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Business Objectives

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Business Objectives DO NOW Introducing the Topic page 56 Business Studies book, answer all questions. SMART objective What are your goals? What are your objectives? – PowerPoint PPT presentation

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Title: Business Objectives


1
Business Objectives
2
DO NOW
  • Introducing the Topic page 56 Business Studies
    book, answer all questions.

3
SMART objective
  • What are your goals?
  • What are your objectives?
  • Are they SMART?
  • Specific
  • Measurable
  • Achievable
  • Realistic and Relevant
  • Time Specific

4
Activity
  • Johnson Automotive is a newly formed business and
    are unsure about setting business objectives,
    they have come to you for some business advice.
    You are required to set a SMART objective for
    Johnson Automotive. (15mins)

5
Hierarchy of objectives
6
Aim
  • Overall long-term goals which a business hopes to
    achieve.
  • The starting point for the entire set of
    objectives on which effective management is based
  • They can develop a sense of purpose and direction
  • They allow an assessment to be made
  • They provide a framework

7
Mission Statement
  • A statement of the businesss core aims, phrased
    in a way to motivate employees and to stimulate
    interest by outside groups
  • Kings College Mission Statement
  • We aim to provide excellence in teaching and
    learning within a well-balanced educational
    context involving the academic, cultural, social,
    physical, emotional and spiritual dimensions of
    life

8
Mission Statement - Activity
  • You are required to write a mission statement for
    this year, make sure that its the same sort of
    structure as a Businesses Mission Statement. (15
    mins)

9
Homework
  • Activity 4.1 page 60 Business Studies Text Book
    1-3
  • Blog Duty Student to discuss today's lesson,
    others to check and comment

10
DO NOW
  • Homework out for inspection what is your Mission
    Statement?.

11
Mission Statements
  • It is the Mission of Advance Auto Parts to
    provide personal vehicle owners and enthusiasts
    with the vehicle related products and knowledge
    that fulfill their wants and needs at the right
    price. Our friendly, knowledgeable and
    professional staff will help inspire, educate and
    problem-solve for our customers
  • Guided by relentless focus on our five
    imperatives, we will constantly strive to
    implement the critical initiatives required to
    achieve our vision. In doing this, we will
    deliver operational excellence in every corner of
    the Company and meet or exceed our commitments to
    the many constituencies we serve. All of our
    long-term strategies and short-term actions will
    be molded by a set of core values that are shared
    by each and every associate

12
Business Objectives Video
  • Do you agree with him?
  • What other objectives should we have?

13
Corporate Objectives
  • Specific targets based upon the aim and mission
  • Profit Maximization the greatest difference
    between cost and revenue. (seems the most
    rational objective)
  • Issues
  • more competitors enter market.
  • To increase market share you often have to
    sacrifice profit.
  • Environmental and Employee concerns often impact
    on decisions leading to less profit.

14
Corporate Objectives
  • Profit Satisficing Earning enough profit to
    keep the owners happy and to give them a
    comfortable life. (common in small businesses.
  • Growth the business expands and makes more
    money, resulting in economies of scale and
    increased benefits for employees.

15
Corporate Objectives
  • Increasing Market Share being the leader in
    your market the consumers choice ie Coke.
  • Survival Very common in the early years of
    business.

16
Corporate Objectives
  • Corporate Social Responsibility Businesses who
    consider the issues of society to be important.
    Most businesses now have sustainability
    procedures and work within the community as it is
    good for there image, and future sales. Ie
    Cadbury chocolate is now fair trade.

17
Corporate Objectives
  • Maximizing Short term sales revenue not common
    as often you have to reduce prices to make more
    sales or increase advertising which eats away at
    your profit margin.
  • Maximizing Shareholder Revenue

18
Reuters Achieving its Aims
  • Activity 4.2 page 62 all questions

19
END OF UNIT TEST
  • AS BUSINESS
  • FRIDAY 11th March 2011 (This Friday)
  • Topics Enterprise, Structure, Size and
    Objectives
  • 5 Short Answer Questions
  • 28 Marks (one 8 mark question)

20
Conflicts between Corporate objectives
  • Growth VS Profit profit can be sacrificed to
    increase sales.
  • Short Term vs Long term buying new machinery or
    developing new products will result in a short
    term loss for a long term gain.
  • Stakeholder Conflicts.

21
Changes to objectives
  • Economy might change (recession) resulting in a
    change of objectives.
  • New business moving out of survival mode.

22
Homework
  • Study for Mid unit Test tomorrow

23
DO NOW
  • list three common corporate objectives.

24
Factors that determine objectives
  • Corporate culture A code of behavior and
    attitudes that influence the decision making of
    managers.
  • The size and Legal form of a business A small
    business may be concerned with making enough
    profit to be comfortable where as a large
    organization may want increased market share.

25
Factors that determine objectives
  • The Number of years the business has been
    operating Survival vs Making Profit

26
Hierarchy of objectives
To maximise shareholder value
To increase profits of all divisions by 10 per
year
Within one region, to increase market share by
10 and cut overheads by 5
E.g. Marketing increase profit margins by 7
E.g. in marketing department - Increase sales by
an average of 5 per client - Introduce 5 more
clients to the business each year
27
Business Ethics - Video
28
Who Should survive Activity
  • Business Ethics
  • Why did you make the decision you did?

29
Business Ethics
  • The moral guidelines that determine decisions
    made.
  • Ie Sweat shops in China
  • Bribes for buying off a supplier
  • Gifts in exchange what is crossing the line?
  • Palm Oil the Cadbury saga

30
Business Ethics
  • Being ethical can add to business costs, ie fair
    trade chocolate
  • Loss of sales if bribes are not taken
  • Being ethical often means more trust from
    customers and therefore greater loyalty.
  • You will get publicity for acting ethically.

31
Homework
  • Case Study page 69 questions 1-3 Business Studies
    Text Book
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