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Questions and Answers
Match the reasons for business growth with their descriptions:
Match the reasons for business growth with their descriptions:
Avoid being a takeover target = To protect the business from external threats To reduce the risk of business failure = To ensure long-term sustainability To become the market leader = To dominate the sales within a market To take advantage of economies of scale = To reduce costs through increased production
Match the terms with their definitions in the context of market share:
Match the terms with their definitions in the context of market share:
Market share = Percentage of total sales a business contributes Market leader = Business with the highest sales in the market Rival customers = Customers of competing businesses Product improvement = Enhancing offerings to attract more customers
Match the characteristics of social enterprises with their descriptions:
Match the characteristics of social enterprises with their descriptions:
Not aimed at profit = Focus on social objectives instead of profit maximization Reinvestment of surplus = Utilizing profits for community support or business growth Social aims = Objectives oriented towards social welfare Not charities = Organizations that operate with a business model but focus on social impact
Match the terms related to satisficing with their explanations:
Match the terms related to satisficing with their explanations:
Match the business objectives with their descriptions:
Match the business objectives with their descriptions:
Match the managerial objectives with their potential pursuits:
Match the managerial objectives with their potential pursuits:
Match the ways to maximise profit with their descriptions:
Match the ways to maximise profit with their descriptions:
Match the following terms with their definitions:
Match the following terms with their definitions:
Match the business objectives with their focus areas:
Match the business objectives with their focus areas:
Match the strategies to their aims:
Match the strategies to their aims:
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Study Notes
Business Objectives
- Businesses aim to make a profit, grow, and survive, alongside fulfilling a range of other objectives.
- Survival is crucial for businesses so they can continue to trade, especially during economic downturns.
- Profit Maximisation is the goal of many, with profit defined as the difference between revenue and expenses.
- Sales Maximisation can conflict with profit maximisation, as managers may prioritize quantity over profitability.
- Growth objectives include becoming market leaders, increasing profits, and avoiding takeover risks.
- Market Share refers to the percentage of total sales in a market a business holds, with the highest share belonging to the market leader.
- Social Enterprise focuses on social aims and objectives, with any surplus reinvested or used to benefit the community.
- Satisficing aims for satisfactory results rather than exceptional ones.
- Managerial Objectives can be separate from the overall business goals, and managers may prioritize personal gain.
- Providing a Quality Service is essential for both private and public sector organisations to attract customers and build a good reputation.
- Customer Satisfaction is critical for the success of any business, as it encourages customer loyalty and discourages negative reviews.
- Enterprise is the drive to keep businesses moving forward through innovation, improved products or services, and cost-effectiveness.
- Corporate Social Responsibility (CSR) focuses on ethical and environmentally friendly practices that benefit society and the environment.
Corporate Social Responsibility (CSR)
- Definition: CSR refers to organizations aiming to act in an ethical way that benefits either society or the environment.
- Responsibilities:
- Ethical & Environmental: Avoiding child labor, using fair trade practices, and reducing environmental impact.
- Philanthropy: Donating to charities.
- Economical: Employing fair and competitive marketing practices.
- Legal: Adhering to laws governing businesses.
- Importance: CSR is crucial for building a good reputation and preventing decreased sales.
- Examples: The Body Shop's animal-friendly testing, M&S's fair trade products, McDonald's recycling bins, and carmakers reducing fuel emissions.
- Advantages: Enhances reputation, attracts ethical consumers and employees, benefits society and the environment.
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