Key business goals:-
A business’s key business goal depends on various things such as the sector it is in, the size and scale, the ambition of the business, the activities carried out, and the performance of the business.
Safecom key business goal is to
- Make a profit
- Expand all over the world
- To be the most successful communication products company in the world
- To give the best to their customers
The methods of achieving these goals are known as strategies and tactics. Strategies are the main ways of achieving the objectives. Strategies state what the business needs. Tactics are separate parts of the strategy. Tactics describes how strategy can be achieved.
Sector:-
Safecom is within the secondary and tertiary sector. This is because it manufactures goods and also provides a service. They provide services such as technical support (on phone and internet), installations.
Size:-
The size can be measured by the number of employees and the turnover. Safecom has over 1250 staff and its turnover is £2.5 billion per year. So Safecom is large.
Scale:-
Factors that influence scale are
- The size of the business (the number of employees and turnover)
- How knowledgeable the staff are (skilled or not)
- The type of goods and services that they provide (the quality)
- Competition (like Dell competes with Sony)
- The size of the market (popularity of the business)
- The cost of operating over a wide area
- Cost of expansion
- Owner’s ambitions (e.g. to expand)
The scale of a business relates to the scope of its operations, to where Safecom supplies. Safecom is global because it has branches over Canada, London, Arabia, China, Pakistan, Taiwan etc.
Aims and Objectives:-
To meet specific aims and objectives of a business / organisation, the business needs to have a clear/ good communication with their employees, so that the business targets are met.
To make sure that these targets are met the business needs to be SMART. This procedure allows the business to set and monitor the objectives of the business. SMART stands for
- Specific: when something is measurable or logical. E.g. each product is sold for £10 the business wants to make £30 at the end of this month by selling 3 products.
- Measurable: easy to calculate so that the business is enabled to identify if the business is making a profit or a loss. E.g. if the business was making £3.2 billion last year then this year it should make a profit of £4 billion.
- Achievable / agreed: the plan that the business plans out is it able to be fulfilled. E.g. business makes £2 billon this year then next year it should make higher profit.
- Realistic: is the measurement that the business made is it understandable. E.g. the sales that the business has targeted should be in real figures.
- Timed: a particular date or time that the business will be able to complete its particular task. E.g. the business has to sell 3 products in 1 month and make £30 as a profit.
To achieve this time, money, training and equipment are needed.
Aims of Safecom:-
- to make a profit
- expand worldwide
- to be well known
- provide good customer services
- long term survival
Objectives of Safecom:-
- to produce/ manufacture more goods of high quality
- to sell as much as possible
- to gain more customers
- to keep up with its image
Aims and objectives of the Safecom and how they can be achieved:-
- To make profit, maximising profits by producing goods and services that the customer wants so that the products can be sold and to stop competing with other businesses. E.g. keep manufacturing new technology communication products and keep providing services that are capable of achieving the customer’s satisfaction. Making a profit is an aim of all private sector businesses and this is because to supply essential goods and services as cheaply as possible, the business has to pay for bills, wages, rent, materials and also buy new equipment and machinery.
- To improve the performance of the business, by maximising sales by increasing sales revenue, reducing cost, increasing customers to sell more products. If more products are sold then the performance of the business will improve because Safecom will have a lot of money to improve the performance.
- To expand their business, by selling their shares to people. The people who buy these shares are known as shareholders and the profit given to them is known as dividend. Expanding the business may mean opening new store or either investing money into the business.
- To ensure long term survival, by developing new products. Help protect the company from being taken over and to survive by beating competition by making extra profit and accomplishing much higher sales then their competitors.
- To keep their customers happy, by providing a good service such as quick fast service delivery, good sales services or after sales service. This can be done by training the staff to a high standard so that they are able to satisfy the customers and the business should have good ways of solving customer’s problems regarding faulty goods, etc.
Business Main Activities:-
- Providing services such as answering all problems that the customer has by their forum
- Manufacturing products such as MP3/4
- Selling goods
- Give customer support
- Give technical support
- Online shopping
How the main business activities help the business to achieve the key business goals or aims and objectives.
- Providing a service helps Safecom to satisfy their customers and to be well known and if they become well known they will achieve their objectives of gaining more customers as their brand will be known and trusted even more. E.g. just like Nike, Adidas.
- To manufacture more products helps Safecom to give good customer service as customers will have products being manufactured and will have different designs to choose from, this will help them expand and become well known and a lot of their products will be sold which means they will have a lot of customers and will survive for longer.
- Selling goods help Safecom to make a profit and expand.
- To make profit, which means they can expand or invest their money (profit) into the business.
- Give customer support to help Safecom achieve their aim of providing good customer service.
- Give technical support also helps Safecom to achieve its aim of providing good customer service and achieve their objectives of keeping up with their image and long term survival.
- Online shopping helps Safecom to gain more customers which mean more profit. By making more profit Safecom can expand all over the world.
- By giving customer support and technical support Safecom will be known of giving the best customer service so their customers will trust Safecom more and buy from them.
On the other hand if you take a business such as NHS which deals with patients, their goal is to satisfy their patients and provide the best service, they belong to the tertiary sector as they provide a service such as checking what is wrong with the patients health. NHS is a large in size due to its number of employees and belongs from the public sector as it is owned by the government. The aim of NHS’s is to provide a good service free or below cost. So NHS do not have an aim of making a profit so their activities are to provide the best service to their customers they are not interested in making a profit.