By Belinda Jacobs10LMFMiss Manaru30/12/03
Aims, Objectives and Stakeholders
Every business has various aims and objectives in order to judge their performance and success. The objectives are specific while the aims are more general.
These express the long-term intention of the organisation to develop in a certain way. Their purpose is to create a common vision with everyone in the organisation. The corporate aim is effective because it recognises what lies at the heart of the organisations success.
These are the smaller targets, which must be achieved in order to fulfil the company's aims. Objectives motivate workers to strive towards the organisation's shared vision.
For example - the aims and objectives Tesco of are:
Aims - To increase sales and maximise profits
Objectives - To increase nationwide sales by 6% in the next year.
The Aims and Objectives of my Business will be:
ÃÂ§To be successful and make great profits
ÃÂ§To fill a niche in the market
ÃÂ§To have international brand recognition
ÃÂ§Constant expansion of the business
ÃÂ§To increase the number of different shops I sell my products to
ÃÂ§To produce an extra range of modest, smart and evening wear
ÃÂ§To combine pleasure with work
ÃÂ§To become a leader in the fashion industry
I chose these aims and objectives because I want to have an internationally successful business.
I would like to satisfy my customers and produce world recognition of my brand name 'addiction'. Because of my interest in fashion, I would take pleasure in my work and receive good profit. I decided to design an extra range of smarter clothes for people who like for example; higher necks and longer sleeves. Religious people find it hard to buy modest eveningwear so I decided to fill the gap in the market for this type of clothing.
These are aimed at all stakeholders. A mission statement is the overall summary of the company's aims and objectives. Other statements include the company's values and beliefs and their non-financial objectives. A good mission statement should be realistic yet challenging and stimulating. It should ensure that all stakeholders could see the company's ambitions and objectives. The mission statement should ensure that employees are motivated into working to their full potential by this statement.
Here are some other companies' Mission Statements:
" We deliver a quality service by empowering our employees and we facilitate and monitor customer feedback to continually improve the customers experience through innovation. "
" Oxfam works with others to overcome poverty and suffering. "
" MANGO is a prestigious multinational company dedicated to the design, manufacture, and processing of clothing garments and accessories for women. "
My Mission Statement
Addiction offers you a wide range of fashion using different concepts - from updated classics to basics, to reflect the latest international trends. In addition we sell nightwear, underwear, accessories and shoes. The employees at Addiction strive to work to their full potential and as a team, to produce the best quality clothes for the lowest possible price, and from the latest styles in fashion.
My Business Logo:
The addiction logo tries to convey an image of smart innovative clothing, which dares you to come back for more. The interesting logo sparks curiosity and people are tempted to enter the store. Once they do this, they should become hooked and continually come back for more. The colours blue and pink are an attractive contrast and are feminine and attractive. Many teenage girls have the favourite colour of pink or blue.
These can be groups of people or individuals who are affected by the activities of a business. A company can have a number of different stakeholders. Here is a list of all the different stakeholders of my business and all their own aims and objectives.
These stakeholders will be most interested in the companies' profits. They want everything to be running smoothly and in order. They want business success, expansion and recognition.
Workers would like to increase business sales so they can maximise their salary. If the business goes bankrupt they loose their jobs.
To provide all equipment and materials on time, and receive good payment. They also want business success so that their orders increase.
To produce the finished product on time with payment in return. Manufacturers also encourage business success, as their orders would also increase with it.
Their aims would be to become more successful than me and to take my customers for their shop. Their long-term aim would be for me to become bankrupt.
To ensure my clothes range provides for the needs of the local community and produce job opportunities for people.
To ensure that my business is stable and is keeping up with its bank payments.
To provide local tube and bus stations a short walk away, which has frequent running services from the time my shop opens, till it closes.
To find the best quality garments for the lowest price possible, in the styles of their choice.
The better my business does the lager my taxes will be to the government.
Highest Priority Stakeholders
All businesses must give an order of priority to their stakeholders
I came to the decision that my owners deserve highest priority, as they are the ones who decide how to run the business. If they did not do their job properly, the business
would not survive - let alone flourish.
Second most important are my customers, as there would not be a business - full stop if it weren't for them. If nobody bought my products, I would become bankrupt however brilliant my staff and shareholders were.
I decided that my third most important stakeholders are my employees, as loyal workers are rare. If they did not perform together I would have nothing to sell.