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In this task I will need to fully explain what an aim and an objective are with examples from different business sectors for example private, public and a voluntary organisation.

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Introduction

(P1) Define aims and objectives Introduction In this task I will need to fully explain what an aim and an objective are with examples from different business sectors for example private, public and a voluntary organisation. Aim An aim is where a business wants to go in the future, its goals. Aims are a statement of purpose, for example 'Iffy's Coffee shop' wants to open 5 more stores in Edinburgh by April 2011. All businesses have aims, for what they want to achieve. The five main aims that businesses work around are; profit and profit maximisation, Survival, break even, growth and market share. Profit and profit maximisation; privately owned businesses as well as publicly owned businesses, all have this aim. For businesses that are there to make a profit. For example, the owner of 'Iffy's Coffee shop' wants a 20% rise in profit in 2010. Survival; when trading is difficult some businesses might make no profit or even a loss so they focus on survival. ...read more.

Middle

Market share; a business with shares in the stock market will try and increase the value of their shares each year. Objectives Objectives are more precise then aims, objectives are essential because aims in themselves are too general and may be quite overwhelming. So for a business that wants to achieve its aims they will need to set objectives that are sensible and also achievable. For a business to have more chance to achieve their aims they should set SMART objectives. What is a SMART objective? A SMART objective is an objective that is precise, with measurable targets that will help a business achieve its aims. SMART means - S - Specific; a business will need to be specific in what they want to achieve. For example if a business wants to open 5 more stores, they will need to be specific in how long they want to achieve this. M - Measurable; a business will need to measure its progress while they are making progress on their objectives. ...read more.

Conclusion

Voluntary sector organisations: raise funds that are used to support a particular cause. They aim to make a surplus, after the costs of the business has been deducted, and reinvested this into the business. Examples of aims and objectives An example of an aim and objective for 'GB Store' which is a sole trader that sells groceries. Aim: To make a 10% more profit then in 2009. An objective to the aim above will be to expand the stock that is sold in store and also to rotate stock. To take regular stock checks to keep the shelves well stocked, another is to stock things for different occasions, for example Christmas and Easter. An example of an aim and objective for ASDA could be. Aim: To have an extra 20 stores throughout the UK by 2011 An objective for this aim could be to build stores in the UK where there is a high demand for large supermarkets to be built, also carry out surveys to see if there will be demand for large supermarkets in a certain area. ?? ?? ?? ?? Umar Asif ...read more.

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