Business Aims

Question 1

aim

Answer 1

ultimate purpose

Question 2

objective

Answer 2

sought in order to achieve aim

Question 3

survival

Answer 3

aim, biggest for new businesses

Question 4

profit maximisation

Answer 4

aim, biggest for profit businesses, includes sacrificing short-term profits for long-term profits

Question 5

increasing market share

Answer 5

objective, takes customers away from competitors or other markets

Question 6

growth

Answer 6

objective, increase sales/ customers/ employees or introducing a new product/ service

Question 7

maximise shareholder value

Answer 7

objective, limited, includes increasing profits

Question 8

social ethical

Answer 8

objective, funding projects to better society or having a positive impact on the environment

Question 9

customer satisfaction

Answer 9

effect on long term and short term profits, not losing customers to competitors

Question 10

role of objectives

Answer 10

measurable targets to improve continuously, dependant on size/ competition/ type