - this is when the mail is received normally at the business reception desk. Before receiving the mail, they will need to sign for it. A disadvantage of direct delivery is that the work cannot start until the mail has been delivered. * Private box - Businesses with PO Box after them means that they have a private mailbox at their local post office. ...read more.

Conclusion

Tesco needs a balanced product portfolio, capable of sustaining it satisfactorily into the future as if its not balanced then problems can be created. Brand building is also important in the growth stage for Tesco, as the acquisition of a significant market share during this phase will increase demand for Tesco The ideal portfolio should contain neither too many new nor too many declining products. Extension strategies and brand building is used by Tesco for example, that Tesco sells their own label product and services for a cheap price compared to other products which are sold in store. Extension strategies and brand building can have a negative affect on Tesco as they can lose out on profit, if they decrease there prices too much. Advantages of Differentiated marketing and the product life cycle strategy Disadvantages of Differentiated marketing and the product life cycle strategy In terms of Undifferentiated strategy, Tesco aims to produce a single product and acquire as many customers as possible and if they are successful then Tesco can make a lot of profit. In terms of Undifferentiated strategy, this is not always successful as not every target market will like this one product produced. In terms of Concentrated marketing Tesco aims to segment their products for example their value range is not aimed at wealthy people but to people who's main concern is price, this is a good way to segment customers, in order to meet their needs and wants In terms of Concentrated marketing, it is not necessary that segmentation can work for example a person who's main concern is not price may still purchase a value range product as they might like the taste of the product, therefore segmentation can not always work. ?? ?? ?? ?? Unit 1 - Investigating Business Mayur Patel Exam No: 2272 Centre ID: 13216 Page 1 Unit 1 - Investigating Business Mayur Patel Exam No: 2272 Centre ID: 13216 Page 103 ...read more.

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