Applied Business

These cards will cover the specification and help me with my revision

HideShow resource information
  • Created by: Cansu
  • Created on: 11-01-10 14:03

Business Aims and Objectives

An aim is what the business is trying to achieve in the end - what the final target is. An objective is what needs to be done in order to achieve this aim

Aims

  • Market Share
  • More growth
  • Survival of the business
  • Better corporate image
  • Quality products

The benefits of having a aim within a business

  • expansion
  • profit sucess
  • know what they are working towards
  • target market
  • Survival becomes easier
1 of 4

Profit maximasation

  • This can help find new markets through effective market research.
  • It can also help increase promotion through media such as the internet.

Growth

  • Alll of those listed for maximasing profit and also:
  • Internal growth, where the business grows by selling more products to more customer, increasing the number of outlets and building new factories.
  • And achieving a wider customer base.

Market Share

  • When businesses enter a new market it is important that they gain market share so that their product is recognised and the business can expand

Keyword: Berger - When two businesses join together

2 of 4

Quality goods and services

  • Carry out market research to find out what customers really want
  • Set internal minimum quality standards
  • Provide customers with fast and effective solution whenever products fall to mathch their expected quality

Improving corporate image Corporate image is about how a business is seen by its customers and the general public. (objectives needed to met this aim)

  • Create a meaningful corporate aim in the form of a mission statement
  • Assess the general publics expectations of the business.
  • Ensure all government requirments in terms of environmental, social and ethical standards are met and surpassed

Survival

  • Establish the cause of the loss of sales
  • Reduce cost to allow effective competition
  • Secure long-term financial backing
3 of 4

Types of Ownership

Primary Industry is involved with directly using what nature has provided in order to produce foods.

  • Farming or Agriculture. The UK has a wide range of agriculture businesses including arable farming, livestock farming, organic farming and Horticulture. All of these require use of land, so having the right kind of land the business has and ensuring that is it not polluted, beome vital objectives
  • Fishing. This covers two main sectors of business - sea fishing, for example in the North Sea, and fish Farming, such as trout and slmon farms. The major requirements and objectives here include ensuring sufficient stocks for the future, reducing water pollution, working within EU restrictions on fishing and marketing the benefits of fish over other food
4 of 4

Comments

No comments have yet been made

Similar Applied Business resources:

See all Applied Business resources »See all resources »