An aim is a list of things that a business wants to achieve e. g. making profit, being environmentally friendly. An objective is the targets that a business sets itself to check it is going to achieve its aims. At the end of secondary school I want to leave with at least 5 A*-C grades including Maths, English and science. This is an Aim. In order to achieve this aim I am going to try hard and complete all homework given to me, and also come to school all of the time, these are my objectives.
Survival is continuing to be in business, even cope in hard times like when the recession takes place. All businesses need to survive first, in order to make profits. Tesco not only specializes in food it also specializes in different areas like clothes, entertainment and insurance etc. So if a customer stops buying food from Tesco it will still be able to make profits by selling clothes. Profit is probably the most common and the most important objective. Tesco cannot survive for long unless it covers all of its costs.
Tesco can only make profit if they sell its products or services for more than the price they got it from. Growth means to expand the business. Growth occurs when a business e. g. Tesco becomes bigger. ‘Bigger’ may mean several things such as a larger share, a greater amount of capital employed, more employees and a greater turnover and profits before tax. Prestige means to have a reputation and having a good impression. Tesco will want to have the prestige of becoming the market leader in their field of business.
Tesco has survived since 1919; this means that they have already achieved this aim. It was established as a single store and is now that UK’s leading supermarket chain. It has competed for supermarkets and taken them over (bought them out) such as Aldi, Netto and Sainsbury’s and other so called major superstores. Another objective to gain more customers is to have promotions and special offers which are cheaper than the competition. Tesco can examine the competitors that it has; they can do this by using market research, they can do market research by doing surveys and questionnaires.
They do this because Tesco wants to know if everything they are doing is correct for example they might want to know from the public if they are helping the customers enough, they need to know this because if they didn’t care about them, Tesco’s customers might go to Asda for example, Tesco don’t want this so they need to ensure that everything about them is perfect, this helps them to survive. Although the survival of Tesco in the UK is not in question because they make the most profit compared to the other leading supermarket and also they make a huge i??
120,000 profit everyday according to the BBC website, may not happen in the new markets it has entered, particularly the US, which is often a difficult and competitive environment for UK businesses. Also for Tesco to survive they will need to monitor their main competitors Asda, Morrisons and Sainsbury’s to see if they are selling their products at the best price. They will also need to investigate new products and services that keep customers coming back. They need to make sure that they don’t over expand and ensure that they have products and services that sell in good economic times and in recessions.
Tesco has also diversified into a range of store size, competing also in city and town centres through Tesco Metro and Express. This means that it is now managing to compete with smaller ‘corner shops’ and sole traders as well as the larger supermarket chains. Tesco always have adverts on the TV to show that sales are going on. Sometimes in the adverts they compare prices of food and clothes. E. g. Tesco milk is i?? 0. 95, and Asda milk is i?? 1. 15 by doing this Tesco will appeal to new customers, because for example the recession has taken place, people will want to buy food at the best possible price.
This will help Tesco to survive because if more and more people come to Tesco and shop they will mean more money. Profit: Tesco has made a huge amount of profit but they are always looking about ways to increase that, to gain more profit Tesco has to reduce its cost and also increase its revenue. For higher revenue Tesco can purchase their stock from a different supplier for less and to increase the profit Tesco can also put on higher prices on each item. Tesco has also given a range of products e. g.
Tesco Finest, for people who are high class. Tesco Brand, are mid range products and last but not least Tesco Value, these are products which minimize Tesco cost’s by having cheap packaging. Tesco will promote financial services products, such as loans, savings accounts and insurance, more heavily in its stores as well as selling more business online. They can also have special offers in newspapers, and they can hire more employees on a minimum wage. Tesco can gain even more profit by obtaining cheaper packaging from different companies.
As Tesco has survived the world of business and is busy it should take into service other shipping companies so that there stock can arrive to stores at a faster pace. Also for Tesco to reduce costs they will change their suppliers constantly this is because they will want to buy the lowest and best priced products from their suppliers and sell it from a more higher price to their customers to make a profit. Also they will regularly review the number of staffs and to reduce costs Tesco will buy products from abroad.
The above table shows profits over time at Tesco from 2002 to 2006. There has been a 47% increase in operating profit from 2002 to 2006. Tesco is therefore already successful in managing to increase profits. Tesco lower costs on products by having huge sales, ‘but one get one free’ and discounts. Tesco lower costs regularly in their stores to catch the attention of new customers, for instance they always have discounts, special offers and ‘buy one get one free’ etc. They have offers on because this will appeal to the general public.
These days the recession has taken place, and most people will want to pay the lowest price possible for certain products. If Tesco have special offers going on a regular basis they will have more and more customers coming in which will lead to a fine profit (revenue). This will definitely help Tesco a lot for them to survive in the coming years, this is because if they make enough money to pay wages to the staff, pay the store expenses etc they will never go bankrupt or go into administration. Growth: Tesco has grown and expanded significantly.
