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Aims & Objectives of a business

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Introduction

AO1 Unit 1 Business Aims Aims & Objectives of a Business When a new business starts up, they have a number of aims and objectives to look up to as a goal of the new business. An aim is when the business has set up some goals to achieve; it is a statement of purpose, meaning the aims are made for the business for a reason, e.g. we want to get �3200 from the next profit share etc Business Objectives are a clear view of targets which have been set out by the business. The business then plans out how to achieve these targets/aims by a number of ways to suit the targets, so then can be achieved to help the business stand. The Objectives are broken down so that they are easier to achieve. The objectives help measure the progress towards its aims. E.g. of common business aims, * To make profit * To increase market share * To provide services * To improve the quality of a product or service To Make Profit One of the most important objectives of a business is to make profit. ...read more.

Middle

The business must make a profit to grow and survive. Increasing Market Share Market share is the percentage of the total market sales that are made by one company or product/brand. The market sales figure is the total value of all sales made by all firms in the market However, not every one will be able to increase market share. For example, Cadburys is the market leader in the UK chocolate market. Dairy Milk is one of the brands which have an increased amount of competitors as this brand is doing so well that people are trying their best to become better than Dairy Milks Brand. Increased market share shows that a brand is succeeding against the competition. Providing Services Most of UK Businesses don't produce a product but instead they provide a service to their customers. Businesses such as banks, transport firms, marketing agencies and retailers are all examples of service industries. ...read more.

Conclusion

Some businesses change their aims and objectives over time to help them to survive or expand with the market area that they are in. For Example, British Airways British Airways changed its aim from making a profit, because of the tragedy on September the 11th 2001, to having an increase in security because they needed to make sure that they could keep their customers. So this business does their total best to keep on track of their aims and objectives which they need to achieve in order to make their business successful. Morrison's Morrison's aim is to offer outstanding value for money, an unbeatable customer service and a pleasant shopping experience. The mission statement for Morrison's is "The Very Best for Less" which basically means that all of their aims are shown as selling good quality products, for a low price. This shows us that the customers would be attracted to low priced products, just as long as they're good quality. Other supermarkets will then want to become more competitive as Morrison's are attracting more customers to their store. ...read more.

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Response to the question

This essay gives a good explanation to how the aims & objectives of a business are crucial to the success of a business and how they should be worked on to give that success.

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Response to the question

This essay gives a good explanation to how the aims & objectives of a business are crucial to the success of a business and how they should be worked on to give that success.

Level of analysis

This essay shows a lot of detailed knowledge in the main areas of aims & objectives of businesses and is able to use basic theory to provide reasoning to how the aims & objectives should be carried out. However there is a lack of analytical terminology used. This is very apparent and is such a shame, as if the author had included some kind of conclusion or even tried to analysis the different areas then much higher marks could have been awarded. Detailed use of examples does pick up some of the marks that are lost, these are gained by showing knowledge in a certian area in the subject. A must in Business essays is to give detailed examples as lots of marks are available for knowing about them. The actual theory behind a business move is desirable but not as essential to gain top marks.

Quality of writing

This essay is written to a high standard when compared to other GCSE essays. There are no obvious spelling, punctuation or grammatical errors. The author occassionally uses capital letters in the middle of sentences when they are not needed and this error could be viewed in a negative manner by the examiner. Some marks won for good structure could be lost for these small errors.


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