1.3 Setting Business Aims And Objectives

Question 1

An aim

Answer 1

a general goal of a business

Question 2

An objective

Answer 2

a specific target that is set for a business to achieve.

Question 3

Private sector organisations

Answer 3

owned by individuals.

Question 4

Public sector organisations

Answer 4

owned by the government.

Question 5

Survival

Answer 5

Survival is particularly important when a business is being set up. Starting a business is risky and presents many challenges. In the short run, at least, simply surviving is an achievement

Question 6

Market share

Answer 6

Businesses may set themselves a target in terms of the share of the market they hope to achieve.

Question 7

Growth

Answer 7

Many businesses will have an objective of growth. The owners and managers may want the business to open more stores, sell more products or increase its revenue.