Changing Businesss Aims And Objectives

Question 1

What is an aim and an objective?

Answer 1

An aim is an short term aim that helps a business reach an objective

An objective is a long term goal of a business

Question 2

Why do business have them?

Answer 2

Business has them as they allow businesses to stay focused and have an goal to work towards which could result in the staff having a bonus or a commission which could easily boost production and so get to the goal quicker

Question 3

Explain some typical objectives for a bigger business.

Answer 3

To grow 
Increase market share
Open further shares
Maximise position / minimise competition 
Increase brand recognition 
Decrease costs 
Innovation

Question 4

What are ethical and environmental objectives ?

Answer 4

Use less fossil fuels 
More efficient fuels 
More renewable energy 
Better safety rules
Eco friendly produce and supplies

Question 5

Explain why businesses are becoming more socially responsible in their aims and objectives

Answer 5

As it can result in :

More customers
Look better and image
More likely for grant from government
Expectations

Question 6

Explain what a cost benefit analysis is.

Answer 6

A cost benefit analysis is an analysis by the company that reviews wether if a product is worth making using the costs of the products and how much it is selling

Question 7

Evaluate the positives and negatives of having social objectives

Answer 7

+ more customers, look better and better image, more likely for grant from government , expectations
- can cost a business, take longer, not be that useful, not do anything, can actually make a business more focused on things not surrounding their products and make the workers less efficient which can results in less capital