3.1.3 - Aims and Objectives

• Why is it important for businesses to behave in a morally correct way?

  It helps in giving a fair wage and using sustainable materials
• What does the acronym SMART stand for in business objectives?

  Specific, Measurable, Achievable, Realistic, Time-based
• What is the purpose of setting SMART objectives?

  To ensure objectives are clear and achievable
• What are some examples of business objectives related to growth?

  • Achieving sales revenue higher than total costs
  • Opening new stores
  • Joining other businesses externally
• What does it mean for a business to continue existing?

  It means to maintain operations and survive in the market
• How might competitors succeed by copying a business?

  By adopting similar strategies and practices that work well
• How does sustainability relate to business objectives?

  Sustainability aims to improve long-term societal and environmental health
• What might a business do to achieve organic growth?

  Open new stores or expand existing operations
• What are the implications of trading conditions for a start-up business?

  They can determine the likelihood of success or failure
• What are the five business objectives?

  Social Ethical Growth Profit Survival
• What is the purpose of setting objectives in businesses?

  To help with decision making and focus the business's direction
• How do aims and objectives benefit key stakeholders?

  They show stakeholders the direction the business is planning to take
• How might setting objectives influence employee motivation?

  It encourages employees to work harder to achieve the goals
• What role do objectives play in measuring business progress?

  They allow the business to set targets for measuring progress
• Why might a business change its aims and objectives as it evolves?

  To adapt to its growth and changing market conditions
• What might a small business focus on regarding its aims and objectives?

  Achieving break-even and survival
• What are some aims and objectives of a larger business?

  Becoming the dominant business in the market and international expansion
• What does market share refer to?

  The percentage of the market that a business occupies
• What is a business aim?

  The overall target or goal of the business
• What are business objectives?

  Steps to meet overall business aims
• How do business aims and objectives differ?

  • Business aims: Overall targets or goals
  • Business objectives: Specific steps to achieve aims