Findings
Business aim: A business aim is a long-term goal for a business.
Objectives: A business objective is a target, which a business can set for there company to help them achieve there overall aim for the business.
SAINSBURYS
Sainsbury’s aim:
- To improve the performance of Sainsbury’s.
- To appeal to more customers
Target ones business objectives may be
- Improve the customer service of Sainsbury’s by putting the employees on a 2-day course of how to deal with customers politely and how to be helpful. Then at the end of the two days, test each employee on what they have leant on how to deal with customers.
- They can improve the performance of Sainsbury’s by asking what the customers think. They can do this by providing the customers with internet surveys. At the end of 2 weeks the can check the survey to see what they need to improve on.
Target two objectives may be
- Improve availability of stock. This means that Sainsbury’s need to check on a daily bases what products are going fast so they can order more.
- To appeal to more customers Sainsbury’s could also sell cloths and jewellery. They can do this by saving the profit they earn for 2 years and open a clothing section in one of the Sainsbury’s stores. This can then be used for a 4-week trial run. After the four weeks, you can then check how much profit Sainsbury has made. If it is a success they can start opening clothing sections in all the Sainsbury’s branches
Oxfam
Oxfam’s aims:
- To get rid of poverty
- To increase the service offered by Oxfam
Target ones business objective might be
- To get rid of poverty Oxfam can increase the money coming into the business. They can do this buy advertising on T.V every day so that more people now who there are and how they can help to get rid of poverty. This make people want to shop at Oxfam because they will now that all the profit that is made will go to people that are less fortunate than they are.
- They can also get rid of poverty by having sales every month and lowering the cost of clothes within the Oxfam shop. This will make Oxfam seem more attractive to customers. So more people will purchase products at Oxfam, which will increase the money coming into Oxfam.
Target two objectives may be:
- They could contact people and businesses on a regular basis. They could then encourage them to offer their help and support to those in need
- Use one Oxfam branch to open up a section to Oxfam. Also, give the customer a chose of country in need to choose from. They could then donate their money to the country they chose. After one month of this, they could give out a customer questionnaire asking them what they think of this. If the response of this is good, They can open this up in all of the Oxfam branches.
Conclusion
In this part of my report, I will be writing about why business aims and objectives are important for a business.
A business aim is very important for a business because it gives it a long-term aim to achieve for the future. This can help the company improve their business because it tells them what they need to do to have successful business. If a business fails to achieve its business aim, it will also fail its business objective. It is important for a business to set objectives because the objectives tell them how they can achieve their aims. In addition, it also important for a business to have objectives because it breaks down the aims into simple steps. This makes it easier to achieve.
If Sainsbury’s does not meet its business aims and objectives it will ultimately mean that sainsburys will not be able to improve there performance or appeal to more customers. In addition, Sainsbury’s sales will decrease, which means that they will not be able to make as much of a profit. If Oxfam does not meet its business objectives this means that they will fail there business aims. This will mean that Oxfam will not be able to reduce poverty or increase the service offered. This is because they will not be able to make a surplus so they cannot donate money to people in need. Additionally this means that people who need those donations will suffer.
Oxfam and Sainsbury’s are very different types of businesses this is because they have different types of ownership. Oxfam is voluntary organised and Sainsbury’s is a PLC. Although they are very different both business are in the tertiary sector. Both Sainsbury’s and Oxfam are very different this is because they want different things. Sainsbury’s have shareholders that earn dividends. Sainsbury’s main concern is to make a profit. On the other hand, Oxfam’s is concerned with helping people. Unlike Sainsbury Oxfam earns surplus. They help people by donating the money they earn to less fortunate countries.
