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what is an objective?
a goal for the business
why might a business change its response to market conditions?
there may be increased unemployment which is affecting the demand for the business goods or service so they will have to change their aims
why might a business change its response to technology?
there may be technology in the products offered, leading to keeping up with innovations
why might a business change its response to their performance?
if a business has a good year of sales and made lots of profit, it may decide to expand and take on more staff
why might a business change its response to legislation?
the UK Minimum Wage Law means a business has to change its aims, as growth may be slower because they have to pay higher wages each year
why might a business change its response to internal reasons?
if the business expands, it may want to have objectives of increased revenue which could be a personal goal of the owner
what is survival?
when a business aims to survive, for example, its first year of trading and when the business is more established, the objectives might change
what is growth?
as a business develops over time, the business will need to sell more goods/services, produce more goods/services
what is entering or existing markets?
a business may decide to start selling into another market (China, America etc), this would mean a change in objectives and a merger as part of the plan
Note 
Flashcard (67)