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| Question | Answer |
| What are the main aims of businesses? | Making a profit Sales growth Expansion Customer satisfaction Being environmentally friendly Being ethically and socially responsible |
| What is the difference between a business aim and a business objective? | An aim is a goal that a business wants to achieve whereas objectives are the steps a business takes to achieve its aim. |
| What do businesses use to measure their objectives? | SMART targets |
| Explain the acronym SMART target | S-specific-aimed at what the business does M-measurable-adding a value to an objective A-achievable-can be met! R-realistic-given all available resources T-time specific-set time limit |
| What conflicts might affect a business achieving its business objective? | Growth vs profit Short-term vs long-term |
| Name two benefits of a business setting business objectives | 1. Everyone in the business has a clear idea of what they are trying to achieve 2. Objectives can motivate employees as they know what they are trying to achieve 3. The business can measure its progress towards the stated aims |
| What is a mission statement? | A mission statement outlines the business' vision - what it wants to stand for and achieve in the future |
| Why is it important that a business has a mission statement? | 1. It gives the business something to aspire to 2. It provides a framework to set the aims and objectives of a business 3. It provides prospective employees with an insight into what type of business it is |
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