Business Objectives And Stakeholders T1

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Business Objectives And Stakeholders T1

  1. 1. BUSINESS OBJECTIVES & STAKEHOLDERS
  2. 2. Business Objectives <ul><li>Business Objectives show what a business aims to achieve. </li></ul><ul><li>The aims is what a business sets itself so that it can measure how successful it has been in reaching its targets. </li></ul><ul><li>We can measure the businesses success on how well they have met their targets / objectives. </li></ul><ul><li>We can usually find out the businesses objectives by looking at their MISSION STATEMENT. </li></ul>
  3. 3. Types of Business Objectives <ul><li>Businesses can pursue 3 broad objectives: </li></ul><ul><li>To make a profit – The key concern for most small / private businesses </li></ul><ul><li>To provide a service – The objective for most public sector businesses (e.g. schools) </li></ul><ul><li>To be charitable – Non profit making organisations. </li></ul>
  4. 4. More Detailed Objectives and Targets <ul><li>To maximise Profits – charging the highest price possible. </li></ul><ul><li>Increase Market Share – The percentage of a total market that a product, or company holds. </li></ul><ul><li>Long Term Survival – Salad Cream (Heinz) </li></ul><ul><li>Introducing new products – Coca Cola </li></ul><ul><li>Cutting Costs – Outsourcing (HSBC) </li></ul><ul><li>Satisfying Customers – Producing high quality products. </li></ul><ul><li>Expanding the business – Sales / Staff </li></ul>
  5. 5. Measuring Objectives <ul><li>S pecific </li></ul><ul><li>M easurable </li></ul><ul><li>A ttainable </li></ul><ul><li>R ealistic </li></ul><ul><li>T imed </li></ul><ul><li>To be used in measuring success, these objectives must be smart. </li></ul>
  6. 6. Stakeholders <ul><li>Stakeholders are groups that have an interest in the success of a business. </li></ul><ul><li>There are two types of stakeholders: Internal stakeholders and external stakeholders. </li></ul>
  7. 7. List of Stakeholders The Business Local Community Customers Employees Owners of business Managers Suppliers Government Local Council Competitors Shareholders
  8. 8. Stakeholders <ul><li>Each stakeholder has a different interest in the company. </li></ul><ul><li>Their interests can overlap and they also can have conflicting interests. </li></ul>

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