1.7 Aims & Objectives

what is the definition of a Business Aim?

• A broad statement that the business owner wants to achieve
• A general target the business works towards
• A specific target a business sets

What is a Business Objective?

• A statement the business uses to gain customers
• A specific target the business sets to achieve their aim
• A general Goal a business wants to achieve

What does SMART objectives stand for?

• Specific, Measurable, Agreed, Realistic, Time
• Specific, Measurable, Achievable, Reliable, Time
• Shared,Measurable, Agreed, Responsible, Time
• Specific, Measurable, Available,Realistic, Time

What is the first aim of a business start up by an entrepreneur 

• Growth
• Maximizing Profit
• Survival
• Customer Satisfaction

What are stakeholders?

• groups of people who are affected by the actions of the business
• people who make key decisions in a business
• group of individuals that donate money to businesses

How can stakeholders influence the business? 

• stakeholders can direct managers
• stakeholders can demand changes
• stakeholders can influence decision making 

Define non financial aims

• aims to increase financial security through maximizing sales
• Aims focusing on overcoming personal and social problems

identify the non- financial aim

• Maximizing Profit margins 
• Ridding the world of poverty
• Surviving the first two years 
• Maximising Sales

Identify financial aims

• Maximizing Profit margins 
• Ridding the world of poverty 
• Protect animals against testing

Define financial aim 

• Aims to increase financial security through maximizing sales
• Aims focusing on overcoming personal and social problems