Business Objectives

• What do objectives set for a company?

  Targets for particular aims
• How are objectives different from aims?

  Objectives are more specific than aims
• If a business aims to maximize profit, what might be an objective?

  Earn over $16,000 in revenue
• Why are objectives considered measurable targets?

  They help firms achieve their aims with specific metrics
• How do targets for objectives help a business?

  They identify areas needing improvement
• What are the three key factors influencing a business's objectives?

  • Size of the business
  • Level of competition
  • Type of business
• What might new companies focus on regarding their objectives?

  Growth and survival due to high failure risk
• What is a key objective for smaller companies like Revolut?

  Word of mouth customer satisfaction
• Why do larger businesses face more scrutiny regarding their objectives?

  They employ many people and impact the public
• How many employees did Tesco have in 2019?

  Around 300,000 employees
• How does competition affect a business's objectives?

  Objectives may shift from growth to survival
• What is survival important for in a competitive market?

  It represents the likelihood of business continuity
• What happened to Kwik Save in 2007?

  It was driven out by a price war
• What do not-for-profit businesses focus on compared to for-profit firms?

  Social and ethical objectives