Topic 1.3 Setting Business Aims And Objectives. Flashcards
1
Q
Define an “aim”
A
An aim is a general goal of a business.
2
Q
Define an “objective”
A
An objective is a specific target that is set for a business to acheive.
3
Q
Define a “private sector organisation”
A
Private sector organisations are owned by individuals.
4
Q
Define a “public sector organisation”
A
A public sector organisation is owned by the government.
5
Q
Define “survival’
A
To keep the business afloat and running.
6
Q
Define “profit maximisation”
A
To make as much profit as possible.
7
Q
Define “growth”
A
To expand the business.
8
Q
Define “market share”
A
Sales of one product or business as the percentage of total market sales.
9
Q
Define “Customer satisfaction”
A
To make customers happier and more satisified with the product/service being produced by a business.
