Objectives

Question 1

what is the definition of objectives?

Answer 1

aims or targets

Question 2

business will share similar objectives when?

Answer 2

they are in the same sector.

Question 3

business will have different objectives when?

Answer 3

business are in different sector of he economy.

Question 4

what are the main objectives?

Answer 4

• maximising profits and sales
• survival
• provide a quality service
• increasing market share
• satisfying
• growth

Question 5

objectives explained…

maximising profit/sales?

Answer 5

making as much sales and profit as possible through selling and good service or decreasing/increasing selling price.

Question 6

objectives explained…

survival?

Answer 6

avoid going out of business

Question 7

objectives explained…

provide a quality service?

Answer 7

encourages customer loyalty and good reputation.

Question 8

objectives explained…

increase market share?

Answer 8

aim to be the business that has the most sales in the market they are operating in.

Question 9

objectives explained…

satisfying?

Answer 9

aiming for a satisfactory result which allows survival rather than profit maximisation. This allows a satisfactory level of profit which satisfies shareholders, supplier and employees.

Question 10

objectives explained…

managerial objectives?

Answer 10

when managers set objectives, they believe will prove the status of the company.

Question 11

objectives explained…

working within budget?

Answer 11

sticking to annual budget and not overspend.

Question 12

objectives explained…

corporate social responsibility?

Answer 12

when a business aims to act in an ethical way so that they benefit society or the environment. Generates s good business image and attracts customers.

Question 13

objectives explained…

growth?

Answer 13

to make a business larger with advantages.

Question 14

what is a mission statement?

Answer 14

a mission statement is usually displayed on the company website which outlines what the business’s objectives are and what they hope to achieve.

Question 15

what does the mission statement do?

Answer 15

• let’s different shareholders know what the organisation stands for and what it plans do in the future
• it can be used to inform customers about the future plans the organisation has
• it can be used to raise the profile and image of the organisation and may attract media attention.