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Business Studies- Unit 1- Business Aims

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´╗┐Daniel Hardman. A01- Business Aims What is a Business Aim? A Business Aim is a target or goal a business sets itself to achieve after a set period of time. Business aims are generally to create profit, to increase market share, survival, growth and to improve quality of a service. Businesses use SMART Objectives- this is an acronym used to set small stepping stones used to achieve the overall business aim, as business aims and objectives motivate employees and enable the business to measure their progress towards its stated aims. 1. Specific: clearly state the precises of what is to be achieved, this makes the aim much more clear on what is set to achieve e.g. increase market share 2. Measurable: the desired outcome should be a number value that can be assessable; this makes employees more motivated as they know a specific number to work towards. E.g. increase profits by 10%. 3. Agreed: all staff are involved in discussing and approving an aim. This means that there is little room for fault as the decision has been intensively conferred. ...read more.


Increase Market Share- Another aim for businesses is to increase their market share- this means to increase the percentage of sales in their particular market in comparison to other businesses. The advantages of having a high market share are: it takes sales from competitors, increases profit and public awareness of their business. Providing a Service Private Sector Service Providers Providing a better service than a business?s competitors means that customers will return to your business as they are satisfied with the service, drawing in customers and increasing market share- this would result in raising capital. This may involve making a service more comfortable, convenient or enjoyable. An example of an improving a service is Virgin Trains? business aim to improve quality of service. They have achieved this by reducing their carbon footprint, sustaining the development of rail and also by minimizing the difference between the train times. ?We?re doing everything we can to minimize the negative, and accentuate the positive. We want to challenge assumptions, solve problems and deliver innovative solutions. It?s just our way.? A quote from Virgin Trains? online corporate section. The businesses listed below are private sector service providers, meaning that they are a profit-making organisation. ...read more.


The first ever Apple Iphone also suffered few yet perceptible defects including the screen freezing and some applications merely not working. Apple rectified these problems in the Iphone 3g and has continued to reduce defects and add on more features in the 3gs thereafter, which has resulted in very high customer satisfaction. ?We improve our business operations continuously, always driving for innovation and evolution.? Is a quote from Toyota?s ?continual improvement challenge? which is seen as meaning that Toyota prides itself on its principles- this is very attractive for customers as they believe that they are investing in a long-lasting, good quality, well-made vehicle. Toyota have made improvements to their cars by: adding DAB radio systems, turning a lot of its vehicles to hybrid and offering a 5 year warranty on all of its new vehicles. Additional Aims In the top 10 of many business?s aims, there is usually an aim to lower its carbon footprint or be good to the environment in some way. Not only will this result in customer satisfaction from passionate eco-friendly consumers, it will reduce costs on gas, electricity etc. Another additional aim of many businesses is to raise money for charity. The result of this will attract new giving customers and look very good on the whole business. ________________ | Page ...read more.

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