Aims and Objectives

Aims are the long-term intention of an organisation to develop in a certain way (often set out in the Mission Statement). The idea is to create a common vision, which everyone in the business is working towards. This is particularly important in a large business as individual employees may loose sight of the overall aims of the business.

Objectives (or goals) are the targets, which must be met to fulfil those aims.

Objectives tend to come in five main types:

  • Maximising profits

  • Maximising shareholder wealth ­ i.e. doing things, which increase the share price, like raising dividends.

  • Growing the size of the business ­ take-overs etc.

  • Diversification’s to spread risk

  • Focussing on core strengths e.g. M&S Improving company/product image.
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Aims and objectives vary depending on the type of business. Businesses in the private sector will have different aims and objectives compared to a business in the public sector.

For example McDonalds, which is in the private sector, has a vision to be the UK's best quick service restaurant experience. This will be achieved through five strategies: Development, Our People, Restaurant Excellence, Operating Structure, and The Brand.

McDonalds mission statement is below:

  • Development: Lead the Quick Service Restaurant market by a programme of site development and profitable restaurant openings.
  • Our People: Achieve a competitive ...

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