Assignment 2-Unit 1 Exploring Business Purpose
BTEC Business level 2
: Exploring Business Purpose
Task 2: Design and project the aim and objective of business in different sectors and the main functional areas that support business organizations.
Why businesses set aims?
Businesses set aims to make profit, provide goods and services. An aim also helps the business survive and expand. Maximise sales or improve quality and be environmentally friendly. All business has aims that they want to achieve and objectives that help them they have to do to achieve those aims. And aims are the overall goals and purposes that the business was set up to fulfil. Aim should always be appropriate to the business achieve and size of the business. Also aim is to provide a focus for the business also development and achievement of key areas of business.
Why businesses set Objectives?
Objectives: Objectives are steps which help to achieve an aim; they are broken down aims so that they can be easier to achieve them. They also should be monitored to be regularly checked if the achievement is successful. OBJECTIVES also are specific targets that must be achieved if the business is to fulfil its aims. Also objectives are to break down the aim so that they are easier to achieve and it’s step which to achieve aim. All objectives mast is monitored regularly – to check achievement.
A Mission Statement sets out the business idea and values that enables employees, managers and customers and even suppliers to understand the basics for the actions of a business.
The beast objectives are SMART
SMART stands for:
Specific – There is a clear definition often including a number for example saving £20 a week.
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Measurable- This means achievement can be checked. Banking your saving mean your bank statement will record and measure your achievement.
Achievable- This means you attain your target if you stretch yourself a litter- so saving £20 a week may be achievable without having to make too many sacrifices.
Realistic-This means the target is sensible so that you stand achance of achieving it you could not save £20 a week if you did not have a job that paid at least that amount.
Time-related- Every objective should have a time limit in which it should be accomplished. Therefore you can set a time limit to review your performance to see your objective progress.
SMART objectives: SMART objectives are accessable and help business to plan and monitor its aim and objectives. For example if a business aim is to make profit and their objective is to make 12%profit they have to sell more products which is specific. They can compare the current years product sold record to previous and calculate that they are selling more each month that is measurable. Management giving the permission or create the plan is agreed. Time helps manager to monitor and plan and also to see where they are that time is constrained. SMART objectives also known as management tools it helps manager to prioritise work load. By breaking down the aims into smaller achievable goals help the business to plan and monitor these smaller goals and see progress toward achieved long term aims.
Richer sounds Mission statement.
The reason for having aims and objectives is to keep moving the business forward. At Richer Sounds they have a mission statement. This states our business aims in simple terms. Having a mission statement helps us to ensure that everyone in the organisation is working to achieve the same aims.
RICHER SOUNDS MISSION STATEMENT
- To provide second to none service and value for money for our customers.
- To provide ourselves with secure well paid jobs working in a stimulating and equal opportunities environment.
- To be profitable to ensure our long term growth and survival.
The current goals and Objectives of Richer Sounds.
- Consolidate the business and improve our profitability.
- Develop the audiovisual home cinema range and increase the sales of plasma TVs and L C Ds.
- Keep the business fun. We measure the success of this through our yearly Colleague Attitude Survey.
- Keep the level of excellence of customer service above 90% for the company as a whole. Richer sounds measure the success of this through our customer till receipt questionnaires.
- Control them costs through the cost control group to keep these to budget levels.
How Richer Sound Achieve they Aims
richer sounds didn’t change the mission statement but often change the way they try to achieve they aims. They change product line so that richer sounds continue to ensure our customers receive value for money.
Also richer sounds have a suggestion scheme. Every member of staff has a suggestion pad and every single suggestion is read by our Chairman Julian Richer. The idea is that everyone can contribute towards ideas for future improvement. Often the smallest ideas can be the most effective and richer sounds try to implement every plan which would provide a positive benefit. So they are trying to improve the way richer sound operate all the time to cope with changes in technology, new product developments, changing customer needs and economic changes.
The OBJECTIVES of Richer Sounds
one goal is always ‘to keep the fun’ and to continue to reward people for working hard. We like to think of new ways of doing this, to keep all our colleagues motivated at work. Other issues will vary from one year to another, depending upon external influences, suggestions richer sounds have received and other developments.
At the end of the year they check how far we achieved our goals. We look at which goals haven’t been achieved – and why. We then set new goals for the next year. However, in between times we will also adjust, change or alter our goals – the key point is that we are constantly moving forward.
This is very important in they business. Technology develops new products come on to the market. There are new ways of doing business – such as through our web site. New competitors may enter the market – and some may
Oxfam Mission Statement
Oxfam is an international charity group of organizations working together with over 3,000 partnerships in more than 100 countries to find long term solutions to poverty, sufferings and injustice. With many cases of poverty in caused by nature, the members of the global Oxfam international believe they can achieve a greater impact through their joint efforts.
Oxfam’s vision on the world is where there is no poverty and where everyone gets justice, and to help ensure that every individual is guaranteed of.
A sustainable livelihood: this means that they can earn a reasonable living over many years to support themselves and their families.
Education and health: this means that they access the basic service for example learning the basis education and health and safety.
Life and security: this means that the poor should have a shelter and security when conflict and natural disasters strike.
An equal right: this means that the poor should not be judged by their gender or ethnic identity.
Long term goal for Oxfam and Richer Sounds
The long time goal for Oxfam is to ensure the rights income security that is sustainable for their future. Oxfam want to see the part of people living in extreme poverty on less than $1a day halved, by 2015 in all countries of sub-Saharan Africa, South and East Asia, and America.
Richer Sounds is a Public Limited Company, this means that they gain a profit. It is owned by Julian Richer who also is the chairman of Richer Sounds. The head office richer sound is in London, there are over 50 retailing shops in the UK and in Ireland. Richer Sounds are specialist’s retailers of audio equipment and separates- such as DVD players, CD players and amplifiers. Richer Sounds think it is very important that all our staff enjoy working here and are well rewarded for their achievements, they employ nearly 400 colleagues.
Oxfam is a charity and all the money made excluding the wages of the staff are given to the charity organization for the poor. It is a non- government agency dedicated to fight poverty and related injustice around the world. Oxfam has 42 shops throughout Ireland selling goods donate by the public as well as 3 shop committed to sell Fair Trade crafts and food products. Oxfam have over 40 full time staff working in 2 head offices (Dublin and Belfast) and nearly 70 staff involved in running shops around the country. Oxfam also have a field office in Tanzania with a full time staff.
Oxford Community School