Private business Aims and Objectives:
Top man has many business aims which will help to increase the brand awareness and also help the business so the public can recognise it. Stylex 2000 will have not as much brand awareness as topman as it is a local barbers rather than a worldwide organisation. Although topman has a huge turnover and makes lots of profit, the aims for Stylex will be to just make profit and try to expand, however not globally.
The main aim of a private sector business is to make profit. Both business fall, in to the private sector, which means that they will try to make as much profit as possible, they will try and do this by the way they market their brand and their products/services. When both businesses first started up, they both had one aim, which was to survive. However as Topman became more popular, their aims changed to making profits in order to expand.
If we are in a re cession, this may force the business to stop making profit and change their aims to just break even and survive. However if the country is in the boom stage, they are going to aiming towards high profits and looking to expand their business. Stylex 2000 will be hoping to always make profits as they are a small business and may not be affected as much by a recession, as much as top man will be. Stylex can do this by giving discounts and loyalty cards out to secure loyal customers and an average cash flow.
This is where a business discusses potential ideas with the public and also they ask how they can improve the products to suit the customers’ needs. This is not the only way that a business will try get advice on the product. They may produce a vote on a website or advertise on social media. Topman is a profit aimed business so they will aim to gain as much profit as they can, also try to gain maximum market share. Stylex 2000 will try to just keep costs low and gain as many customers as they can in order to gain as much profit, in order to expand.
Market leadership is when a company has the highest sales in its market, for example Nike may have the highest number of sales in the shoe market so therefore they are the market leaders. Whichever company has the highest market share is the market leader. Topman can take advantage from this from their products, they can look at what products are selling the most at that time, and produce more of that product in order to gain as much profit however as demand increases, production costs will also increase, so they may want to get cheaper suppliers to have as much profit possible. Stylex can look at what products people buy after they have a haircut, they can look at this and order more of these products. They can also look at what designs people like the most, and have the right equipment for them haircuts.
Brand awareness is when anyone from the public can recognise the brand though its logo, slogan, jingle or any other representation of the brand. This is done by good marketing. Businesses will market a brand so that it has a brand image that is easily recognisable. Topman have produced good marketing. We know this from market research. Topman interviewed the public to see if there marketing was successful. They showed a picture of Topman’s logo, however an anagram of ‘Topman’ because Topman’s logo has their name in it. When they showed this anagram in the style and font of the actual logo, 9/10 people could recognise that it was it was Topman’s logo. This is research that proves that Topman has had successful marketing. Stylex 2000 does not sell any original products, all their products are either bought from another company, and this means their products aren’t unique compared to other local barbers. However Stylex 2000 can also use their retained profits, to advertise their brand on social media and also get people with a fan base