Unit 2.1.2 Changes in Business Aims and Objectives

True or False: Business aims and objectives may change in response to market conditions.

• True

• False

Which of the following is a factor that can cause business aims and objectives to change?

• Employee satisfaction

• Technology

• Advertising

• Sales

How do business aims and objectives typically change when businesses evolve?

• Focus on increasing assets

• Reduce employees

• Focus on survival or growth

• Decrease marketing

Which of these could be a legal reason for a business changing its aims and objectives?

• Changes in the national living wage

• Increase in profits

• Decrease in employee moral

• Reduction in operating costs

Which of these best describes market share?

• The amount of money made by all the businesses in an industry

• The portion of a market controlled by a particular company or product

• The amount of money made by one business

• The cash flow of a business

True or false: Poor performance could make a business review its aims and objectives.

• True

• False

What is a product range?

• How far the product must travel to reach a customer

• The development of a product

• The cost of making a product

• A collection of products that are manufactured or sold by a company

Which of these aims would NOT be appropriate for a business that wants to grow?

• Sell assets

• Enter new markets

• Increase workforce

• Increase product range

A set of shared values, goals, attitudes and practices is known as a companies what?

• Mission

• Culture

• Growth

• Marketing mix

True or False: When a business is growing it means it does not need to change its aims and objectives.

• True

• False