1.5.3 Business objectives Flashcards
1
Q
define business objectives
A
a goal a business wants to achieve
2
Q
survival
A
short term objective, applied to a new business
3
Q
profit maximisation
A
helps to recoup research costs, please shareholders
4
Q
shrinkflation
A
manufacturer keeps price same but products smaller
5
Q
sales maximisation
A
managers find sales figures more satisficing as a target as profits go to owners
6
Q
market share
A
% of a market that a business has
7
Q
cost efficiency
A
min wage to unskilled workers
lean production
increase value of product through strong branding
8
Q
employee welfare
A
increase moral and motivation
attract highly skilled workers
9
Q
customer satisfcation
A
customer loyalty, good word of mouth
10
Q
social objectives
A
reduce impact on environment
fair wages
help society
