business aims and objectives

Question 1

what’s the purpose for aims and objectives?

Answer 1

they give the business direction. an aim is long term, an objective is short term.

Question 2

financial aims and objectives:

Answer 2

business survival
growth
market share

Question 3

non-financial aims and objectives:

Answer 3

social and ethical objectives

customer satisfaction

Question 4

smart:

Answer 4

specific
measurable
agreed
realistic 
time-bound

Question 5

impact of competition:

Answer 5

If a business is in a very competitive market, their aims and objectives may focus on developing a way to gain competitive advantage and therefore increase their market share. If a business doesn’t have much competition, they may be more able to focus on growth.