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Theme 3
Businesses and Growth
3.2.1 - Business Objectives
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Created by
Saberie Mohammad
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Cards (11)
What do business objectives provide for firms?
Targets
to achieve and guide
decision-making
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What is the primary goal for most firms regarding profit?
To maximize the difference between
total revenue
and
total costs
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What does the satisficing approach in business aim for?
To achieve sufficient levels of
profit
to satisfy
stakeholders
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What is the goal of revenue maximization?
To grow
market share
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What does the growth objective focus on?
Increasing
sales revenue
, often at the expense of
higher costs
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What is the aim of expanding a business?
To improve
market dominance
and
long-term profitability
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What are market share strategies aimed at?
Increasing a firm's
proportionate
sales in comparison to
total market sales
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Why is survival an important objective for new businesses?
It focuses on
managing
risks and ensuring the business continues to operate
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What might ethical objectives impact for a firm?
Reputation
and customer perception
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What are the key business objectives that guide firms in their strategic planning?
Profit maximization
Growth
Market share
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How do business objectives shape operating strategies?
They provide direction and targets
They influence decision-making processes
They determine resource allocation
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