Differing aims and objectives (Edexcel GCSE Business): Flashcards
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How business objectives change as companies develop
How business objectives change as companies develop
From survival & basic needs → growth, market leadership & expansion
Primary focus of early-stage businesses
Primary focus of early-stage businesses
Basic survival
Primary focus of established businesses
Primary focus of established businesses
More ambitious growth targets (e.g. market leadership, revenue goals)
Most basic objective for new businesses
Most basic objective for new businesses
Survival - keep operating and avoid closure
What small business owners often value highly
What small business owners often value highly
Independence and control - being their own boss
Why customer satisfaction crucial for small businesses
Why customer satisfaction crucial for small businesses
Limited marketing budgets - need repeat purchases & word-of-mouth
Financial security goal for small businesses
Financial security goal for small businesses
Steady income that covers costs
Market leadership objective meaning
Market leadership objective meaning
Aim to become number one company in industry
Social responsibility objective
Social responsibility objective
Give back to society through charitable donations/projects
Why financial objectives popular with businesses
Why financial objectives popular with businesses
Easily measured and compared over time
What non-financial objectives focus on
What non-financial objectives focus on
Customer satisfaction, employee welfare, environmental impact
How most businesses approach objectives
How most businesses approach objectives
Combine both financial and non-financial objectives