1.5.3

Question 1

Business objectives

Answer 1

• survival: focuses on ensuring continued existence and profitability of the business. Particularly when first starting up and during economic challenges.
• Profit maximisation: generating the maximum amount of profit for the business.

Question 2

How can profit maximisation be achieved?

Answer 2

1) cost reduction: minimising expenses to increase profit margins.

2) revenue growth: increasing sales.

3) Pricing Strategies: Setting prices to maximise revenue without
sacrificing demand.

Question 3

Other businesses objectives

Answer 3

1) sales maximisation

2) cost efficiency

3) market share

4) employee welfare

5) customer satisfaction

6) social objectives