1.3

Question 1

Survival

Answer 1

Business survival is a very common objective for a small business. Business survival refers to keeping the business operating for a certain amount of time. Most businesses initially aim to survive their first year.

Question 2

Profit maximisation

Answer 2

Profit maximisation is a process business firms undergo to ensure the best output and price levels are achieved in order to maximise its returns.

Question 3

Domestic Growth

Answer 3

Business growth refers to the increase in a company’s size, revenue, market share, and profitability over time. This can be achieved through a variety of means, including expanding into new markets, developing new products or services, and increasing sales.

Question 4

What is domestic

Answer 4

Domestic business involves those economic transactions that take place inside the geographical boundaries of a country.

Question 5

What is international growth

Answer 5

the process of expanding a company’s business operations outside of its domestic market and into international markets

Question 6

What are social objectives

Answer 6

A social objective is a statement that details a specific desired outcome of a project that is related to the interaction of the individuals, groups, and institutions within a society.

Question 7

What is customer satisfaction

Answer 7

Customer satisfaction is defined as a measurement that determines how happy customers are with a company’s products, services, and capabilities.