Growing a Business Quiz

What is the difference between a business aim and business objective?

• A business aim is long-term, while a business objective is short-term

• A business aim is general, while a business objective is specific

• A business aim is focused on profit, while a business objective is focused on growth

• A business aim is set by the employees, while a business objective is set by the management

Why would a business set business aims and objectives?

• To attract investors

• To provide direction and focus

• To comply with legal requirements

• To increase employee satisfaction

What could be a possible effect on a business if there is increased competition or decreased consumer wealth?

• Increased sales

• Decreased costs

• Unachievable sales targets

• Increased market share

What is meant by the term 'market conditions'?

• The physical location of the business

• The target market of the business

• The current situation in the market that the business operates in

• The marketing strategies used by the business

How can changes in technology affect a business?

• Increase costs in the short term

• Decrease revenue in the long term

• Improve efficiency and output

• Reduce competition in the market

What was Tesco's objective in 2014 when it faced falling levels of profitability, share price, and market share?

• Increase revenue

• Cut costs

• Improve profitability

• Focus on survival

What is a possible impact of new legislation on a business?

• Increased sales and revenue

• Decreased costs and expenses

• Reduced profit targets

• Improved market conditions

How can a change in leadership affect the business objectives of a business?

• Increase revenue and market share

• Improve employee satisfaction

• Reduce costs and expenses

• Change the direction and focus of the business

What was one of the changes in Tesco's business objectives after Dave Lewis became the CEO in 2014?

• Increasing revenue

• Expanding into new markets

• Growing the workforce

• Focusing on survival

What did Tesco do to turnaround its business performance?

• Increase revenue and cut costs

• Improve profitability and reduce workforce

• Enter new markets and grow the workforce

• Focus on survival and exit underperforming markets