Business Aims And Objectives

Question 1

Define survival as an objective for a business to succeed

Answer 1

Survival is the main short term objective

Question 2

Define profitability as an objective for a business to succeed

Answer 2

measured by indicators such as profit margin and return on capitol employed. The bigger the company, the more profit

Question 3

Define growth as an objective for a business to succeed

Answer 3

Expanding the business in ways such as;
Number of employees
Number of sales
Revenue

Question 4

Define market share as an objective for a business to succeed

Answer 4

The bigger the market share, the greater the firm’s ability to control the market.

Question 5

Define customer satisfaction as an objective for a business to succeed

Answer 5

How happy the customer is with the products. Can measure this by market research.

Question 6

Define ethical consideration as an objective for a business to succeed

Answer 6

If society believes what the company does is morally right (testing on animals etc)

Question 7

Define environmental sustainability as an objective for a business to succeed

Answer 7

Minimising the impact of the companies activities on the environment

Question 8

What are the seven objectives for the success of a business?

Answer 8

Survival
Profitability
Growth
Market share
Ethical consideration
Environmental sustainability