Download as PDF, PPTX
BUSINESS OBJECTIVES.pdf ajlcpahfaoyfoyag
- 1. CAMBRIDGE INTERNATIONAL BUSINESS TOPIC: BUSINESSOBJECTIVES SHAKHNOZA ASADOVA
- 2. BUSINESS OBJECTIVES Business objective– a stated measurable target that a business plans to achieve
- 3. TYPES OF BUSINESSOBJECTIVES ❑ Profit maximization ▪ maximizing total revenue and decreasing cost ▪ rewarding investors ▪ lack of work-life balance
- 4. TYPES OF BUSINESSOBJECTIVES ❑ Profit satisfaction ▪ opposite to profit maximisation ▪ achieving enough profit to satisfy the owners ▪ typical for small business
- 5. TYPES OF BUSINESSOBJECTIVES ❑ Growth ▪ increase the size of business ▪ increased output, increased sales ▪ Economies of scale
- 6. TYPES OF BUSINESSOBJECTIVES ❑ Increasing market share ▪ the proportion of total market sales ▪ effective marketing strategies
- 7. TYPES OF BUSINESSOBJECTIVES ❑ Survival ▪ the key objective of new business ▪ gain competitive advantage ▪ control the quality
- 8. TYPES OF BUSINESSOBJECTIVES ❑ Corporate Social Responsibility (CSR) ▪ being responsible for the actions towards stakeholders ▪ examples: promoting organic food, products made from recycled materials, planting trees, etc.
- 9. TYPES OF BUSINESSOBJECTIVES Corporate Social Responsibility (CSR) – when businesses consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities, and the environment
- 10. TYPES OF BUSINESSOBJECTIVES ❑ Increasing shareholder value ▪ Increase return to shareholders ▪ Putting shareholders interest above of others stakeholders
- 11. TYPES OF BUSINESSOBJECTIVES ❑ Social enterprises have 3 main aims: ▪ Financial – to make a profit to re-invest back into the business ▪ Social – to provide jobs or support for local ▪ Environmental – to protect the environment and to manage the business in an environmentally sustainable way This kind of objectives are called triple bottom line Triple bottom line – the three objectives of social enterprises: economic, social, and environmental.
- 12. TYPES OF BUSINESSOBJECTIVES ❑ Public sector objectives: ▪ to provide an efficient, reliable service to the public, such as water supply or health service ▪ to create employment or prevent major job losses if the industry is making a financial loss ▪ to achieve high environmental standards
- 13. RESEARCH IN GROUPS 1.Research the companies regarding their CSR 2. Present CSR activities on Flip Chart 3. Present the outcomes ❑ Companies: ▪ Google ▪ Coca-Cola ▪ Ford Motor Company ▪ LEGO
- 14.
- 15. SMART GOALS SMART Objectives– aims that are specific, measurable, achievable, realistic and time-limited.
- 16. BUSINESS AIMS Business aim– a long-term goal that a company hopes to achieve ❑ A vision of a company about the future ❑ Broad and general Business objectives Business aims
- 17. BUSINESS AIMS ANDOBJECTIVES Aim: “To be recognized as the most customer-centric company in the industry.” Objective 1: “Achieve a customer satisfaction score of 95% or higher within the next year.” Objective 2: “Reduce customer complaints by 20% within 3 months.” Objective 3: “Implement a new customer loyalty program and enroll 10,000 members within the first 6 months.”
- 18. MISSION STATEMENT Mission statement– a brief statement of the business’s core aims, phrased in a way to motivate employees and to stimulate interest from outside groups. ❑ A statement about the company’s aim ❑ Helps to establishes the image of the company ❑ Communication of the mission statement – advertisement, company website, social media, newsletters, etc.
- 19. MISSION STATEMENT ❑ Examples ▪Microsoft: “To empower every person and every organisation on the planet to achieve more” ▪ Google: “To organise the world’s information and make it universally accessible and useful” ▪ Samsung: ‘We will devote our human resources and technology to create superior products and services, thereby contributing to a better global society.’
- 20. MISSION STATEMENT ❑ Advantages ▪Inform the external public about the aim and vision of the business ▪ Motivate employees ▪ Provide clear direction and vision for all individuals who are involved in business ❑ Limitations ▪ Too general and lacking in specific detail ▪ Virtually impossible to achieve ▪ Just a promotion exercise, not reflecting the reality
- 21. ACTIVITY – CLASSMISSION STATEMENT 1. Each group needs to create a class mission statement for the rest of the course 2. Consider advantages and possible limitations 3. At the end teacher will choose the best mission statement
- 22. HIERARCHY OF OBJECTIVES AIM MISSION BUSINESS OBJECTIVES DIVISIONAL OBJECTIVES DEPARTMENTAL OBJECTIVES INDIVIDUALTARGETS Expand our customer base by 20% in the next two years. Achieve a 10% increase in sales Increase brand awareness by 25% through social media Close 15 new sales deals per month
- 23. STRATEGIES AND TACTICSAND TARGETS ❑ Business strategy – a long-term plan of action for a business, designed to achieve a particular objective ❑ Tactic – a short-term action as part of an overall strategy ❑ Target – a short-term goal that must be reached before an overall objective can be achieved.
- 24. STRATEGIES AND TACTICSAND TARGETS Objective: To lose 10kg by the end of 2025 Strategy: I’m going to exercise and eat healthy, balanced meals Tactic: I will go for a run every morning and eat salad 5 times a week Target: To loose 500 grams every week
- 25. BUSINESS ETHICS ❑ Moralprinciples that guide business activity ❑ Moral principles – honesty, trust, fairness, equal treatment ❑ Unethical behaviour – corruption, tax avoidance, discrimination ❑ Ethical behaviour results in trust ❑ Unethical behaviour results in a damaged reputation
- 26. BUSINESS ETHICS Ethical codeof conduct – a document detailing a company’s rules and guidelines on staff behaviors that must be followed by all employees
- 27. ❑ Three flipcharts– three ethical dilemmas ❑ Five minutes to write your opinion regarding the question ❑ Points for consideration: ▪ Is it ethical? ▪ What will be the impact on business ▪ Will the business benefit from this kind of decision? ❑ After five minutes each group moves to a different flipchart ACTIVITY – IS IT ETHICAL?