Changing Businesss Aims And Objectives Flashcards
What is an aim and an objective?
An aim is an short term aim that helps a business reach an objective
An objective is a long term goal of a business
Why do business have them?
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
Explain some typical objectives for a bigger business.
To grow Increase market share Open further shares Maximise position / minimise competition Increase brand recognition Decrease costs Innovation
What are ethical and environmental objectives ?
Use less fossil fuels More efficient fuels More renewable energy Better safety rules Eco friendly produce and supplies
Explain why businesses are becoming more socially responsible in their aims and objectives
As it can result in :
More customers
Look better and image
More likely for grant from government
Expectations
Explain what a cost benefit analysis is.
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
Evaluate the positives and negatives of having social objectives
+ 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
