1.1 Scarcity, Choice And Potential Conflicts Flashcards
1
Q
Internal stakeholders
A
- Managers
- Employees
- owners
2
Q
External Stake holders
A
- gov
- customers
- pressure groups
- society
3
Q
Reinvestment of profit
A
- upgrade capital
- r & d
- training
- recruitment
4
Q
Upgrading capital e.g
A
Developing technology to remain competitive
5
Q
R & D e.g
A
Innovation - improve existing products
6
Q
Training
A
Increases productivity and employee motivation
7
Q
B Recruitment
A
- New skills and ideas
- Increase motivation and job security
8
Q
Financial objectives
A
Profit maximisation
Sales maximisation
Profit sufficing
Survival
Cost efficiency
Return on investment
9
Q
Non financial objectives
A
Market share
Customer loyalty
Employee welfare
Social objectives
