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Published byTheodore Carr Modified over 8 years ago
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identify the principal aims and objectives of a business and understand how they are used to assess its success, e.g. profitability, job creation, market share, growth and ethics
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What is the main objective of most businesses? For most businesses the most important objective is to make a profit in order to survive. If they don’t make a profit, or at least break even they will go bankrupt.
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Maximising profit – making the most possible profit by keeping costs as low as possible and revenue as high as possible Maximising market share – having as large a share as possible of the market Survival – in the current economic climate many businesses just want to survive, this is also true generally of new or small businesses Breaking even – new businesses often just want to break even Growth – many businesses start out small and then expand as a means of making more profit
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Providing the highest quality product Providing a high level of customer satisfaction Building a good reputation Job creation Limiting environmental damage
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Charities (not-for-profit) organisations just need to earn enough income to cover their costs Organisations in the public sector (i.e. owned by the government, e.g. schools, hospitals)
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Some profit-seeking businesses exists to achieve social objectives e.g. Fair Trade or Jamie Oliver’s 15 restaurants. Their main aim is to use the profit they make to benefit society
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Answer the questions to do with Business Objectives
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be aware that there are a wide range of primary and secondary sources of data (CPG 19) appreciate the need to collect accurate and relevant data which can be processed appropriately
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Primary data is collected first hand by a business (e.g. through questionnaires and surveys) Secondary data is information that’s been collected by someone outside the business (e.g. market research reports, government publications, articles in newspapers or on the internet)
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Primary research is expensive and time- consuming But it is directly relevant to the business Secondary research is cheap and instantly available But it may not be up to date or completely relevant
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What is the difference between primary and secondary data?
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