Business aims and objectives

• What is profit in a business context?

  The amount of money left after products sold
• What does survival mean for a business?

  To not fail
• What is market share?

  Percentage of market that the business owns
• What does sales refer to in a business?

  Amount of product sold
• What is security in a business context?

  So people stay
• What is the role of control in a business?

  To oversee all operations
• What is the difference between business aims and business objectives?

  • Aim: Broad target (e.g., to make profit)
  • Objective: Specific, measurable, achievable, realistic, timebound (SMART)
• Why is it important for a business to set aims and objectives?

  They provide focus for employees
• How do business aims and objectives allow for planning?

  They help design the business plan
• What role do aims and objectives play in providing direction for a business?

  They indicate whether to expand or not
• What factors affect a business's aims and objectives?

  Size, competition, and type of business
• How do business objectives help in measuring success?

  They allow businesses to assess performance
• How does the size of a business influence its aims and objectives?

  It prioritizes customers over personal interests
• How does competition affect business aims and objectives?

  It can drive profit or customer satisfaction focus
• How do non-profit businesses typically set their aims?

  They focus on ethical and social goals
• How do start-up businesses typically set their financial aims?

  They relate to cash availability
• How do established small businesses differ in their aims compared to start-ups?

  They may aim to increase profit
• Why must businesses consider competition when setting aims and objectives?

  To increase sales or market share