1.3.1 Business aims and objectives Flashcards
1
Q
What are some examples of financial objectives?
A
- survival
- sales and sales revenue
- profit
- market share
- financial security
2
Q
What are some examples of non-financial objectives?
A
- personal satisfaction
- independence and control
- challenge
- social benefits or goals
- customers satisfaction
- business awards and recognition
3
Q
How does a businesses aims and objectives change?
A
as a business develops and grows, so do the ambitions of the entrepreneur or owner who runs it. It also means that the aims and objectives of a business change, depending on its current stage of developments.
4
Q
Define aim?
A
states the overall purpose for your business, the long-term goal
5
Q
Define objective?
A
specific, measurable targets to help meet the aims of business
6
Q
What are some factors that affect aim/objective of a business?
A
- the size of the business-small=survival. big=more market share
- level of competition-low competition=focus on customer satisfaction
- type of business-charity
7
Q
Why do aims and objectives differ?
A
- desire for profit or market share
- an outlet for an individuals hobby or special interest
- desire to stay local
- desire to sell overseas
