How business objectives change (Edexcel GCSE Business): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
Why must companies regularly reassess their business objectives?
Why must companies regularly reassess their business objectives?
Their circumstances & external factors change
What objective might a thriving business pursue to dominate their industry?
What objective might a thriving business pursue to dominate their industry?
Capturing larger market share
Which expansion objective involves takeovers of competitors or complementary companies?
Which expansion objective involves takeovers of competitors or complementary companies?
Acquiring other businesses
What does 'achieving break-even sales' mean for a struggling business?
What does 'achieving break-even sales' mean for a struggling business?
Generating just enough revenue to cover costs
What do struggling businesses prioritise instead of expansion?
What do struggling businesses prioritise instead of expansion?
Survival and stability
How do growing businesses differ from struggling ones in their focus?
How do growing businesses differ from struggling ones in their focus?
Growth pursues expansion, struggling cuts costs
What plays a major role in shaping business objectives?
What plays a major role in shaping business objectives?
The broader economic environment
What is the correct order of the objective spectrum from defensive to aggressive?
What is the correct order of the objective spectrum from defensive to aggressive?
Retrenchment, efficiency, profit max, growth
What does retrenchment involve for a business?
What does retrenchment involve for a business?
Deliberately reducing operational scale
When does retrenchment typically occur?
When does retrenchment typically occur?
During negative economic conditions
Why might a business prioritise cost reduction when inflation rises?
Why might a business prioritise cost reduction when inflation rises?
Higher costs squeeze profit margins
What advantage can successful cost reduction provide in competitive markets?
What advantage can successful cost reduction provide in competitive markets?
Ability to lower prices & attract customers