Understanding Business Aims and Objectives

How do market conditions affect a business's aims and objectives?

• They remain unchanged regardless of market conditions.

• They change based on competition and market growth or decline.

• They are solely influenced by customer feedback.

• They only change when a new CEO is appointed.

What strategy did Sainsbury's adopt to compete with budget retailers like Aldi?

• They focused solely on luxury items.

• They stopped selling budget products.

• They introduced a price match strategy.

• They increased their product prices.

How has technology influenced Sainsbury's business model?

• It led to the introduction of online shopping and delivery services.

• It made them focus only on in-store promotions.

• It has had no impact on their business model.

• It caused them to close all physical stores.

What might Sainsbury's do if they are underperforming?

• Set more ambitious financial targets.

• Ignore performance metrics.

• Set realistic targets focused on survival.

• Expand rapidly without a plan.

How does legislation impact a business's aims and objectives?

• Legislation only affects government-owned businesses.

• Legislation has no impact on business strategies.

• Businesses must adapt their strategies to comply with new laws.

• Businesses can choose whether to follow new legislation.