Quantifiable defined in way that can be measured. Achievable they must be targets that the business can realistically meet. Some typical objectives of a business might include: To sell more of its products than a competitor. To provide more goods/services this year than it did last year. To produce a new product/service. To improve an existing product/service. Businesses have a main aim or an overall aim which is set up in their “Mission Statement”. Look at various large businesses for examples Tesco objectives are set so that they can be achieved over a Long term period of time.
Tesco aims consist of several different achievement plans some of these include:
Maximising share holder’s wealth
Sales revenue maximisation
Increased market reputation
Survival Strategies to achieve these aims:
By increasing sales tesco is able to provide a range of share contracts.
By increasing profits tesco is able to expand and increase their international franchise.
By increasing sales and profits tesco are able to provide a service where their customers are not affected by the increase or decrease in tax.
Diversification – growing the company. Increased market reputation – by providing a high quality service Tesco are able to increase their reputation in the Food Retail market.
Environmental issues – By providing facilities such as recycle bins and charity facilities tesco is able to win the respect and trust of green peace customers and the other wiser community.
Survival – Tesco like any other company needs to provide and make profit to survive in the competitive market.
Objectives: To understand their customers better than any of the competitors do To use intelligence, scale technology to deliver unbeatable value to customers in everything they do. To be Energetic and innovative and to take risks in making life better for our customers. To earn the respect of staff for these values and to appreciate their contribution to achieving them. To recognise that brilliant employees are working for them and to use this strength to make the customers shopping trip enjoyable in every way possible which, no competitor can. Read also “Waitrose aims and objectives”
Strategies to over come these Objectives:
By doing this Tesco will earn the respect and trust of their customers. To use intelligence and technology will improve the way customers can enhance themselves in the store. Intelligence will help tesco provide greater facilities and more technical things which will help them in the future. To be energetic, this will help increase customer rates by initiating quicker service. By earning the respect of staff Tesco are able to motivate and increase their reputation and to run the business they need staff. By realising that brilliant employees are working with them Tesco has the ability to ask more from its employees.