
Business Aims & Objectives
Presentation
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Medium
M Jenkins
Used 58+ times
FREE Resource
8 Slides • 9 Questions
1
Business Aims and Objectives
Aims- the strategic goals of a business; for example to grow and expand the business
Objectives - specific steps; for example to increase market share by 5% over the next year
2
Multiple Choice
Aims are more general where as objectives are specific
True
False
3
Objectives for a start up
The objectives for a start up business can be split into financial (measured in monetary terms) and non-financial objectives
4
Financial Objectives (Start up business)
Survival- surviving the first year in order to build a customer base.
Profit- Maximise profit by increasing revenues and decreasing costs
Sales- increase sales to encourage customers to repeat buy.
Market Share – increase market share, take business from competitors. Could be via heavy promotion.
Financial Security- for the entrepreneur as they may have given up their job. This means they will have bills etc. to pay which means the business must make money.
5
Non- Financial Objectives (Start up business)
-Social Objectives- some businesses trade for social or environmental purposes.
-Personal Satisfaction- a business owner may simply have wanted to gain personal satisfaction from owning their own business
-Challenge- Entrepreneurs may start a business and view it as a challenge
-Independence- An entrepreneur may want complete freedom and may not want to work for someone else
-Control - Entrepreneurs may want more control over their own working lives.
6
Multiple Choice
The main objective for all entrepreneurs is to make a profit
True
False
7
Multiple Choice
The aims and objectives of firms will change over time.
True
False
8
Multiple Select
Which of the following are financial objectives?
Market Share
Survival
Helping those in need
Independence
9
Multiple Choice
New businesses focus on survival because more than half fail within 5 years
True
False
10
Why are aims and objectives different between difference businesses?
Businesses which are not run by the government are in the private sector
Public sector business are run by the government
11
Types of organisation
Private sector
Public Sector
12
Private Sector
Businesses which are not run by the government are the private sector
Their objectives are likely to be:
- Maximise profits by increasing sales and reducing costs
- Increase market share
- Expand the business
13
Public Sector
Run by the government
Their objectives are to
-Deliver a service to the public
-Keep costs low
-Meet targets
14
Multiple Select
Which of the following are in the public sector?
Allerton Library
Lifestyles
Arriva PLC
Tesco
15
Multiple Choice
Public Limited Companies are in the public sector
True
False
16
Multiple Choice
All entrepreneurs focus on profit as their main objective
True
False
17
Multiple Choice
Objectives of firms change as they grow.
True
False
Business Aims and Objectives
Aims- the strategic goals of a business; for example to grow and expand the business
Objectives - specific steps; for example to increase market share by 5% over the next year
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