Business Aims Flashcards
1
Q
Why are business aims essential?
A
They serve as a guide for the business’ actions, they provide targets that the business can achieve, they show a business’ growth and even help in the business’ decision making process
2
Q
What does SMART stand for?
A
Specific, Measurable, Attainable, Realistic, Timed
3
Q
‘ A business might aim to increase its market share by 5% over the next two years ‘ Is this a smart aim?
A
Yes
4
Q
‘ A business might aim to triple it’s profits in 10 months ‘ Is this a smart aim?
A
No
5
Q
What is the most important aim for a business starting up?
A
Survival
6
Q
What is the most common business aim?
A
Profit Max
7
Q
What are some examples of Aims?
A
Survival, Growth, Profit Max, Corporate Image, Green (Environmental Issues), Social Responsibility
