1.3, putting a business idea into practice

Question 1

what is the difference between a business aim and objective

Answer 1

aim is an ultimate purpose

whereas an objective is a goal that is sought in order to achieve an aim

Question 2

what are 2 possible business aims

Answer 2

maximising profit

survicing

Question 3

what are 4 possible business objectives

Answer 3

increasing market share

growth, such as the number of sales or employees

customer satisfaction

social or ethical ones

Question 4

3 key factors that influence a business’ aims

Answer 4

the size of business

level of competition

type of business