dp 2

Question 1

define business objective

Answer 1

a business objective is a desired outcome or specific result that a business intends to achieve in a given time period.

Question 2

to make a profit

Answer 2

the surplus after total costs are deducted, hence provides more money into the business

Question 3

to increase market share

Answer 3

percentage of sales one business has compared to competitors

Question 4

to fulfill a market need

Answer 4

identify gap in the market and fill the gap

Question 5

to fulfill a social need

Answer 5

benefit community in some way

Question 6

to meet shareholders expectations

Answer 6

shareholders of public companies expect a percentage of the profits and expect capital gains on their shares.

Question 7

to improve efficiency

Answer 7

how well resources are used to create the final product

Question 8

to improve effectiveness

Answer 8

how successful a business has been in terms of achieving its stated objectives

Question 9

steps to fufill business objectives

Answer 9

1. set objectives
2. develop strategies
   3.analyse performance

Question 10

define performance

Answer 10

performance is determined by analysing the extent of which objectives have been achieved

Question 11

define strategies

Answer 11

strategies outline how a business will attempt to achieve its objectives, hence a series of actions undertaken to achieve a desired end result

Question 12

how can businesses achieve their objectives?

Answer 12

• targeting new group of customers
• increasing sales by using a new promotional campaign
• increasing the number of distribution outlets
• improving performance of quality of the exisiting product

Question 13

how can a business analyse their performance

Answer 13

• how is the business performing
• how does the business perform compared to that of similar businesses
• is the business performing as planned
• has the business’ performance improved over time