2.1.2 Changes in business aims and objectives

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What is a primary aim for a new start-up business?: Survival
Which factor might cause a business to change its objectives?: Changing market conditions
How might a change in consumer lifestyles affect a business's market?: Increasing demand for health and wellness products
What is an example of using technology to achieve business growth?: Introducing an online ordering system
Why might a business decide to focus on survival rather than growth?: Due to poor performance in a competitive market
What could be a reason for a business to enter a new market?: To diversify its product offerings
How can legislative changes impact a business's objectives?: Requiring adjustments to product packaging to reduce waste
What internal reason might prompt a business to shift its focus towards environmental issues?: Increased awareness of corporate social responsibility
How might exiting a market change a business's objectives?: Entering a new market may focus on cost reduction
What change in business objectives might occur due to poor business performance?: Shifting from growth to survival or cost-cutting measures
How might technological advancements prompt a business to change its product range?: Incorporating new features into existing products
What is a potential impact of market condition changes on a business's objectives?: Adjusting the marketing mix to better meet consumer demands
Why might a business choose to reduce its product range?: To eliminate underperforming products and focus on more profitable items
In response to new legislation, how might a business's aims and objectives change?: Focusing on sustainability and reducing environmental impact
How does entering an overseas market affect a business's objectives?: Aiming to establish brand recognition in a new geographical area
What objective might a business have when focusing on growth through technology?: Enhancing product features to stay ahead of competition
Why might a business need to change its aims due to internal reasons?: Shift in leadership vision or company culture
What could be a reason for a business to grow its workforce?: Expansion into new markets requiring additional staff
How might changes in consumer trends impact a business's product development objectives?: Shifting focus towards products that meet the new consumer preferences

2.1.2 Changes in business aims and objectives

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