Explain what is meant by aims and objective of businesses in different sectors
Every business has aims and objectives so they can maximise profit and meet smart target. Aims are more general targets and objectives are a specific and long term targets. Also aims is the target set and objectives is the measurement that it takes to achieve the aims.
Private sectors – In the private sector there purpose is to make profit and to provide services or goods and there business aim is to increase market shares , also they can maximise profit by increasing sales and reducing costs. Their business objective is to increase the number of customers and lastly improve product quality.
Public sectors- the purpose of a public sector is to give a quality service to the community. Their business aims is to operate within their budget and also to improve service provision. Their business objective is to meet customer targets and keep their costs low.
Not for profit/voluntary sector – the purpose of the Not for profit and voluntary sector is to advertise for a special cause and also there provide a free service to the needy. Their business aims is to increase the range of services and to increase surplus .their business objective is to reduce their costs and to increase their revenue by donations.
My business is Sainsbury’s
The reason why businesses sets aims and objectives because, it is a way of measuring their growth towards certain goals for a financial term. Aims states where your business wants to be later on in time and Objectives set a clear target for the business.
Private owner has an aim to expand their business and make profit and public business aims is to meet customer targets and to make profit. And by having smart target your business will get a good reputation and also you will beat your competitors
If a business does not meet their ain and objective the manger will have to review the aims and objectives and see if any change or adjustments are needed.
A new appropriate objective for Sainsbury’s is to meet customer targets because if you don’t meet customer targets you will eventually loss customers.
Another new objective that will be appropriate for Sainsbury’s is to give shareholders a good financial return.
A new business aim for Sainsbury’s is to increase the ranges of services and by doing this your target market will become bigger.
Another business aim for Sainsbury’s is to expand the business and by doing this your customers won’t have to travel far and also it will increase profit.
Describe the functional areas
R&D will help Sainsbury by developing new ideas and products and some of these ideas and improvements can come from customer feedback and also market research.
ICT department will help Sainsbury’s because the ICT department is responsible for their online website and emails. And without this all the department can’t work together productively.
The finance department will help Sainsbury’s by monitoring aims and objectives example keeping costs low so there can maximise profit and checking and paying invoice received
Sales department will help Sainsbury’s by helping to achieve target by increasing sales.
Save the children foundation
Describe the functional areas
R&D will help the save the children foundation by researching new ways to raise money for the chosen cause.
ICT will help save the children foundation by create a website so people can find information and donate money.
Finance will help the save the children foundation by monitoring cost and trying to keep costs low
The sales department will