To increase its market share, the bakery could employ several strategies:

1. Improved Product Quality and Innovation: The bakery could invest in higher-quality ingredients and develop new, innovative products (e.g., gluten-free options, seasonal pastries). This would attract new customers and encourage existing customers to purchase more frequently. A superior product is more likely to be chosen over competitors'.
2. Effective Marketing and Advertising: The bakery could implement a targeted marketing campaign through social media, local advertising, or loyalty programs. This would increase brand awareness and communicate the bakery's unique selling points (e.g., fresh ingredients, friendly service). Increased awareness leads to increased customer visits.
3. Competitive Pricing: The bakery could analyze competitor pricing and offer competitive prices, or introduce value-for-money deals (e.g., discounts, bundles). This would make the bakery more attractive to price-sensitive customers and encourage them to choose the bakery over competitors. Lower prices can draw in a larger customer base.

Each of these strategies contributes to increasing market share by attracting new customers and retaining existing ones, ultimately leading to a larger proportion of the total market.

A business might prioritize survival over profit in the short term for several key reasons. Firstly, new businesses often experience high start-up costs and may not generate sufficient revenue to be profitable immediately. Focusing on survival means ensuring the business remains operational and avoids closure. This involves managing cash flow effectively, controlling expenses, and securing enough sales to meet immediate obligations.

Secondly, in competitive markets, a business might initially accept lower profits to gain a foothold and establish a customer base. This 'loss leader' strategy can be crucial for long-term success. The business aims to build brand recognition and market share, anticipating higher profits later.

The consequences of focusing solely on profit in the initial stages can be severe. A business that prioritizes profit above all else might:

• Fail to invest in essential resources like marketing or product development.
• Neglect customer service, leading to a loss of customers.
• Operate with insufficient inventory, resulting in stockouts and lost sales.
• Damage its reputation, making it difficult to attract investment or partnerships.

Therefore, while profit is a crucial long-term objective, survival is often the immediate priority for new or struggling businesses. A balanced approach is essential for sustainable growth.

It is crucial for a business to have clearly defined objectives because they provide a clear direction and purpose for the entire organization. Without objectives, a business risks operating aimlessly, wasting resources and failing to achieve success. Here's a breakdown of the importance:

• Internal Management: Objectives provide a framework for decision-making. Managers can use them to allocate resources effectively, set performance targets for employees, and evaluate the success of strategies. They also foster a sense of unity and shared purpose among staff. Clear objectives help align individual goals with the overall organizational goals.
• External Stakeholders: Well-defined objectives demonstrate a business's commitment to growth, profitability, and social responsibility. This can enhance the business's reputation with investors, customers, suppliers, and the wider community. For example, a stated objective of sustainable practices can attract environmentally conscious consumers. Shareholders are more likely to invest in a business with a clear plan for future growth and returns.

In essence, objectives act as a roadmap, guiding the business towards its desired future state and providing a basis for measuring progress and accountability.