1.5.3. Business Objectives

Question 1

Types of business objectives

Answer 1

Should be smart to gain most from objectives:
S-Specific
M-Measurable
A-Achievable
R-Realistic
T-Time bound

Common objectives
1.Survival- Generating sufficient cash as main focus. Risk of competitors
2.Profit maximisation- Earning most profit possible on given time period
3.Sales maximisation- Growing no.Of customers without major focus on controlling costs
4. Market share- To dominant level helps ensure long term success through greater distribution and preventing new entrants
5. Cost efficiency-Minimising costs of producing or service
6. Employee welfare- Look after staff. Develop them with training
7. Customer satisfaction
8. Social objectives- improve society as key purpose and set objectives in meaningful way