Thursday, November 14, 2019
Report on PEP :: Business Objectives Management Essays
Report on PEP Task 1 Describe and explain PEPÃ¢â¬â¢s business objectives, using its mission statement and other information Evaluate and explain how successful PEP appear to be in meeting each of these objectives. A mission statement is a written statement setting out the general aims of a business. This is also known as a business objective. PEP is a business, which has been set up to produce good quality products and excellent customer service, as most businesses have aims and objectives. Examples below show some basic aims and objectives a business might have: Ã · Make a profit Ã · Provide goods and services for their customers Ã · Survive and expand the business Ã · Improve the quality of goods and services Ã · Compete against other businesses Ã · To be environmentally friendly PEP is a family business with a good history that provides good quality products to customers. PEP has issued a mission statement that shows what the business is aiming for. These are listed below, Ã · Preserve a good family atmosphere in keeping with our great tradition Ã · Achieve increasing profit to reward our shareholders and reinvest in our business Ã · Produce the best electrical appliances to the UK and export markets Ã · Provide excellent service to our customers PEPÃ¢â¬â¢s need to maintain a good family atmosphere to meet their objectives becauseÃ¢â¬ ¦ if the business starts to disagree with their employees then the employee might decide to leave which could cause a disturbance in the business. If PEP begins to lose their employees, the business could risk failure. To prevent this from happening, the employees should communicate with each other either internally or externally and be friendly. People can communicate with each other in many ways e.g. internal or external meaning in or outside of the business, up, down and across the business hierarchy and formal or informal. Motivating the workforce can be a massive advantage for PEP because motivating by making them feel valued and part of a team means the employees the workforce can work better which means improved quality of product or service to customers and therefore improve results for PEP. All businesses need to make a profit or a surplus. Profit is the money left over after all the expenses has been paid. Profit provides money for further growth, investment and rewarding the owner(s) as well as their shareholders. PEP need to increase their sales and market shares in order to make a profit. Shareholders are people who have a share in the business, they have invested money into the business so if the business does not do well the shareholders lose out. Therefore, it is vital for the business to increase the profit.