Business aims and objectives

What is a business aim?

A broad goal a business wants to achieve.

What is a business objective?

A goal used to help run a business and judge its success.

Why do businesses set objectives?

To help run the business and judge its success.

What is survival as a business objective?

Ensuring the business continues to operate.

What is profit maximisation?

Aiming to maximise profit.

What is business growth?

Increasing the size of a business.

What is domestic growth?

Growth within the domestic market.

What is international growth?

Growth into international markets.

What is market share?

The proportion of a market held by a business.

What is customer satisfaction?

Aiming to satisfy customers.

What are social objectives?

Objectives focused on social considerations.

What are ethical objectives?

Objectives focused on ethical considerations.

What is shareholder value?

The value created for shareholders.

Why do objectives differ between businesses?

Because businesses differ in size, competition and type.

How can business size affect objectives?

Smaller and larger businesses may have different objectives.

How can competition affect objectives?

The level of competition can influence objectives.

Why might a not-for-profit have different objectives?

Profit is not its main purpose.

Why might business objectives change?

Businesses evolve and their priorities change.

What objectives might larger established businesses have?

Market dominance, international expansion, shareholder value and ethical or environmental objectives.

How can business success be measured besides profit?

Through objectives such as growth, market share and customer satisfaction.