Changing Aims and Objectives Flashcards

1️⃣ Familiarise yourself with the flashcards:

  • Look through all the flashcards to see what's on both sides.
  • Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

  • Look at the question or prompt on each card and try to remember the answer before flipping it over.
  • Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

  • Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
  • Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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What is a business aim?

A long-term goal for the whole business, like survival, profit, or growth.

What is a business objective?

A clear, measurable step to reach an aim, such as increase sales by 10% this year.

How do aims often change from start-up to later stages?

Early aim is survival; later aims are profit, growth, or increasing market share.

How can market conditions make aims change?

If demand falls or rivals grow, aims may switch to survival or cutting costs.

How can new technology change aims?

The firm may aim to sell online, speed up work, or cut costs with new technology.

How can business performance lead to changing aims?

Strong results may lead to growth aims; weak results may lead to survival aims.

How can new laws change aims?

New rules can make aims focus on following the law, safety, or the environment.

What are internal reasons that can change aims?

Changes inside the firm, like a new owner, new managers, or cash problems.

What does entering new markets mean, and how can it change aims?

Selling to new customer groups or countries; aims may focus on growth and market share.

What does exiting a market mean, and how can it change aims?

Leaving a market to cut losses; aims may shift to focus on core products.

How can changing aims affect workforce size?

Growth aims may mean hiring more staff; cost-saving aims may mean fewer staff.

How can changing aims affect the product range?

Growth aims may add more products; focusing on core products may mean fewer lines.