1.5 Differing Business Aims And Objectives

Question 1

How is survival an aim?

Answer 1

Important aim for all business especially new ones.
Many businesses fail to survive due to recession, completion and lack of money

Question 2

How is financial an aim and give examples ?

Answer 2

Break even, covering costs. A business can survive as long as costs are covered in short term

To increase revenue and profits

To reduce costs to earn higher profits

To make profits, if not business will not continue

Question 3

how is growth an aim and give examples?

Answer 3

Expand the business physically

Greater market share

Benefits from economic sale, increase provision

Spreading risks by diversification

Could obtain bank loan to help with expansion

Question 4

How is reputation an aim and give examples?

Answer 4

Produce good quality service

Provide excellent customer satisfaction

Acting in a socially responsible manner

These can improve usp

Question 5

How is being enterprising an aim and it’s examples?

Answer 5

Showing initiative

Entrepreneurs are usually sole traders trying to build their own business be their own boss, follow their passion

Likely to take risks

Finding gaps in the market

Going into new markets

Coming up with new products and idead