Business Objectives (Edexcel A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the main difference between business aims and objectives?
What is the main difference between business aims and objectives?
Aims are long-term & broad; objectives specific
Which is NOT one of the five SMART objective criteria?
Which is NOT one of the five SMART objective criteria?
Affordable
What are the three main purposes of setting clear objectives?
What are the three main purposes of setting clear objectives?
Employee motivation, owner motivation, strategy
When does survival typically become the primary business objective?
When does survival typically become the primary business objective?
New businesses, more competition, tough trading
Who is more likely to pursue profit maximisation rather than profit satisficing?
Who is more likely to pursue profit maximisation rather than profit satisficing?
Institutional shareholders like pension funds
A firm sells 6,000 units at £5, then 7,000 at £4. What happens to revenue?
A firm sells 6,000 units at £5, then 7,000 at £4. What happens to revenue?
Falls from £30,000 to £28,000
What is a key benefit of increased market share?
What is a key benefit of increased market share?
Lower costs through economies of scale
What happens when employee welfare improves?
What happens when employee welfare improves?
Workers become more motivated & less likely to leave
What three things must businesses do to satisfy customers effectively?
What three things must businesses do to satisfy customers effectively?
Know wants, provide consistently, get feedback
How do business objectives typically change as the business develops?
How do business objectives typically change as the business develops?
Survival, then market share, then profit max