Aiims and Objectives
Task 1 – The aims and objectives of Tesco & Nike
Aims:
An aim is a goal of which a business wants to achieve. For example, some businesses aim to expand whilst others aim to survive. Another aim that a business can have is selling as much as possible whilst others aim to improve the quality of their products.
Objective:
An objective is what a business wants to achieve but more precise targets than aim. For example an objective for a business can be to sell 1000 more products than we sold last year, sell more products than its competitors, make £20,000 more profit than the previous year.
Aim vs Objective:
The difference between an aim and an objective is that an objective is more precise and measureable than an aim. For example an aim can be to make more profit, whilst an objective can be to make £10,000 more profit than the previous year.
The best type of objectives is a SMART objective.
SMART stands for the following;
S - Specific
M – Measurable
A - Agreed
R - Realistic
T – Time constrained
An example of a SMART objective is ‘to increase in sales of organic products to £1 billion by 2006’.
This is a specific objective, it is also measurable and is time constrained it must be achieved by 2006, given customer interest in organic product, it is also realistic, and if this objective has also been agreed with suppliers and store managers, this it is a SMART objective, but if Tesco had merely said it wanted ‘to increase sales of organic product’ then this is not SMART, and it also cannot be measured easily.
Why an objective must be measurable?
An objective of a business must be measurable in order to see if the business has reached its aim, however if it is necessary a business can change its objective in order to meet its aim. A business can make its objective measurable; instead of saying we will make more profit. A business can make its objective measurable by giving it a time to measure; therefore a measurable objective can be we will
Aims:
An aim is a goal of which a business wants to achieve. For example, some businesses aim to expand whilst others aim to survive. Another aim that a business can have is selling as much as possible whilst others aim to improve the quality of their products.
Objective:
An objective is what a business wants to achieve but more precise targets than aim. For example an objective for a business can be to sell 1000 more products than we sold last year, sell more products than its competitors, make £20,000 more profit than the previous year.
Aim vs Objective:
The difference between an aim and an objective is that an objective is more precise and measureable than an aim. For example an aim can be to make more profit, whilst an objective can be to make £10,000 more profit than the previous year.
The best type of objectives is a SMART objective.
SMART stands for the following;
S - Specific
M – Measurable
A - Agreed
R - Realistic
T – Time constrained
An example of a SMART objective is ‘to increase in sales of organic products to £1 billion by 2006’.
This is a specific objective, it is also measurable and is time constrained it must be achieved by 2006, given customer interest in organic product, it is also realistic, and if this objective has also been agreed with suppliers and store managers, this it is a SMART objective, but if Tesco had merely said it wanted ‘to increase sales of organic product’ then this is not SMART, and it also cannot be measured easily.
Why an objective must be measurable?
An objective of a business must be measurable in order to see if the business has reached its aim, however if it is necessary a business can change its objective in order to meet its aim. A business can make its objective measurable; instead of saying we will make more profit. A business can make its objective measurable by giving it a time to measure; therefore a measurable objective can be we will
References: http://www.mirrorfootball.co.uk/news/Cristiano-Ronaldo-wins-pound-6million-Nike-contract-article26148.html http://tennisinfoblog.com/roger-federer-to-sign-new-lucrative-10-year-contract-with-nike http://www.google.co.uk/search?hl=en&rls=com.microsoft%3Aen-gb%3AIE-SearchBox&q=convert+13+dollars+to+pounds&meta=&aq=f&aqi=&aql=&oq=&gs_rfai http://www.chacha.com/question/how-much-does-nike-pay-tiger-woods-a-year http://www.google.co.uk/search?hl=en&rls=com.microsoft%3Aen-gb%3AIE-SearchBox&q=convert+20+dollars+to+pounds&meta=&aq=f&aqi=&aql=&oq=&gs_rfai