Unit 1.3 - Business Aims and Objectives

Question 1

Why do businesses set objectives?

Answer 1

• Helps with decision making and establishing priorities.
• Helps understand the direction the business is heading.
• Gives a target of how well the business has done
• Motivates everyone connected to the business.

Question 2

Name business objectives.

Answer 2

Make a profit
Survival
Growth
Being ethical
Market share
Customer satisfaction
Shareholder value

Question 3

What makes a good objective?

Answer 3

• The target
• What can be acheived
• Who is to achieve it
• How to achieve it

Question 4

What resources are needed to meet the objectives?

Answer 4

• Time
• Money
• People
• Equipment