Changing Business Objectives Flashcards

All 5 cards in this deck

What are the three main reasons objectives differ between businesses?

The size of the business, the level of competition faced, and the type of business (e.g. not-for-profit).

What is a not-for-profit organisation, and what does it focus on?

A business such as a charity or social enterprise that focuses on social or ethical objectives rather than profit.

What objectives do businesses in highly competitive markets tend to focus on?

Gaining a competitive advantage and increasing market share.

Give three objectives that larger, more established businesses are likely to set that a start-up would not.

Becoming the dominant business in the market, international expansion, increasing shareholder value (also ethical and environmental objectives).

How do a business's objectives typically change between a recession and a boom?

In a recession it may focus on survival rather than growth; in a boom expansion becomes the main focus.