1.5 – Business Objectives and Stakeholder Objectives Flashcards
Define Business objectives
Aims/targets that a business works towards for success
Pros of Business objectives
Pros:
1. Increased motivation
2. Improved decision making
3. Unite the business
4. Compare business preformance
Examples of Business objective
- Survival
- Profit
- Growth
- Market share
- Service to society
Define Stakeholder
Any person/group that is interested in/directly affected by the performance/activities of a business
Types of Stakeholders
- Internal Stakeholder
- External Stakeholder
Types of Internal Stakeholders
- Shareholder/ Owners
- Workers
- Managers
Define Shareholder/ Owners
They invest capital into the business for profit/growth
Define Workers
People that are employed by the business for salary/job satisfaction/job security
Define Manager
Employees that manage work of others for business growth/job security/high salaries
Types of External Stakeholders
- Customers
- Government
- Banks
- Community
Define Customer
They purchase goods/services for valuable/reliable/well designed product
Define Government
Protect workers/customers from business activities for increase government revenue/imployment
Define Banks
Provide financial help for business liquidity/profit
Define Community
Consists of all Stakeholder groups for job offer/socially responsible products/no harm to environment
Give Public Sector business objectives
- Financial
- Service
- Social
