Growing a Business Quiz

What is the difference between a business aim and a business objective?

• A business aim is long-term, while a business objective is short-term

• A business aim is general, while a business objective is specific

• A business aim is focused on profit, while a business objective is focused on growth

• A business aim is set by the employees, while a business objective is set by the management

Why would a business set business aims and objectives?

• To attract investors

• To provide direction and focus

• To increase competition

• To comply with legal requirements

What can cause a change in business objectives?

• Changes in market conditions

• Changes in technology

• Changes in legislation

• All of the above

What is meant by the term 'market conditions'?

• The financial performance of a business

• The external factors that affect a business

• The internal factors that affect a business

• The target market of a business

How can changes in technology affect a business?

• Increase costs in the short term

• Decrease costs in the short term

• Have no impact on costs

• Only affect the marketing department

What was Tesco's objective in 2014?

• Maximize profit

• Increase market share

• Survival

• Expand globally

What went wrong for Tesco in 2014?

• Falling levels of profitability, share price, and market share

• Increased competition and consumer wealth

• Introduction of new legislation

• Internal factors such as management capability

What are two key objectives Tesco should focus on to turnaround its business performance?

• Increase revenue and improve profitability

• Cut costs and improve profitability

• Increase market share and expand globally

• Survive and comply with legislation

How can changes in legislation affect business objectives?

• Increase sales and revenue

• Decrease costs and improve profitability

• Reduce profit targets and increase costs

• Have no impact on business objectives

How can a change in leadership affect business objectives?

• Increase market share and revenue

• Decrease costs and improve profitability

• Reduce profit targets and increase costs

• Change the direction and focus of the business