Business Aims

What is a business aim?

• The steps a business needs to take to meet its objectives

• A detailed plan for marketing

• The overall target or goal of the business

• A financial statement of the business

What is an example of a financial aim?

• To use only solar energy

• To make £120,000 profit

• To create a business out of a hobby

• To provide excellent customer service

What does 'profit maximisation' refer to?

• Making as much profit as possible

• Expanding the business internationally

• Reducing costs to zero

• Increasing the number of employees

What is a non-financial aim?

• Maximising market share

• Aiming to make a profit

• Ensuring business survival

• Linked to personal reasons behind setting up a business

What is an example of a social objective?

• Increasing market share

• Maximising sales

• Reducing production costs

• Doing things in an ethical manner

What does 'business survival' refer to?

• Keeping the business operating for a certain amount of time

• Maximising profits

• Expanding the business

• Reducing employee turnover

What is an example of an environmental objective?

• Reducing employee turnover

• Increasing market share

• Maximising profits

• Using only sustainably sourced products

What is meant by 'market share'?

• The percentage of the market that a business occupies

• The number of products a business sells

• The total revenue of a business

• The number of employees in a business

What is an example of a personal satisfaction objective?

• Maximising profits

• Increasing market share

• Reducing production costs

• Feeling satisfaction from creating a successful business

What is a common reason for an entrepreneur to set up a business?

• Increasing market share

• Maximising profits

• Desire for independence

• Reducing production costs