Businesses Can Have Several Objectives And The Importance Of Them Can Change:
Overview
Why does a business get out of bed in the morning? Some chase profit, some just want to survive a tough year, some race for growth or market share, and some exist to do social good. These goals shape every decision a firm makes, and they change as the business and the world change.
In this lesson you will learn why businesses need clear objectives, the main objectives firms pursue, survival, growth, profit and market share, and how the objectives of a social enterprise differ. You will be able to explain why a young firm's goals differ from an established one's.
Objectives
- Need for business objectives and the importance of them
- Different business objectives, e.g. survival, growth, profit and market share
- Objectives of social enterprises
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Lesson Evaluation
Congratulations on completing the lesson on Businesses Can Have Several Objectives And The Importance Of Them Can Change:. Now that youve explored the key concepts and ideas, its time to put your knowledge to the test. This section offers a variety of practice questions designed to reinforce your understanding and help you gauge your grasp of the material.
You will encounter a mix of question types, including multiple-choice questions, short answer questions, and essay questions. Each question is thoughtfully crafted to assess different aspects of your knowledge and critical thinking skills.
Use this evaluation section as an opportunity to reinforce your understanding of the topic and to identify any areas where you may need additional study. Don't be discouraged by any challenges you encounter; instead, view them as opportunities for growth and improvement.
- Which objective is most likely to come first for a brand-new business? A. growth B. survival C. maximum market share D. paying high dividends Answer: B
- A social enterprise is best described as a business that: A. never makes any profit B. has social or environmental aims alongside profit C. is owned by the government D. only sells abroad Answer: B
- The 'triple bottom line' refers to: A. price, place, promotion B. profit, people, planet C. land, labour, capital D. fixed, variable, total Answer: B
- A firm cuts prices and accepts lower profit to win customers from rivals. Its objective is most likely: A. survival B. increasing market share C. reducing output D. cutting capital employed Answer: B
- Why do businesses need objectives? A. to avoid paying tax B. to give direction and measure success C. to reduce the number of customers D. to increase opportunity cost Answer: B
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