1.3.1 Business Aims and Objectives

Question 1

Aim

Answer 1

What a business wants to achieve

Question 2

Objective

Answer 2

Smaller step to help achieve the aim

Question 3

Objectives should be SMART meaning

Answer 3

-Specific
-Measurable
-Achievable
-Realistic
-Time-bound

Question 4

Financial Aims

Answer 4

-Survival
-Sales targets
-Market share
-Profit

Question 5

Non-financial Aims

Answer 5

-Social objectives
-Personal satisfaction
-Challenge
-Independance
-Control

Question 6

Different aims and objectives based on:

Answer 6

-The industry the business operates in
-The owners beliefs and priorities
-The length of time the business has been running for