1.3 Setting Business Aims And Objectives

Question 1

Survival

Answer 1

The way a business does not go bankrupt

Question 2

Profit maximisation

Answer 2

Taking everything into account and trying to get the most profit

E.g customer happiness, price, cost to make, quality

Question 3

Growth

Answer 3

Trying to get your business known

Question 4

Growth domestic and international

Answer 4

Growing your business locally(in your country) and internationally

Question 5

Market share

Answer 5

What % of your sales are from a specific item

Marketshare=single item sales/total item sales x 100

Question 6

Customer satisfaction

Answer 6

The quality of the experiance the customer gets when and after buying

Question 7

Social objectives

Answer 7

Appeasing the public in forms of going eco friendly or other methods

Question 8

Aims

Answer 8

Long term Big goals for the company

Question 9

Objectives

Answer 9

Short term simpler objectives

Question 10

S in smart

Answer 10

Specific

Question 11

M in smart

Answer 11

Measurable

Question 12

A in smart

Answer 12

Attainable

Question 13

R in smart

Answer 13

Realistic

Question 14

T is smart

Answer 14

Timebound