WJEC Retail Business

What are the main business objectives for a retail business?

• • Business

  • Financial

  • Growth

  • Retail specific

• • Business

  • Financial

  • Social

  • Retail specific

• • Increased profit

  • Financial

  • Social

  • Retail specific

• • Business

  • Volunteering

  • Social

  • Retail specific

Many retail businesses fail within 2 years of being set up . (True or False)

• False

• True

To survive a business has to at least .......................

• Make a profit

• Break even

• Make a loss

• Survive

During times of economic recession (when sales can be ..................)

• Low

• High

• Good

Nearly all businesses started as small businesses - usually as .................... or ............

• sole trader

• partnership

• PLC or LID

• sole traders or partnerships

What is an objective?

• A short term goal

• A long term goal

A sole traders first objective would be...

• Growth

• Survival

• Profit maximisation

• Sales maximisation

What objective is concerned with "Behaving in a way which is correct and moral"

• Social responsibilty

• Enterprise/Innovation

• Ethical procedure

What are the two main ways to maxmise profits?

• Reduce costs

• Introduce a new manager

• Increase sales/selling price

• Re-launch a failing product

 Objectives are 

• The major goals of an organization
• What a business wants to achieve
• The purpose for a firm's existence 
• Qualitative statements of a firm's strategic direction