1.3.1 business aims and objectives

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5 Terms

1
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aims

strategic goals of a business i.e how to grow

2
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objectives

specific steps on how to reach this aim i.e increase market share by 5% over next year

3
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financial aims and objectives

survival

profit maximisation

sales maximisation

market share

financial security

4
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non financial aims and objectives

social objectives

personal satisfaction

challenge

independence

control

5
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why do aims and objectives differ between businesses

owners differ- different interests

differing beliefs on how to be successful

different market conditions

different industries