1B business objectives

Question 1

Making a profit

Answer 1

Surplus remaining after total expenses are deducted from total revenue

Question 2

increasing market share

Answer 2

is the proportion of the industry’s sales you control, it’s a sign of competitive advantage

Question 3

improving efficiency

Answer 3

how well a business using their resources to achieve objectives

If you waste resources it will increase costs across the whole business

Question 4

Efficiency and productivity

Answer 4

how well a business using their resources to achieve objectives

while productivity is the ratio of outputs produced compared to the inputs required ( a measurement)

Question 5

Basic business objectives

Answer 5

To make a profit
to improve efficiency
to increase market share
to fulfill a market need
to meet shareholder expectations
to improve efficiency

Question 6

Improving effectiveness

Answer 6

the degree to which a business has achieved there objectives e.g a certain profit margin

Question 7

fulfilling market needs

Answer 7

to meet the demands of the customers

if you don’t meet these needs you can lose customers and profits

Market needs can change based on trends

Question 8

Fulfilling a social need

Answer 8

producing service or goods for the purpose of making society/world a better place

e.g Westpac bank and their rescue helicopter program, makes westac look better

Question 9

Meeting shareholder expectations

Answer 9

shareholders looking for a return on the business they invested into.

Question 10

How can shareholder expectations be met?

Answer 10

through receiving a return on your their investment

voting rights within the company

capital gains (selling your shares for more)