Aims and objectives (Edexcel GCSE Business): Flashcards
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Financial objectives definition
Financial objectives definition
Objectives measured in monetary terms - focus on profit, revenue & financial performance
Non-financial objectives definition
Non-financial objectives definition
Personal objectives: satisfaction, helping others, social impact
Business aims definition
Business aims definition
Broad, general goals; overall purpose why a business exists
Business objectives definition
Business objectives definition
Specific, measurable targets that break down broader aims
Survival as financial objective
Survival as financial objective
Generating enough income to cover costs & keep business operating
Sales revenue objective for start-ups
Sales revenue objective for start-ups
Building customer base & generating income to establish market presence
Profit objective for start-ups
Profit objective for start-ups
Ensuring income exceeds all business costs
Market share objective
Market share objective
Understanding business position relative to competitors
Financial security objective
Financial security objective
Building reserves & stable income streams for protection
Personal satisfaction (non-financial)
Personal satisfaction (non-financial)
Building something meaningful & seeing ideas come to life
Independence & control (non-financial)
Independence & control (non-financial)
Being own boss & making own decisions about the business
Challenge (non-financial objective)
Challenge (non-financial objective)
Problem-solving & testing skills in competitive environment
Social benefits (non-financial)
Social benefits (non-financial)
Making positive impact on community or addressing social problems