1.3 - Setting Business Aims And Objectives

Question 1

Survival

Answer 1

Keeping the business operating for a certain ammount of time

Question 2

Profit maximisation

Answer 2

Prioritizing the ammount of money you make. A shop could increase the prize of something to maximise their profit as long as it is being bought as the same rate as before

Question 3

Growth

Answer 3

Building your company a status for it to be a known established business. Could be done socially, clothing brands such as nike socially grow their business

Question 4

Domestic and international growth

Answer 4

Domestically is within your country, growth internationally is throughout the world, a good way of growing your company internationally is socially through apps such as instagram or tiktok to grow interest and to attract customers

Question 5

Market share

Answer 5

The percentage of people buying your product in your area or internationally

Question 6

Customer satisfication

Answer 6

When a customer is satified with the product they have revieved

Question 7

Social objectives

Answer 7

Paying your workers in your workplace a fair salery, giving workers basic human rights, producing good quality safe procuts, reducing carbon footprints

Question 8

Ethical objectives

Answer 8

Being honest within the company and setting realistic targets

Question 9

Aim

Answer 9

A general goal of a business, eg, make the company more profitable

Question 10

Objective

Answer 10

A specific target An aim or objective is a statement of what a business is trying to achieve. For example, a business can set itself any of these targets: survival. increased profit. growth.

Question 11

Private sector organisations

Answer 11

Owned by individuals

Question 12

Public sector organisations

Answer 12

Owned by the government