Unit 1 What is business mission, objectives

A farmer supplying Tesco =

• B2C

• B2B

SME =

• Small and modest entrepreneurs

• Sizeable and modern enterprises

• Small and medium enterprises

• Small and medium entrepreneurs

Another word for objective :

• task

• target

• test

• trial

Mission statement : To inspire and nurture the human spirit - one person, one cup and one neighborhood at a time

• Costa

• Cafe Nero

• Lavazza

• Starbucks

Functional objectives are set for :

• individuals

• departments

Example of an H.R. objective :

• increase brand recognition

• Update production machinery

• Recruit 50 more workers

• Borrow £50,000 more money

The 'M' in SMART objectives :

• meaningful

• measurable

• motivational

• marginal

The 'T' in SMART objectives

• Timed

• Testing

• Trying

• Typed

The functional area for Stock control, Production, Deliveries :

• Finance

• Marketing

• Operations

• HR

An ethical objective :

• maximise profit

• pay suppliers fairtrade price

• reward shareholders

• increase market share