Chapter one- aims and objectives

KEY TERMS:

Aim: a broad statement of what a business would like to achieve over a longer period of time. 

Objective: a specific target for a business to meet, which helps them to achieve their overall aim(s).

an aim is a big idea about what a business wants to acheive. John smedley knitwear is a business based in derbyshire which has been producing very high-quality knitwear for over 200 years. it might aim to be known as one of the best knitwear manufacturers in the world. 

stoke city football club, on the other hand, might aim to retain its place in the Premier League. (it was promoted at the end of the 2007-2008 season.) Another of its aims is shown here from its website. 

Objectives

In order to achieve their aims, businesses must set a number of objectives. These are targets that will clearly state what the business wants to achieve. 

Setting objectives helps everyone in the business to be clear about what they are trying to achieve. People will be working towards the same goals.

Many of us will think that the most important objective of all businesses is to make as much profit as possible. Other objectives are also important.

Some business objectives are set to meet short-term goals such as reducing the amount of money spent on telephone calls this year. 

Other objectives are set to cover long-term targets such as marks and spencer's target of sending no waste to landfill sites by 2012.

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