ch 21

Question 1

aims

Answer 1

what the business tries to achieve in long term

Question 2

objectives

Answer 2

the goals or targets set by the business to help achieve its long term purpose

Question 3

sales maximisation

Answer 3

an attempt to sell as much as possible in a given period of time (an attempt to generate as much revenue as possible)

Question 4

reasons for having objectives

Answer 4

1-needs smth to work toward to help motivate
2-for motivation they may lose control id there is not aim
3-to decide where to take the business and make decisions

Question 5

set SMART objectives

Answer 5

Specific
Measurable
Agreed
Realistic
Time specific

Question 6

SURVIVAL

Answer 6

in the beginning, it is a risk to set up a business may fail because lack of experience or shortage of resources
and high competition

Question 7

profit maximization

Answer 7

without profit, the business would not exist
try to earn very high amounts in a period this aim is not done often as prices have to be set very high for it to work and it can damage relationship between stakeholders

Question 8

OTHER OBJECTIVES

Answer 8

1-sales maximization(high market share)
2-market share (increase revenue to dominate the market )
3-cost efficiency (lower cost by 1:lay off stuff
2:new suppliers 3:recrycle 4:save energy a downside of cutting cost is quality may go down)
4-employee welfare
5-customer satisfaction(make loyal by training ask for feedback handle complaints effectively)
6-social objectives

Question 9

PPQ employee welfare

Answer 9

they will work more effecnetly so more productivity and they will be happier and more motivated and work harder

how to achieve employee welfare:
1)improve working environment ex less crowded
2)given breaks
3) Necessary tools
4)high standards