Aims + Objectives

• What is the long-term objective of a business called?

  Aim
• What does SMART stand for in business aims?

  Specific, Measurable, Attainable, Realistic, Time Manageable
• What is an example of a business objective?

  Increase sales by 20% in 5 years
• What are the aims of for-profit organizations?

  • Survival
  • Profit maximization
  • Increase sales revenue
  • Increase market share
  • Growth and expansion
  • Improve reputation
  • Improve quality
  • Environmental aims
  • Provide jobs
• What are the aims of not-for-profit organizations?

  • Serve the community
  • Provide services
  • Avoid wasteful duplication
  • Control strategic industries
  • Prevent exploitation
  • Help people in need
• Why might some businesses choose to remain small?

  To avoid stresses associated with growth
• How can small businesses survive on a low cost structure?

  By operating from home and avoiding stock costs
• What is a niche market?

  A specialized market with limited growth potential
• Why can small businesses deliver services more effectively?

  They can adapt quickly to customer needs
• What do some consumers prefer about small businesses?

  Unique products and personal service
• What is the definition of stakeholders in a business context?

  Individuals and organizations affected by business actions
• Who are the main stakeholders in a business?

  • Customers
  • Workers
  • Government
  • Pressure groups
  • Local community
  • Suppliers
  • Lenders/investors
  • Owners
  • Competitors
• What do customers expect from a business?

  Best quality and design from products
• What do workers expect from their employers?

  Fair treatment, pay, and conditions
• How can the government affect a business?

  Through taxes and compliance with laws
• What do pressure groups focus on regarding businesses?

  Ethical sourcing and treatment of workers
• How can local communities be affected by businesses?

  Through pollution and congestion issues
• What do suppliers expect from businesses?

  Prompt payment and ethical treatment
• What do lenders and investors expect from businesses?

  Repayment of debts and interest
• How do owners influence a business?

  Through decision-making processes
• What can competitors cause in a market?

  Price wars among businesses
• What are the characteristics of small businesses?

  • Operate from home
  • Serve niche markets
  • Adapt quicker than larger businesses