Setting business aims and objectives (AQA GCSE Business): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is the difference between business aims and objectives?
What is the difference between business aims and objectives?
Aims are broad goals; objectives specific
What proportion of new businesses fail within their first five years?
What proportion of new businesses fail within their first five years?
Over half
What is the primary goal for most commercial enterprises?
What is the primary goal for most commercial enterprises?
Profit maximisation
Why do large corporations often accept lower short-term profits?
Why do large corporations often accept lower short-term profits?
To increase sales volume & market share
Which is NOT a key benefit of having clear objectives?
Which is NOT a key benefit of having clear objectives?
Guarantees business success
What risk does expanding too rapidly pose to businesses?
What risk does expanding too rapidly pose to businesses?
Strained resources threatening survival
Why are financial objectives easier to measure than non-financial ones?
Why are financial objectives easier to measure than non-financial ones?
They involve quantifiable metrics
What might cause a business to shift from survival to profit maximisation?
What might cause a business to shift from survival to profit maximisation?
Successfully surviving the first year
Which is an external reason for changing business objectives?
Which is an external reason for changing business objectives?
New competition entering market
How do small businesses differ from large ones when changing objectives?
How do small businesses differ from large ones when changing objectives?
They can change quickly at lower cost
How can quality objectives initially conflict with financial ones?
How can quality objectives initially conflict with financial ones?
Improving quality increases costs
What is an example of social responsibility objectives?
What is an example of social responsibility objectives?
Avoiding cheap labour practices