Aims and objectives

• What is the main goal of a business called?

  Aim
• What are financial aims of a business?

  Maximizing profits or growing market share
• What could be a non-financial aim of a business?

  Being more ethical or environmental
• What is a supporting objective in a business?

  Objectives help achieve the main aim
• What characteristics do objectives typically have?

  • Specific
  • Measurable
  • Linked to business functions
• Why are objectives important for different areas of a business?

  They provide clear and focused targets
• How do the aims and objectives of a business vary?

  They depend on size, age, and competition
• What might be a primary aim for a start-up business?

  Survival in the first year
• What is a common aim for larger corporations?

  Maximizing profit
• How does competition affect business aims?

  It influences whether to prioritize survival or profit
• What happens to business aims and objectives over time?

  They evolve and change
• What external factors can change business objectives?

  Changes in consumer laws or technology
• How can economic conditions affect business aims?

  They can lead to booms or recessions
• What impact do interest rates have on business objectives?

  They affect debt management and finance strategies
• How do exchange rates impact UK businesses?

  They affect costs of imports and exports
• What is globalization's effect on business objectives?

  It influences how interconnected businesses operate