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A business may achieve an objective and will need to move onto another one (e.g. survival in the first year may lead to an objective of increasing profit in the second year). The competitive environment might change, with the launch of new products from competitors. Technology might change product designs, so sales and production targets might need to change.
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How the objectives of a business may change as it grows?
A business may achieve an objective and will need to move onto another one (e.g. survival in the first year may lead to an objective of increasing profit in the second year). The competitive environment might change, with the launch of new products from competitors. Technology might change product designs, so sales and production targets might need to change.
Explain how the objectives of a business may change as it grows?
Business objectives are the stated, measurable targets of how to achieve business aims.An aim is where the business wants to go in the future, its goals. It is a statement of purpose. Objectives give the business aclearly defined target. Plans can then be made to achieve these targets. This can motivate the employees. It also enables the business to measure the progress towards to its stated aims.The most effective business objectives meet the following criteria:S -- Specific -- objectives are aimed at what the business does, e.g.a hotel might have an objective of filling 60% of its beds a night during October, an objective specific to that business.M - Measurable -- the business can put a value to the objective, e.g.€10,000 in sales in the next half year of trading.A - Agreed by all those concerned in trying to achieve the objective.R - Realistic -- the objective should be challenging, but it should also be able to be achieved by the resources available.T- Time specific -- they have a time limit of when the objective should be achieved, e.g.by the end of the year.The main objectives that a business might have are:Survival -- a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis.Profit maximisation -- try to make the most profit possible -- most like to be the aim of the owners and shareholders.Profit satisficing-- try to make enough profit to keep the owners comfortable -- probably the aim of smaller businesses whose owners do not want to work longer hours.Sales growth -- where the business tries to make as many sales as possible. This may be because the managers believe that the survival of the business depends on being large. Large businesses can also benefit from economies of scale.A business may find that some of their objectives conflict with one and other:Growth versus profit: for example, achieving higher sales in the short term (e.g.by cutting prices) will reduce short-termprofit.Short-termversus long-term:for example, a business may decide to accept lower cash flows in the short-termwhilst it invests heavily in new products or plant and equipment.Large investors in the Stock Exchange are often accused of looking too much at short-termobjectives and company performance rather than investing in a business for the long-term.A business may change its objectives over time due to the following reasons:A business may achieve an objective and will need to move onto another one (e.g.survival in the first year may lead to an objective of increasing profit in the second year).The competitive environment might change, with the launch of new products from competitors.Technology might change product designs, so sales and production targets might need to change.
What are the objective of an accountant?
The objective of an accountant is to keep track and balance the expenses of a business. They may also do other things like accounts payable and accounts receivable.
What is a functional objective?
In a corporate planning sense, an "objective" is usually a statement of a desired directional change or improvement in some characteristic (usually performance related) of a business/organization or functional area of a business.A functional area of a business/organization is generally a part of the organization that contributes to its overall operations in some characteristic way and is usually represented by a functional unit.A functional unit may or may not contribute directly to the sales/output of the business/organization (for example, accounts, salary payments and personnel services are generally functional areas/units of a business/organization, but they only indirectly contribute to the sales/outputs of the business/organization).A functional objective is an objective to achieve something that is in the area of allocated responsibilities/functions of the functional area/unit. The objective is usually based on the organization's corporate objectives but, depending on the size of the organization, may relate specifically to improving the operations of a functional unit.
What is objective function?
In a corporate planning sense, an "objective" is usually a statement of a desired directional change or improvement in some characteristic (usually performance related) of a business/organization or functional area of a business.A functional area of a business/organization is generally a part of the organization that contributes to its overall operations in some characteristic way and is usually represented by a functional unit.A functional unit may or may not contribute directly to the sales/output of the business/organization (for example, accounts, salary payments and personnel services are generally functional areas/units of a business/organization, but they only indirectly contribute to the sales/outputs of the business/organization).A functional objective is an objective to achieve something that is in the area of allocated responsibilities/functions of the functional area/unit. The objective is usually based on the organization's corporate objectives but, depending on the size of the organization, may relate specifically to improving the operations of a functional unit.
What happens if you don't change your underwear?
you smell, and mold grows on you, and you may die.
What small business servers can be expanded over time?
All small business servers allow for the capability of expanding as your business grows. The price of each upgrade may vary depending on the amount of your expansion.
The accounting environment does not change as a result of?
The accounting environment constantly changes due to factors such as new regulations, technological advancements, and evolving business practices. However, it may not change as a result of personal preferences or biases, as accounting principles aim to be objective and based on standards and guidelines.
What will happen to a business plan when the business grows?
As a business grows, its business plan may need to be revised and updated to reflect new goals, market conditions, and operational challenges. This could include adjustments to financial projections, marketing strategies, and organizational structure. Additionally, a growing business may need to incorporate new products or services, expand its target market, and adapt to increased competition. Regularly revisiting and refining the business plan ensures it remains relevant and effective in guiding the company's growth.
What are the factors that influence the marketing mix?
The main factors which could influence the marketing mix are:- Finance:The business should consider how much money is to be spent on marketing.- Needs of the market:The business should continue to carry out market research as the business grows, as the needs of customers change over time.- Competitors:The marketing mix can be used as a response the actions of actions of competitors in the market. This may include introducing a rival product or matching new prices.- Technology:The business may change where goods are brought and sold, according to changes in technology. An example of this is the major source of business, the Internet.
How can you legally change my business name on my current bank account?
You can legally change your business name by filling out a form to request a change. There may be a need to file a name change with your city or state as well.
Why growth may not be the important objective of the business?
Before growth there are most important objectives for a business, first at all to make profits maximisation, business survival.So to be survived on the market,it will have to lower its prices of the products even though it will have a lower profits.
