2.1.2 Changes in business aims and objectives - Word Drop

A business aim is a goal the business wants to achieve, and aims are not fixed forever. Aims change as a business evolves. Changing ______, such as a fall in general income levels or new consumer tastes, can force a business to set different goals. Using new ______, for example smart fabrics that collect data, may also change what a business aims to do. A firm performing ______ may struggle to compete and may have to change direction. New ______, such as a tax on plastic bags, can raise costs. There may also be ______ reasons, such as the personal values of the owner.

When sales fall and the business is unsure whether it can keep trading, its main aim may switch to ______. Job cuts are then used to reduce costs. A business that aims to grow may need more staff, so it increases the size of its ______.

A business can change its aims by ______ a market it expects to grow, or by leaving one where sales are falling and the market is ______. It may add more items to its ______ to satisfy demand, or remove lines when a product no longer sells well.