Aims And Objectives

Question 1

Aim?

Answer 1

A goal of a business.

Question 2

Objective?

Answer 2

Specific. target

Question 3

Why set objectives?

Answer 3

Helps understand direction in which business is going.
Provides targets.
Motivates to achieve goals.

Question 4

Shareholder value?

Answer 4

Company is onwed by sharholders. Employ maagers to: generate profits.
Increase the shareholder value.

Question 5

Customer satisfaction?

Answer 5

Leads to long term profits.

Question 6

Market share ?

Answer 6

The percentage of the market they own.

Maeket share = sales
total market sales x 100

Question 7

How to grow

Answer 7

Open more stores, sell more products or increase market share/revenue.

Question 8

Being ethical

Answer 8

Making decisions that are morally right.

Question 9

2 environmental & sustainable targets.

Answer 9

Limit used energy, reduce carbon footprint.

Question 10

Smart objectives?

Answer 10

Specific 
Measurable 
Achievable
Realistic
Time related

Question 11

Stakeholders?

Answer 11

Individuals or groups who are effected by what happens inside or outside a business.

Question 12

Location of business?

Answer 12

Workers
Premises cost
Location of suppliers.

Question 13

Pros of locating overseas?

Answer 13

More customers.
Cheaper labour cost.
Reduced premises cost.

Question 14

Disadvantages of locating overseas?

Answer 14

Large shipping fees.
Different laws.
Different taste.

Question 15

Business plan.

Answer 15

A doc that states what a business is tryna achieve in the next couple years.

Question 16

5 things in a business plan?

Answer 16

Background check.
Market/competitor analysis.
Objectives.
How to complete objectives.
Usp

Question 17

Why have a business plan? (3 reasons)

Answer 17

Provide direction.
Plan for future problems.
Set objectives.

Question 18

Formula for revenue?

Answer 18

Amounts sold*price

Question 19

Profit formula?

Answer 19

Revenue-total costs

Question 20

Business planning difficulties? (4 reasons)

Answer 20

Uncertainty.
Market fluctuates.
Out of date plans are inevitable.
Lack of experience.

Question 21

How to reduce risk in business plans?

Answer 21

Market research.
Consult experts.
Plan.
Update business plan regularly.

Question 22

3 pros of globalisation.

Answer 22

Quick growth.
Sometimes cheap labour cost.
Inward investment.

Question 23

2 cons of globalisation.

Answer 23

More competitors.

Hard to increase market share.