Setting Business Aims And Objectives

Question 1

I understand what a business aim and objective is

Answer 1

Aim - A long-term goal a business wants to achieve.

Objective - Specific, measurable steps taken to achieve the business aims.

Question 2

I understand the main aims and objectives for businesses

Answer 2

Profit maximisation, Growth and expansion, Customer satisfaction, Social responsibility, Increasing market share

Question 3

I understand how and why the objectives set will differ between businesses

Answer 3

Size - Small businesses may focus on survival large businesses may aim for market dominance.

Sector - Non-profits aim to provide social value, while for-profits focus on financial gains.

Stage of Development - Start-ups may prioritize customer acquisition; mature businesses might aim for efficiency.

Question 4

I understand how and why the objectives set may change as businesses evolve.

Answer 4

Businesses evolve, requiring shifts in focus (e.g., from survival to expansion), Market conditions, consumer preferences, and internal growth impact objectives.

Question 5

I can explain why a business sets objectives and the role of objectives in running a business

Answer 5

Guide business direction and decision-making. Provide measurable targets for performance assessment. Motivate employees and allocate resources effectively.

Question 6

I understand the success of a business can be measured in other ways than profit

Answer 6

Customer satisfaction and loyalty
Employee engagement and retention
Social and environmental impact
Market share and brand reputation