Growing a Business Quiz

What is the difference between a business aim and 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 comply with legal requirements

• To increase competition in the market

What could be a possible effect on a business if there is increased competition or decreased consumer wealth?

• Increased sales

• Decreased costs

• Unachievable sales targets

• Increased market share

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 does changes in technology affect a business?

• It increases costs in the short term

• It decreases revenue in the short term

• It improves efficiency and output in the long term

• It reduces competition in the market

What was Tesco's objective in 2014 when it faced falling levels of profitability, share price, and market share?

• Increase revenue

• Cut costs

• Improve profitability

• Focus on survival

What is a possible impact of new legislation on a business?

• Increased sales and revenue

• Decreased costs and expenses

• Reduced profit targets

• Improved market conditions

How can a change in leadership affect the business objectives of a business?

• It can lead to increased revenue

• It can result in decreased competition

• It can cause a shift in focus and priorities

• It can improve market conditions

What was one of the changes in Tesco's business objectives after Dave Lewis became the CEO in 2014?

• Entering new markets

• Increasing the workforce

• Focusing on profit maximization

• Exiting global markets

What is the main reason for a business to change its objectives?

• Changes in market conditions

• Changes in technology

• Changes in legislation

• Changes in internal factors