Aims and Objectives (yr10)

Question 1

What is an aim?

Answer 1

Long term goal a business would like to achieve

Question 2

What are the aims of a business ?

Answer 2

• profit
• growth
• market share
• survival
• providing a service

Question 3

What is the aim of profit ?

Answer 3

To make just enough profit to pay for future plans

Question 4

What is the aim of growth

Answer 4

• more customers
• raise profits
• sales grow

Question 5

What is the aim of market share ?

Answer 5

Eliminate competition - take over is a common method. Getting more people to buy from you

Question 6

What is the aim of survival?

Answer 6

To make enough money to keep going

Competition, fashion , tastes , economy could all affect your chance of survival

Question 7

What is the aim of providing a service ?

Answer 7

Keep customer happy , good reputation , maybe more important than profit for service community

Question 8

What is an objective?

Answer 8

Steps a business will take to work toward achieving aims

Specific
Measurable 
Achievable 
Realistic
Time

Question 9

Aims for a new business ?

Answer 9

Survive - competing against existing businesses

need to win customers away from competition

Competitors may lower prices

Question 10

Aims for an established business ?

Answer 10

Greater profit -

more money for owner

To fund growth ( new shops / factories)

Question 11

Aims for business in difficulty?

Answer 11

Market share ( maintain) - prevent loss of customers

Survive - may become more important than profit

Keep the business going through difficult times

Question 12

Different aims for different businesses?

Answer 12

• bigger businesses need to keep shareholders happy through profit
• small sole traders can set whatever objectives are important to them
• a business with a lot of competition may focus on providing services rather than growth

Question 13

Aims for environmental / ethical businesses ?

Answer 13

Not testing on animals

Low carbon foot print

Recycling