Business Objectives & Areas of Management Flashcards
A government enterprise objective is to…
Make profit and provide a service
A social enterprises objective is to…
solve social issues
a Public listed companies goal is to…
Make a maximum profit
please shareholders
increase market share
a Private Limited companies objective is…
make a maximum profit
please shareholders
maintain company control
a sole traders goal is to…
make money for personal use
a partnerships objective is…
gain and grow clients
build market profile / expand market share
make profit
Sales and Marketing does…
promote and sell products
create deals
distribute stock
increase market share
Look at societal atti, num of sales, customer complaints,
Finance managers oversee…
prevent bankruptcy
budget
create and meet money goals
raise money
look at KPIs like net profit, staff turnover, expenses
Technology managers do…
upgrade and maintain technology
help with technical difficulties
expand convenience and efficiency/effectiveness
What are some business objectives?
Increase market share
Make profit
fulfil a social need
please shareholders
fill a gap in the market
provide a service
Operations Managers do…
produces products
manages services
manage product output and input
look at KPIs like wastage, productivity growth, efficiency
Human resources manages…
employee welfare (motivation/safety/support)
workplace social issues (grievance procedures)
hiring and firing people (redundancies/dismissals)
train staff (onsite/offsite/expenses)
organise employee social events (CSR/celebrate change)
What is market share?
a portion of the market controlled by a business
can be global or domestic
