Objectives Undertanading Buisness

Question 1

advantages of having goals and objectives in a buisness

Answer 1

• The firm can measure its performance against this goal.

• Targets can be set for the workers, managers and the firm

• Workers can be motivated to achieve that goal as the aim is clear

• Workers can be rewarded for reaching a c

Question 2

4 types of objectives a firm could use describe

Answer 2

Profit maximisation Firms will try to reduce their costs OR increase their prices to increase sales revenue and profits

Sales maximisation Firms will often lower price to encourage customers to buy their products with special offers

Increase market share Through tactics such as advertising, a firm may gain sales from the competition and so increase it’s market share

Improving customer satisfaction A firm will achieve this by offering customer complaint cards or a good returns policy at shops

Question 3

What is a sole traders objective

Answer 3

Survival,create awareness of company name

Question 4

Objective of partnership

Answer 4

To grow

Question 5

Objective of Ltd

Answer 5

Sales max profit max

Question 6

Objectives of plc

Answer 6

Sales max profits max

Question 7

Local council

Answer 7

Cut costs

Question 8

Charity

Answer 8

Raise money increase donations