1.3.1 BUSINESS AIMS AND OBJECTIVES

Question 1

Business aims

Answer 1

Long term - overall target or goal of the business

Question 2

Business objective

Answer 2

Short term - Steps a business needs to take to meet its overall aim

Question 3

SMART

Answer 3

Specific
Measurable
Agreed or Achieveable
Realistic
Timely

Question 4

Financial aims & objectives

Answer 4

Maximise profit
Business survival
Increases volume of sales
Increases market shares
Financial security

Question 5

Non financial aims & objectives

Answer 5

Social objectives
Personal satisfaction
Challenge
Independence
Control

Question 6

Why aims and objectives, the differ between businesses - DIFF SECTORS

Answer 6

Where businesses, provide goods or services and the type they offer

Question 7

Why aims and objectives differ between businesses - BUSINESS SIZE AND SCALE

Answer 7

New Business aim is probs survival and establish the business & profit. Small businesses Some may have expanding and increasing the scale