1.4 Business Aims And Objectives Flashcards
1
Q
What are Business Objectives?
A
This is what the business wants to achieve.
2
Q
What are different Aims and Objectives?
A
Survival.
Profit.
Growth.
Market share.
Providing a service.
3
Q
What is the initial objective of a business?
A
To simply survive.
4
Q
What is a later objective of a business?
A
To increase profit or market share.
5
Q
What does it mean when a business is trying to survive?
A
The business can pay its costs but has nothing left.
6
Q
What does profit mean?
A
The difference between revenue and costs.
7
Q
What is market share?
A
The share of the total market for a product.
8
Q
How do you work out market share?
A
Value of a firms sale ÷ Value of total market sales × 100 = %
