Aims Objectives and Stakeholders

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  • Aims, Objectives and Stakeholders
    • Aims
      • The aims of a business are what it hopes to achieve as a result of its work. Aims cannot usually be measured as they are quite general
      • Examples of aims are: Maximising profit, Survival, Breaking Even, Growth
    • Objectives
      • Objectives are targets that a business sets in order to achieve its aim. They should have specific figures to achieve and dates by which to achieve them. This is so a business can measure if it has achieved them or not
      • Examples of objectives are Customer Satisfaction, Responsibilities to environment, Increase sales by dropping the cost of products
      • Businesses have objectives to judge their success and to achieve their aims
    • Stakeholders
      • A stakeholder is a person or group that has an interest in a particular business
      • Examples are: Creditors, Employees, The Manager, Suppliers, Government, The Owner, Customers, Local Community and Other Businesses
        • Customer want value for money. Owners want to make more money, Managers want a better chance of promotion, Employees want promotion and fair wages, Suppliers want more orders, Government dont want people to become unemployed, Local community want jobs
      • Conflict that may arise between Shareholder and Supplier - shareholders want good dividends so they might push the company into getting cheaper suppliers

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