A2 Aims and Objectives
Aims and objectives are the goals that a business wants to achieve in a specified time period. This may include a profit goal, a target market share, brand engagement or survival.
Having clear aims and objectives can be effective as it gives all staff something clear to work towards and can help managers measure performance against targets.
In order to be effective, aims and objectives should be SMART. Specific, measurable, achievable, realistic and time bound.
Product and services should meet a customer need. Businesses may review their competencies and play to their strengths. A USP (unique selling point) should be developed to differentiate a product from competitors. Adaptations may be made to meet the needs of different segments of the market.