2.1.2 Changes in business aims and objectives Flashcards
1
Q
What are aims?
A
Long-term goals
2
Q
What are objectives?
A
Short-term goals
3
Q
Why may a business need to change its aims and objectives?
A
Adapt to changing circumstances
- Change in legislation
- Change in technology
- Economic climate
- Consumer taste changing
4
Q
How will the economic climate effect on market conditions?
A
Affects consumer income and in turn their levels of spending
5
Q
What is the first aim most business strive for?
A
Survival
6
Q
What may businesses need to change to achieve their aims and objectives?
A
New market
Size of its workforce (reduce or expand)
Product range (reduce or expand)
