To increase its market share, the bakery could employ several strategies:

1. Improved Product Quality and Innovation: The bakery could invest in higher-quality ingredients and develop new, innovative products (e.g., gluten-free options, seasonal pastries). This would attract new customers and encourage existing customers to purchase more frequently. A superior product is more likely to be chosen over competitors'.
2. Effective Marketing and Advertising: The bakery could implement a targeted marketing campaign through social media, local advertising, or loyalty programs. This would increase brand awareness and communicate the bakery's unique selling points (e.g., fresh ingredients, friendly service). Increased awareness leads to increased customer visits.
3. Competitive Pricing: The bakery could analyze competitor pricing and offer competitive prices, or introduce value-for-money deals (e.g., discounts, bundles). This would make the bakery more attractive to price-sensitive customers and encourage them to choose the bakery over competitors. Lower prices can draw in a larger customer base.

Each of these strategies contributes to increasing market share by attracting new customers and retaining existing ones, ultimately leading to a larger proportion of the total market.

Ensuring business objectives are realistic and achievable is vital for success. Unrealistic objectives can lead to demotivation, wasted resources, and ultimately, failure. Here are several ways a business can achieve this:

• Conducting a SWOT Analysis: A thorough SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis helps the business understand its current position and potential challenges. This informs the setting of objectives that are grounded in reality. For example, a small business with limited financial resources might set a more modest growth objective than a large corporation.
• Setting SMART Objectives: Objectives should be SMART – Specific, Measurable, Achievable, Relevant, and Time-bound.

  • Specific: Clearly define what needs to be achieved. (e.g., Increase sales of a particular product line)
  • Measurable: Establish quantifiable targets. (e.g., Increase sales by 10%)
  • Achievable: Ensure the objective is within the business's capabilities. (e.g., Based on past performance and market analysis)
  • Relevant: The objective should align with the overall business strategy. (e.g., Supporting the business's goal of increasing profitability)
  • Time-bound: Set a deadline for achieving the objective. (e.g., Within the next financial year)

• Considering Resource Availability: Objectives should be realistic in relation to the resources available to the business – financial, human, technological, etc. A business cannot realistically aim for rapid expansion if it lacks the necessary capital.
• Benchmarking: Comparing the business's performance against industry benchmarks can help set realistic targets. For example, a new retailer might aim to achieve a certain level of customer satisfaction based on the performance of established competitors.

By following these steps, businesses can set objectives that are challenging yet attainable, maximizing the likelihood of success.

Businesses pursue a variety of objectives, each contributing to their overall success. Here are three examples:

• Profit Maximization: This is arguably the most fundamental objective. It's important because profit allows the business to reinvest in growth, pay dividends to shareholders, and ensure long-term financial stability. Without profit, the business cannot sustain itself.
• Growth: Growth can be measured in terms of increased revenue, market share, or geographical expansion. Growth is important because it allows the business to increase its size, reach, and influence. It can also lead to economies of scale, reducing costs per unit.
• Market Share: This refers to the proportion of total sales in a market that a business controls. A high market share is important because it provides economies of scale, greater pricing power, and a stronger competitive position. It also often leads to brand recognition and customer loyalty.

These objectives are not mutually exclusive; a successful business often strives to achieve a balance between them. For example, a business might pursue growth while maintaining a healthy profit margin.