Objectives Flashcards
What are the main business objectives
Maximise profits, survival, provide a quality service, increase market share, growth
What is meant by SATISFICING
Aiming for a satisfactory Result rather than the best possible result, hello survival rather than profit maximisation. This allows a satisfactory level of profit which satisfies shareholders, suppliers and employees
What does it meant by MANAGERIAL OBJECTIVES
When managers say objectives they believe will improve the status of the company
What is meant by WORKING WITH IN A BUDGET
Sticking to a new budget And not overspending
What is meant by CORPORATE SOCIAL RESPONSIBILITY
When a business aims to act in an ethical way so that the benefit society or the environment
What is meant by a MISSION STATEMENT
A statement usually displayed on the companies website which outlines what the businesses objectives are and what they hope to achieve
What are the main objectives for the PRIVATE SECTOR
To make profits, maximise sales, to provide high-quality service, grow, and to get loyal customers
What are the main Objectives for the PUBLIC SECTOR
Provide an essential Service, make effective use of funds, stay within budget, provide jobs, Satisficing
What are the main Objectives for the THRID SECTOR
Raise awareness on the cost of support, to provide high-quality service, use funds effectively, make a positive change, sticking to budget, maximise donations, survival
GROWTH V PROFIT
You must spend money to grow your business
GROWTH V CUSTOMER SERVICE
If you grow too much you must adapt with other countries
SURVIVAL V PROFIT
If your business is trying to survive your profits may take a big hit if you’re trying to pay debt
What methods can be in place to maximise Customer Service
- High quality products
- trained employees
- customer complaint procedure
- after sales service
What ways can Customer Service be measured
- Email phone written
- suggestion boxes
- Face-to-face
- mystery shopper
What is meant by a STAKEHOLDER
An individual or a group of people who have an interest in the success of an organisation
