1.5.3 Business Objectives

Question 1

What is a a business aim

Answer 1

This is the main goal of a business

Question 2

What is a business objective

Answer 2

Specific short/medium term goals to help the business achieve its aim

Question 3

List the business objectives

Answer 3

• survival
• profit maximisation
• sales maximisation
• increase market share
• improving cost efficiency
• employee welfare
• customer satisfaction
• social objectives

Question 4

what are internal factors that influence business objectives

Answer 4

• the performance of the business
• culture of the organisation
• short term v long term

Question 5

What are external factors that influence business objectives

Answer 5

• the economic environment, recession may focus on survival
• the actions of competitors
• stakeholders