Unit 1

Question 1

Purpose of Business Objectives and Aims? (4)

Answer 1

1. to have a clear goal / target
2. to compare progress
3. to be able to apply for a loan
4. can improve motivation

Question 2

Business Objectives examples: (5)

Answer 2

1. survival
2. earning a profit
3. customer satisfaction
4. market share / growth
5. being ethical

Question 3

Business Plan features: (3-6)

Answer 3

1. background info
2. analysis of market and expected position in it
3. objectives
4. price and expected sales
5. competition
6. forecasts of profits and cashflow

Question 4

Integration:

1. horizontal
2. vertical (forward and backward)
3. conglomerate

Answer 4

1. joining with a company at the same stage of production
2. a) joining with suppliers (forward)
3. b) joining with distributors (backward)
4. joining with a different type of production process