1.5 Business Objectives And Stakeholder Objectives

Question 0

Define stakeholder

Answer 0

Any group of people who are affected by or have an interest in business activity

Question 1

Describe the business objective

Answer 1

Provide clear end purposes towards which to work
Enable everyone involved in a business to focus on these purposes
Make it possible to check on progress and to make improvement

Question 2

Aims and objective of private sectors

Answer 2

Major aim is to survive
Business need to make profit to survive and grow
Building strong brand reputation
Winning customer loyalty
Coming up with exciting new ideas and innovations

Question 3

Aims and objectives in the public sector

Answer 3

They have wider responsibility than just making profit
Expected to meet wider responsibilities to the community such as providing a cheap and efficient service for all member of society