It has done this by diversifying into other areas of their current business as a supermarket. They have diversified into other areas such as selling fuel, phones, clothing, and managing restaurants and cafes, but since they have been experts more on selling food and not on producing and serving fresh food. Even though Tesco is major in the UK, it has also expanded into other countries around the world, e. g. China, United States, Thailand, Turkey, Poland, Malaysia and also Ireland. Tesco have entered these different countries with different names e. g.
Tesco entered America with the name Fresh and Easy. Tesco have also grown not just in diversifying but also the fact that they now do door-to-door deliveries, all you have to do is order your food through the phone or the internet via their website (www. Tesco. com). In recent times Tesco have considered the matter of expanding into the Indian Market, these stores will be under the brand name ‘Tesco’ and will be cash and carries, Tesco have reflected on spending around i?? 60 million, currently overseas retailers are barred by law at the retail level in India.
In the past Tesco have given us cafi?? ‘s but these have not been a great success so now that Tesco have now started to expand a bit more in the UK and are manufacturing lots more stores e. g. in Manchester there are around 7-8 stores and they range from all the different ones and they are still making them, they think that instead of making their own cafi?? s for their own they have instead made a deal with a company called ‘Starbucks’ which have agreed to some form of a contract which allows them to rent out a part of the store and then annually pay rent whilst having their business there.
Prestige: Tesco has a good reputation (status). Prestige means to have a good impression. Tesco show their prestige through activities and being in charities. They also support other organisations through funding them and also sponsoring local companies. Tesco have a good reputation because they always make sure that their customers have a range of food and supplies. Tesco have brand loyalty which is when they show themselves in the market e. g. Tesco are in the food industry as a leading supermarket and that makes them able to have brand loyalty.
Tesco have a scheme which helps bring people back into the stores, this scheme is the Tesco club card scheme, this scheme works by the customers applying for a card and then they gain points by shopping at the stores and then after a period of time they will receive a letter followed by a set of coupons and then you can go to the store and then either exchange them for hotel coupons and every i?? 1 worth of coupons you exchange you get a i?? 4 hotel coupon. Tesco also do special or annual events such as ‘Computers for Schools’.
These Other smaller stores are not all under the Tesco Brand but still are owned by them. Tesco Metro is a store that is the size between a Tesco Superstore and a Tesco Express store. A Tesco Home plus Store Stocks all of Tesco’s normal items except food and they are kept in warehouse units that are within Retail parks. Tesco also have a store called Tesco Extra and this is a store larger than a normal Tesco store and is mainly out of town hypermarkets that stock all of Tesco’s product ranges.
All of the stores have a Tesco Brand and the public would know that it is a Tesco store but there is one store which hasn’t got the Brand name but is owned by Tesco, it is called One Stop and is the smallest from all the other types of Tesco stores and some have been converted to Tesco Express stores but others have stayed with their old name, they also have a different pricing system than all the other Tesco stores, there are around 500 stores. Another method of prestige is adapting to your environment.
In Small Heath, Birmingham, Tesco has opened up a halal butcher because majority of their customers are Muslim. Conclusion Tesco has changed over time by diversifying into other area, such as selling phones, fuel and outdoor equipments and clothing. They also do door-to-door deliveries; this makes it easier for people because their food will be dropped right in front of their homes, the more people ordering the more money Tesco will make, this means that Tesco have met their aims by making a profit.
Also Tesco have expanded into overseas markets to continue to increase profit for shareholders and achieve growth. For Tesco to meet their aims, they are likely to monitor the countries where economic growth is to be highest e. g. USA and China before determining where to expand. Tesco will also need to find partners in other countries rather than simply expanding growth itself. As well as finding partners in other countries Tesco now entirely owns its personal finance division having bought out the Royal Bank of Scotland.
This is the first step towards Tesco becoming a bank in its own right and continues the expansion into financial services as part of continued diversification. Chester Zoo I will now outline the aims of Chester Zoo. I will begin with the generic aims that can be applied to most businesses. Firstly, the Zoo will still need to achieve survival as without this it will be unable to achieve any of its other aims. Profit will not be as important in the normal business sense of the word because it is a registered charity.
The Zoo will need to have more money coming in than going out, but this money will be re-invested into the Zoo as there are no shareholders to satisfy. Growth will still be achievable as the Zoo will want to increase the numbers and species of animals and get even more customers. The Zoo will also try to achieve prestige as it wants a good reputation so that people will continue to visit in order to make money. Introduction Chester Zoo was opened in 1931 by George Mottershead and his family, who used as a basis some animals reported to have come from an earlier zoo in Shavington.
It’s now one of the largest zoos in the UK. Chester Zoo is currently operated by the North of England Zoological Society, a registered charity founded in 1934. The Zoo receives no government funding. It is the most-visited wildlife attraction in Britain with more than 1. 3 million visitors in 2007. Chester Zoo’s mission is “To be a major force in conserving biodiversity worldwide” The Zoo wide estate consists of approximately 500 acres of which 100 acres is the zoological gardens and the wider estate making up the remaining 400 acres. Chester Zoo is located in Chester Zoo, Caughall Rd, Upton, Chester, CH2 1LH.