Objectives

Question 1

What are business objectives?

Answer 1

Something a business aims to achieve in the future

Question 2

What are examples of objectives? (9)

Answer 2

• Maximise profits
• Maximise sales
• Growth
• Survival
• Customer satisfaction
• Social responsibility
• Providing a good/service
• Increase market share
• Enterprising

Question 3

What is maximising profits?

Answer 3

Making as much profit as possible by reducing costs and increasing sales

Question 4

What is maximising sales?

Answer 4

Increasing the money received from selling goods and services

Question 5

What is growth?

Answer 5

To expand. This could be in the form of opening more shops, recruiting more staff or taking over another business

Question 6

What is survival?

Answer 6

To continue trading, especially when competition is strong or the economy is in recession

Question 7

What is customer satisfaction?

Answer 7

Continuing to keep customers happy which will encourage them to return and recommend the business to friends and family

Question 8

What is social responsibility?

Answer 8

To behave in a way that is ethical and eco-friendly

Question 9

What is increase market share?

Answer 9

Increasing the number of customers sold to, perhaps leading to become the market leader

Question 10

What is enterprising?

Answer 10

Coming up with a new idea, spotting gaps in the market for new products/services