• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Business Objectives

Extracts from this document...


Section 2 - Business Objectives All businesses have objectives. What these objectives are depends on the type of company it is. With sole traders and partnerships the objectives are governed by the owners. However in public & private limited companies, the shareholders along with the owners are in control of the direction and objectives of the business. A shareholder is someone who has an interest in the company and owns a proportion of t through shares. This means that they have say in some aspects of running the company. By having shareholders it gives the business a clear direction and enables them to judge their performance. Businesses also have aims to work alongside their objectives. Aims can also be referred to as missions, and businesses often publish a 'mission statement'. Some examples of mission statements include these from two major companies; CCL Computers: "CCL are committed to offering the right product, at the right price and the right time" McDonalds: "McDonalds are committed to providing high quality food, using the best raw ingredients, working with trusted suppliers and ensuring consistent preparation standards" Businesses use the abbreviation SMART to shape their objectives. ...read more.


A company's aims are just as important but these are just two of the factors that can govern what makes company policy. The size of the firm is also an important consideration, as this will govern things such as human and physical resources available to the company. The age of a business can greatly affect the direction of the company as older businesses are less likely to accept change and so may be slower at re-directing their efforts if the need arises. All of these changes are instigated by internal matters, company's are also affected by external factors. Perhaps the biggest external factor is changing market trends. A sudden change in market trends can mean that the companies aims and objectives become obsolete and have to be re-drawn. This can be a big thing for a company to do and can lead to loss of jobs etc. A good example of this is the car industry where many jobs have been lost because market demand decreases. Cornhill's Mission Statement is: " Our mission is to grow our business profitably so that we are: A leading player in our chosen markets by size, ranking, regard or influence. ...read more.


Also the company often have staff satisfaction surveys to make sure that their staff are happy and an opportunity for the staff to express their opinions and problems. This ensures that the staff can work in the best environment and they work as well as possible. Finally the company as a whole has phone targets, whereby the phones should be answered within an allotted time, these are carried out randomly and the operators are assessed. Cornhill say they have a long-standing objective to look after the community around them and they want to create a safe & healthy workplace for their employees. Cornhill strive to use as much recycled material as possible and waste as little energy as they can in the day-to-day running of the company. They are aiming for a waste free business and with the advent of computers they are working on ways to reduce the amount of resources used. Cornhill are continually evaluating the effect of the business on the surrounding communities and they are trying to minimise the damage caused by the company by forming good relationships with the community. Owen England 28/04/2007 - Page 5 - ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays

  1. I have selected a nursery because there is high demand in the UK as ...

    However, they may extend their hours of work if they sent their children to my private day nursery. The major competitors in my market are: Asquith Court, Busy Bees and Princess. They can be found on my list of competitors, which I found when conducting my market research.

  2. Business Aims and Objectives.

    0.6 12 China 2004 39 3.5 12 Japan 2003 111 0.3 10 Malaysia 2001 13 0.9 4 South Korea 1999 62 4.1 47 Taiwan 2000 6 0.5 42 Thailand 1998 219 6.8 207 Nokia Nokia is the UK's market leader in mobile phones and recognised for leading the way in wireless data and mobile communications.

  1. Business at work Mcdonalds.

    Management The management has four main functions. Planning This involves setting objectives and making plans to achieve those objectives in a certain period. Organizing They have to set up structures and procedures within the business that will help to achieve the objectives. Directing Once the functional areas have been set out, it is the job of the

  2. E-commerce in Business Companies of Bangladesh.

    The number of pre-shipment agents (PSI) should be increased. The size of fines and penalties on PSIs should be increased for breach of rules and regulations. Medium term Program: 1. Basic telephony in private sector should be allowed for nationwide operations.

  1. In this coursework I need to produce a detailed business report on one medium-sized ...

    Tesco's UK operating margin remained broadly flat at 5.9% in a year when Tesco made substantial investments in price. Company change programmes continue to deliver increasing levels of efficiencies enabling us to invest for customers and grow profits. Sales in the rest of Europe accelerated with total sales up 18.8%

  2. Richer Sounds

    There must be a bulk amount of potential customers for the store to profitable. 2. The store must not be too near another Richer Sounds stores because there would not be any new customers, just the usual ones shared out.

  1. aims and objectives of bussiness

    So we can take action to change it if we need to. If business set their aim then they will have confidence. And they could stop from going bust. Objectives What is an objective? Targets which are set to help to achieve the overall aims of the business depending on the aim set.

  2. Mc Donalds stakeholders

    As well as a negative affect they can also have a positive affect on the performance of the restaurant and profits. If they are self motivated and hard working they can have a large affect on the employees which would benefit the restaurant overall.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work