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CHANGE IN BUSINESS AIMS + OBJECTIVES - BUSINESS - Coggle Diagram
CHANGE IN BUSINESS AIMS + OBJECTIVES - BUSINESS
Changes In Response To : Market Conditions
A business may changes its aims and objectives in response to market conditions
For examples there may be lots of new competitors entering the market, this will mean the business has to change their aims
There may be increased unemployment in a country which is affecting the demand for the business's goods or services
Change In Response To : Technology
A business may change its aims and objectives in response to new technology
This may be in a production process, for example a new bagging technique for crisps which keeps them fresher
This may also be technology in the products offered - for example when Dyson arrived on the vacuum cleaner market, it meant changes for all the other competitors to their aims and objectives as the scrambled to keep up with his innovations
Changes In Response To : Performance
A business may change its aims and objectives in response to its own performance
For example if it has done well in the year and made lots of profit it may decide to grow and expand and take on more staff
However if a business has had a bad year it may decide to reduce the number of staff and focus on core business instead
Changes In Response To : Legislation
A business may change its aims and objectives in response to laws ( legislation )
For example now in the UK there is a minimum wage law a business may have to change its aims and objectives, as growth may be slower because they have to pay the new higher wages
Changes In Response To : Internal Reasons
A business may change its aims and objectives in response to internal reasons within the business
For example a new boss of a company may have different priorities for the business's profit or environment
Focus On Survival Or Growth
A business may change its objectives by focusing on survival in the first year
After the initial start up the business may wish to grow and expand
For example Boomf makes printed marshmallows gifts and is now struggling to survives article
Entering Or Exiting Markets
A business may have to change its aims and objectives to enter or exit a market
For example Nokia are re-entering the mobile phone market after failing to keep up with Apple
Growing Or Reducing The Workforces
A business may change the size of its workforce to meet its new aims and objectives
For example if a strawberry farm wants to grow and expand they may take on more temporary strawberry pickers
Increasing The Product Range
As a business it may decide to:
Increase its product range so that customers have more choice, the business will make more sales, the revenue will increase and so will profit
Decreasing The Product Range
As a business grows it may decide to:
Decrease the product range and go back to core business, this may be to get rid of products that are old, obsolete, out-of-date or just not selling