3 Business activity : Aims and Objectives Flashcards Preview

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Flashcards in 3 Business activity : Aims and Objectives Deck (13):
1

What is an aim ?

Long term goals that a business wants to achieve

2

Aim
P.....

Profit - most businesses will maximise profits for future plans , satisfaction and other for charity

3

Aim
G.......

Growth - raise profits
Important for large businesses who pay shareholders
Sales to grow to attract customers eg .new products

4

Aim
M.......S.......

Market share - business has a greater percentage share of the market to eliminate competition

5

Aim
S........

Survival - new business ( keep going )
Established (problems like falling sales , completion)

6

Aim
P........ A S.........

Providing a service - better service = more customers = profit
Even if they don't make profit they can earn
A good reputation and awards

7

aim
E........

Environmental - take action on what is happening around us

8

Aim
Et......

Ethical - matters such as child labour , working consisting and
testing on animals .

9

What is an objective ?

Steps a business takes to work towards achieving its aims

10

S
M
A
R
T

Specific
Measurable
Achievable
Realistic
Time-bound

11

Aims for different businesses

- Survive
Competition
Need to win customers
Competition may lower prices q

12

Aims for an established business

- Greater profit
More money
Fund growth

13

Aims for a business in difficulty

- Market share ( maintain )
Prevent lost custom
- Survive
More important than profit
Keep business going