Most businesses will make achieving ____ one of their objectives. For many businesses, it will be the ____ objective. Some businesses may want to ‘maximise profits’, which means they will try to make as much profit as possible. This may, however, mean that ____ feel they are not being treated well, if a business is seen to make too much profit. ____ may fall as a result. Other businesses may ____ to make just enough profit to pay for their general needs. Sole traders are often in this situation, being content to ____ just enough profit to give them a decent living. Growth is important to a business, as it is seen as a way to raise ____. This is especially important to larger businesses such as public limited companies, which need the growth to pay increased ____ to their shareholders. However, do not assume that all ____ are interested in growth. Smaller businesses may be quite content to stay as they are. Growth itself can take different forms, including ____ growth. A business may want to see sales grow, which may not necessarily mean an ____ in profit, as prices may have to be lowered in order to attract more ____. A business may wish to see its market share ____. This means that the business has a greater ____ share of a market. For example, if 1,000 tables were sold in a country, and a business sold 100 of those tables, it would have 10 per cent ____ of the market. If the total number of tables sold rose from 1,000 to 2,000, the business would have to sell more than 200 tables (10 per cent of 2,000) if it were to increase its ____ share. Supermarkets will compare how much of the total market they have for the ____ they sell. A business might take over a ____ to help achieve higher market share. A rather more ____ business objective is survival. This objective is particularly important to a ____ business for the first few months. Just to keep going after first opening a business may be something of an ____! Other more established businesses may see survival as an important ____ when they are faced with problems such as falling ____, reduced market share and so on. In most cases, survival should normally be seen as a ____ but also vital objective. For some businesses ____ a service may be the main objective, even if it means making ____ profit. This may be important in businesses that see customer ____ as being a high priority. With good service, the business gets a good ____, possibly winning awards, which may well be enough to satisfy the ____ of the business. This is often found in smaller businesses, which serve the local ____.

1.4 Business Aims & Objectives

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