2.1.2 Change in business aims and objectives

Question 1

What are financial objectives for a business?

Answer 1

Profit
Sales revenue
Market share
Financial security

Question 2

What are non financial objectives for a business?

Answer 2

Social objectives like the enviroment
Personal satisfaction
Challenge
Independence

Question 3

What is the differenve between an aim and an objective?

Answer 3

Aim is long term and objective is short term

Question 4

What do aims and objectives change?

Answer 4

Legislation
Market conditions
Technology
Performance
Internal reasons like a new CEO

Question 5

What aims and objectives would a new business have?

Answer 5

Survival
Break-even

Question 6

What aims and objectives would an established business doing well have?

Answer 6

Entering new markets
Expanding product range
Growing workforce

Question 7

What aims and objectives would a struggling business have?

Answer 7

Exiting markets
Reducing product range
Reducing the workforce