Why business objectives change (Edexcel GCSE Business): Flashcards
📚Flashcards
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Practise the cards
12 cards from this deck
What business objectives are
What business objectives are
Specific goals companies set to guide operations & measure success
Why business objectives change over time
Why business objectives change over time
To respond to internal developments & external pressures
Two main categories of factors affecting objectives
Two main categories of factors affecting objectives
Internal factors (controllable) & external factors (uncontrollable)
What internal factors are
What internal factors are
Elements within business that management can control directly
How good performance affects objectives
How good performance affects objectives
Leads to more ambitious growth targets
How poor performance affects objectives
How poor performance affects objectives
Leads to conservative objectives focused on recovery & stability
Who heavily influences business objectives
Who heavily influences business objectives
Key leaders (MD/CEO) and their management style
How competition affects business objectives
How competition affects business objectives
Forces businesses to adjust objectives to maintain market position
How technology affects business objectives
How technology affects business objectives
Creates opportunities & challenges for growth or innovation goals
How legislation affects business objectives
How legislation affects business objectives
Forces businesses to modify objectives due to new laws/regulations
How economic downturns affect objectives
How economic downturns affect objectives
Lead businesses to lower sales and profit targets
Economic factors that influence objectives
Economic factors that influence objectives
Interest rates, unemployment, consumer confidence