5️⃣ Flashcards
BIZ OBJECTIVES? (5)
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- survival
- service
- profit
- growth
- market share
biz obj pros?
- motivation for employees and managers
- easier decision-making, save time
- managers can compare biz performance to obj and make necessary changes
MARKET SHARE FORMULA??
market share = company sales/total market share x 100%
why do biz objs change? (3)
- aim for higher profit
- earn higher return of shareholders after achieving market share
- short term survival (during economic recessions like pandemic)
internal stakeholders
- owner
- workers
- managers
owner objs
biz growth, profit maximisation
worker objs
job satisfaction+security
manager objs
job security, higher salary, biz growth
external stakeholders
- customers
- gov
- banks
- community
customer objs (3)
reliable, high quality, worth price of priducts
gov objs (4)
economy growth, money from taxes, employment, total country output increase
bank objs
liquidity (repay back borrowed loan)
community objs (2)
not harmful to environment, socially responsible (no effects from consumption)
public sector objs (3)
financial - not maximise profit, but meet gov-set profit target to reinvest in improving services
service - essential services while meeting gov quality standards
social - employment, affordability
