Market conditions and technology
Why business aims and objectives change as businesses evolve
An aim is an overall goal, and objectives are the steps needed to achieve it. As a business grows, its aims and objectives change. One of the main reasons for this is that A set of variables that dictate how competitive a market is for businesses. change. The term âmarket conditionsâ refers to the size of the market, the businessâs competitors, and the proportions of large and small businesses in the market.
If a business is in a growing market, over time its aims and objectives may change to focus on growth. An example of this would be a company focused on sustainable products, such as biodegradable packaging, where demand is growing.
If a business is in a market where there is suddenly an increase in competition, its aims and objectives may have to change to focus on survival, which is when a business aims to keep its day-to-day operations running.
In response to new technology
As technology continuously evolves, business aims and objectives also change. Common technological developments include:
- A web page or group of web pages hosted on one web server and viewed in a web browser, usually maintained by a person, group or organisation. developments
- Industries that make things. developments
- The programs, applications and data in a computer system. Any parts of a computer system that aren't physical. developments
- mobile technology developments
- A secure way for customers to purchase products or services using a debit, credit or smart card. , online, and mobile payment system developments
Technological developments may prompt a business to develop new aims and objectives. For example, a business might create new innovative products or services, increase the amount of The income earned by a business over a period of time from selling its goods or services. it receives through a certain payment method, or develop new manufacturing methods.
An example of where technological developments have changed businessesâ aims and objectives is in the car industry. Many car manufacturers are now focusing on green technologies, such as electric cars, rather than the traditional petrol or diesel cars.