Business Aims and Objectives Flashcards
0
Q
What is a business objective?
A
What needs to be done in order to achieve the aim
1
Q
What is a business aim?
A
What the business is trying to achieve in the end - its what the final target it
2
Q
Examples of business aims?
A
Growth Gaining Market Share Corporate Image Survival Increase Profits
3
Q
Objectives to Growth aim?
A
- Increase their customer base
- Research and develop new products
- Develop new products to replace declining products
4
Q
Objectives to Gaining Market Share aim?
A
- Aggressive marketing
- Reduce their competitors by takeovers and merges
- Set their prices lower than competitors
5
Q
Corporate Image aim objectives?
A
- Good customer service
- Environmentally friendly products
- Reputation of being a fair employer
6
Q
Objectives to Survival aim?
A
- Establish the cause of loss and sales
- Reduce the cost to allow effective competition
- To implement an effective marketing strategy
7
Q
Increase Profits objectives?
A
- Find new markets through effective market research
- Increase promotion through media e.g. Internet
- Set performance targets for all employees
