47.Baumol's model highlights the primary objective of a firm is :  A. To maximise employees  B. To maximise markets  C. To maximise profit  D. To Maximise sales

he primary objective of business is to:a) Maximize salesb) Generate employmentc) Maximize profitd) Provide goods and services

b a b Analyse two benefits to a business of setting marketing objectives.

23.One of the importance of objective is:  A. To achieve the goals  B. To become market leader  C. To Measure and control performance  D. It helps in setting the strategy

Which of the following is NOT an objective of a firm?a.Profit maximizationb.Wealth maximizationc.Revenue maximizationd.Market share maximization

1 Classical economic theory suggests that firms aim to achieve:A BreakevenB Short-run profit maximisationC Long-run profit maximisationD Satisficing profit (1 mark)2 Which one of the following stakeholders is least likely to agree with an objectiveof profit satisficing?A ConsumersB EmployeesC ShareholdersD Suppliers (1 mark)3 Growth can be measured by all of the following except:A A change in sales revenueB A change in volumeC A change in profitD A change in the number of outlets (1 mark)4 State two examples of ethical objectives. (2 marks)5 What is the formula for calculating market share? (2 marks)6 A firm’s sales are £840,000 in 2014 and £780,000 in 2015. What is the firm’srate of growth over this time period? (3 marks)7 Explain the difference between short-run profit maximisation and long-runprofit maximisation. (4 marks)8 Give one reason why a firm’s profit might not be related solely to how wellit manages its resources. (5 marks)9 What is meant by ‘the divorce of ownership from control’? (5 marks)10 Explain why new firms are likely to prioritise survival as an objective. (6 marks)11 Explain why profit is likely to be more important than a firm’s other objectives. (10 marks