2.1.2 - Changes in business aims & objectives

ALDI plans to recruit 4,000 new employees in the UK over the next 3 years. This is an example of the business:

• Focusing on survival

• Exiting markets

• Growing its workforce

• Decreasing its product range

When IKEA opens its first store in India it will be focussing on:

• Survival

• Decreasing its product range

• Reducing its workforce

• Entering new markets

Factors such as the economic climate, competition and changing tastes and fashions can affect the aims and objectives of a business. These would be classed as a change in aims and objectives in response to:

• Internal reasons

• Technology

• Legislation

• Market conditions

The introduction of the National Living Wage meant some businesses had to change their aims and objectives. This was in response to a change in:

• Technology

• Business performance

• Internal factors

• Legislation

Which of the following statements is true in relation to why an evolving business’s aims/objectives may change?

• A newly appointed management team is an example of a change in market conditions

• A business sales and profits increasing is an example of a response to business performance

• A new competitor entering the market is an example of an internal change

• The introduction of regulations meaning businesses have to charge for plastic bags is an example of a change in response to technology

A business changes it aims and objectives following the appointment of a new managing director. The change was in response to:

• Technology

• Market conditions

• Internal reasons

• Legislation

When Marks & Spencer announced its intentions to close stores in several countries, including Belgium and The Netherlands, it was classed as:

• Focusing on growth

• Exiting markets

• Growing the workforce

• Increasing product range

The development and growth of e-commerce affecting business aims and objectives is an example of changes in which of the following factors?

• Market conditions

• Technology

• Performance

• Legislation

When a business makes redundancies it is an example of it focussing upon:

• Growth

• Entering new markets

• Reducing its workforce

• Increasing its product range

A business has experienced a significant fall in sales due to a slowdown in the economy. In this situation, the business is likely to focus upon:

• Growing the workforce

• Domestic expansion

• Increasing its product range

• Survival