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 change. The term ‘market conditions’ refers to the size of the market, the business’s 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:
- developments
- developments
- developments
- mobile technology developments
- , 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 it receives through a certain payment method, or develop new manufacturing methods.
An example of where technological developments have changed businesses’ 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.
