Business Aims and objectives Flashcards
1
Q
What is an objective?
A
An objective is what needs to be done in order to achieve this aim
2
Q
What are some of the aims a business might have
A
- Survial
- Market share (increase it)
- Maximizing profits
- Quality products
- More growth in the business
- Improve their image
- Expand the business
3
Q
What are some objectives to meeting the aim growth?
A
- Increase customer base
- Research and develop new products
- Establish the business as a business leader
- Brand new products
- Develop new products to replace declining products
4
Q
What are some objectives to meeting the aim corporate image?
A
- Reputation of being a fair employer
- Good customer service
- Good quality products
- Supporting local charities
- Having environmentally friendly products
- Becoming a brand leader so other businesses will copy
- Advertising what they do through the media
- Create a meaningful cooperate aim in the form of a mission statement
5
Q
What are some objectives to meeting the aim survival?
A
- To establish the cause of loss of sales
- To reduce cost to all effective competition
- To secure long term financial backing
- To implement an effective competition
- To change or improve the product of this is felt to be sub-standard
6
Q
What are some objectives to meeting the aim increasing profits/ high sales?
A
- Find new markets through effective market research
- To increase promotion through media
- To revise pricing policy’s to meet customers expectations
- To improve customer service through a better complaints procedure
- Set performance targets for all employees
- To reduce cost where ever this can be done without affecting quality or performance
7
Q
What is an aim?
A
An aim is what the business is trying to achieve at the end. (What the final target is)
