Business objectives are long term goals that a business tries to achieve within a given period of time.
Market Share refers to the percentage of sales of a particular business compared to sales in the entire industry.
Market Share = Company Sales x 100
Industry Sales
Market Share refers to the percentage of sales of a particular business compared to sales in the entire industry.
Market Share = Company Sales x 100
Industry Sales
Common business objectives:
- Increasing market share
- Product innovation
- Product introduction
- Product differentiation
- Satisfying customers
- Enhancing consumer knowledge
- Developing a Unique Selling Point(USP)
Factors influencing business objectives:
- Financial strength of the business
- Marketing objective of the company
- Efficiency of the workforce
- Duration of completing the objective
- Demand pattern of the market
Business objectives are discussed in more detail in Rob Jones' Edexcel International GCSE Business Studies Book
what about minimizing cost of sales?
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