Mission Statements - What is it?
It is a short phrase that is used to describe the purpose of a business or organisation.
This means to make the most profit possible.
To do this, a business needs to keep its cost low, and its revenues high.
To make the maximum profit of a business, its needs to be as efficient as possible so it makes the best use of resources.
Increasing the number of sales and prices will help increase the profit.
Maximising Market Share
'Market Share' is the percentage of the total market companies have.
One of the most important objective used in business is to increase the market share. Eg: Tesco has the highest market share in the UK
Survival and Breaking Even
MANY BUSINESS AIM IS TO SURVIVE
It means the that the total amount of money received from sales equals the total cost.
A business who are about to introduce a new product may have breaking even as their main objective.
Many businesses grow by opening up other branches or by purchasing other businesses.
Most businesses gain a better quality of life by being their own boss.
Their aim of their business is to retain independence so they can make all the decisions and not have to work for someone else.
Being self-employed is seen to some people as less stressful than being higher up and earning a larger salary.
Another aim might be to obtain a good reputation for service or quality of the product.
Business will gain more trade as their reputation improves and they will increase their status.
A good reputations leads to more customers and more business and can result in a business on less advertising and promotion.