Business aims and objectives; customer needs

Question 1

Financial benefits of starting a business (5)

Answer 1

Survival
Profit
Market share
Sales
Financial security

Question 2

Non-financial benefits of starting a business (4)

Answer 2

Social objectives
Personal satisfaction
Challenge
Independence and control

Question 3

Define aim -
Define objective -

Answer 3

-something you want to achieve in a long term
-short term goal that will help a business to achieve their long term aim

Question 4

How new ideas come along? (2)

Answer 4

Original ideas
Adapting existing products

Question 5

What causes new ideas to appear? (3)

Answer 5

Change in technology
Change in consumer needs and wants
Products becoming obsolete

Question 6

Target market is -

Answer 6

Particular group of consumer at which a business aims its products

Question 7

4 main customer needs

Answer 7

Convenience
Choice
Quality
Price

Question 8

SMART stands for

Answer 8

S - specific
M - measurable
A - achievable
R - realistic
T - timed