1.3.1 - Business Aims And Objectives

Question 1

Examples of financial aims

Answer 1

-survival
-Profit
-Sales
- Market share
-Financial security

Question 2

Examples of non-financial aims

Answer 2

Social benefits
Personal satisfaction
Challenge
Independence
Control
Customer satisfaction
Recognition (awards)

Question 3

Aim

Answer 3

the overall goals the buisinees wants to achieve

Question 4

Objective

Answer 4

practical steps of a particular goal the business wants to achieve

Question 5

Survival

Answer 5

A short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis.

Question 6

Profit maximisation

Answer 6

try to make the most profit possible - most like to be the aim of the owners and shareholders.

Question 7

Profit satisfying

Answer 7

Try to make enough profit to keep the owners comfortable - probably the aim of smaller businesses whose owners do not want to work longer hours.

Question 8

Sales growth

Answer 8

where the business tries to make as many sales as possible. This may be because the managers believe that the survival of the business depends on being large. Large businesses can also benefit from economies of scale.