1.1 Business objectives

Question 1

define aim and give an example

Answer 1

overall long-term target or goal of the business
e.g. profit maximisation, survival

Question 2

define objectives and give an example

Answer 2

short-term steps a business needs to take to meet its overall aims
e.g. increase market share, generate a specified amount of sales

Question 3

give examples of financial aims and objectives

Answer 3

survival, profit,
sales, market share, financial security

Question 4

give examples of non-financial aims and objectives

Answer 4

social
objectives, personal satisfaction, challenge,
independence and control

Question 5

give reasons why business aims and objectives change as businesses evolve

Answer 5

in response to market conditions, technology,
performance, legislation, internal reasons